Interview
Brian Armstrong: Coinbase’s Failed NFT Launch, Thoughts on SBF & FTX, Crypto Winter | 20VC #946
- Predicts the NFT industry will return in the next cycle and intends to integrate a flawed V1 product natively over a multi-year journey following its "fake emergency" launch.
- Anticipates an "everything winter" in the current macro environment, during which the company will build for the next upswing and invest in future innovations.
- Plans to restructure the Coinbase Global parent company into a less coupled holding model within 10 years, potentially including a name change similar to Alphabet or Meta.
- Aims to expand the corporate mission beyond financial services to include speech, data privacy, and infrastructure to increase global freedom.
- Seeks to correct a late start in international expansion by deploying products in countries outside the US that are prohibited domestically.
- Intends to maintain a cultural norm where employees focus on building for a decade or more rather than discussing short-term stock fluctuations.
- Foresees operating more slowly to proactively engage with regulators, expecting alignment 95% of the time and being forced to push back against bad government policies 5-10% of the time.
- Expects to avoid past over-hiring mistakes in the next upcycle and maintain a stance of "pulling ahead" during down cycles to emerge stronger.
- Envisions eventual opportunities to invest in and acquire new companies as the organization scales.
- Plans for the future decentralization of parts of the technical stack, such as creating decentralized private versions for browser storage and internet services.
- Expresses a long-term personal goal to work for 50 years or more, contingent on the success of longevity technologies and the expectation of eventually having children.
- Acknowledges a future need to determine ground truth regarding misinformation and viral chaos while managing business operations.