Coinbase CEO calls the most promising projects for staking

According to Brian Armstrong, the development of staking will make blockchains more scalable

25.08.2022 - 09:00

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2 min

What’s new? The CEO of the American cryptocurrency exchange Coinbase Brian Armstrong in an interview with CNBC spoke about his predictions for the future of the digital asset market. According to the entrepreneur, the development of staking in a number of projects can improve the cryptocurrency space.

The full version of the interview

Which projects did Armstrong highlight? The head of the exchange said that he is enthusiastic about staking in projects such as Ethereum (ETH), Polygon (MATIC), Optimism (OP), and Solana (SOL). He believes that staking will make these blockchains more scalable. For example, the Lightning Network for bitcoin “has been really great at going in that direction.”

There are also good results in Layer 2 (L2) solutions for Polygon, Arbitrum, and Optimism. Solana is also doing great on scaling, so “all across the board, good progress on staking,” Armstrong summarized.

The entrepreneur also commented on the possible timing of the end of the crypto winter. In his opinion, the turning point in the situation will come from the middle of 2023.

Earlier, Armstrong said that the platform would refuse to stake ETH if US regulators demand to censor transactions. This is how he responded to a survey by Rotkiapp founder Lefteris Karapetsas, which offered two options: compliance and censorship at the protocol level or disabling the staking service.

Coinbase will also temporarily stop depositing and withdrawing new ETH and other ERC-20 tokens during the network’s transition from the Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS), which is tentatively scheduled for September 15.

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