In a recent interview with CNBC, Thomas Farley, the former president of the NYSE group gave his support to the crypto industry saying that “it’s the best-kept secret in the world and maybe the financial markets.”
During the interview, Farley acknowledged that he finds crypto debates and interviews extremely exciting. In fact, he went on to mention that he prefers crypto discussions to tax policy discussions. Farley is widely renowned for his involvement in the tax space.
He also reminded the interviewer that he, through NYSE, invested $10 million dollars in Coinbase in 2013. He however did not invest personally at that time due to some “good reasons”. Coinbase stock, COIN is currently valued at $309 per share since it was publicly listed last week.
To buttress his point, Farley presented a stat about coinbase. He said that at the moment, coinbase is the 8th largest exchange in the world, even if the average Americans believe it may be the largest.
The Evolution of Cryptocurrencies
Farley believes that at the moment, Defi exchanges are currently ahead of Coinbase. Defi exchanges operate on a smart contract model.
The crypto ecosystem has evolved rapidly, however, traditional competitors such as the WallStreet banks have ignored the rapid evolution of the crypto space and have allowed Coinbase and other crypto exchanges to become highly valued over the years.
This technology shift or evolution has also been played down by retail brokerages. Looking at how far cryptocurrencies and blockchain technology have come in the past years, crypto advocates like Farley strongly believe that crypto is here to stay and we have currently passed the point of no return.