With Coinbase’s shares at an all-time low, CEO Brian Armstrong sent a note to staff, reassuring that their company will stay afloat, unlike other cryptocurrency exchanges that have struggled or failed.
“This is our moment to shine,” Armstrong wrote. “This hasn’t always been easy as we’ve seen our competitors break the rules and rocket in value and media attention.” said. Armstrong also urged employees to be “ready to serve” customers amid market volatility, citing “large withdrawals taking place on Binance” as a potentially contributing factor.
The 39-year-old CEO also tried to remind employees that Coinbase is unaffected by rival Binance, securely stores customer assets and has $5 billion on its balance sheet. Coinbase shares closed Tuesday’s trading session below an all-time low of $39. The industry has been on high alert since withdrawal requests from FTX customers contributed to the stock market crash.
Binance, the world’s largest cryptocurrency exchange by daily volume, has seen over $2 billion in net outflows in various crypto assets since Monday, according to analysts’ estimates.
Binance says it has more than $60 billion in assets in all its wallets. Binance’s BNB token is down 2.1% today after the company reopened requests for USDC withdrawals. According to Binance CEO Changpeng Zhao, the exchange had temporarily stopped withdrawals due to disruptions in banks.