Coinbase Reveals Dogecoin Bombshell As Bitcoin And Crypto Price Fears Grip The Market

Coinbase Reveals Dogecoin Bombshell As Bitcoin And Crypto Price Fears Grip The Market

Bitcoin and cryptocurrency investors are still reeling from a week that’s left the crypto market $300 billion lighter.

The bitcoin price moved sharply lower this week, dragging down the wider $2.2 trillion cryptocurrency market, after Tesla
TSLA
billionaire Elon Musk announced his company would scale back its bitcoin ambitions—at least temporarily.

Now, the chief executive of San Fransisco-based Coinbase, one of the world’s biggest bitcoin and cryptocurrency exchanges, has revealed it will soon support the viral meme-based cryptocurrency dogecoin, helping the dogecoin price recover from the broad bitcoin and crypto sell-off.

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“We plan to list doge in the next six to eight weeks,” said Coinbase CEO Brian Armstrong, speaking on an investor call this week. Armstrong went on to explain the recently Nasdaq
NDAQ
-listed company will be looking to accelerate its addoption of new digital assets—and his vision for Coinbase as an “App Store” for cryptocurrencies.

“Asset addition is something that’s near and dear to my heart. [Coinbase] is going to be focused on how we can accelerate asset addition in the future. There’s more and more assets being created in the crypto economy. I think it’s going to be something, kind of, like apps in the App Store or on the iPhone where there’s eventually millions of these assets created over time and so we’re putting a lot of work and thought into how do we accelerate our pace of asset addition, and one of those is doge, as you mentioned, which has been getting a lot of attention recently.”

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