Coinbase CEO Says Market Fears, Volatility 'Time to Shine'

With Coinbase shares  at an all-time low, CEO Brian Armstrong sent  a memo to employees confirming that unlike other struggling or failing crypto exchanges, their company will survive. 

 "This is your moment to shine," Armstrong wrote  in a statement obtained by The Block. "It was not always easy because we saw competitors adopt the rules and increase the value and media attention." 
 Armstrong also encouraged employees to be ready to serve customers amid market volatility. He cited "large payouts happening on Binance" as  a possible contributing factor. 

 The 39-year-old CEO also tried to remind employees that Coinbase does not have significant exposure to rival Binance, keeps client assets safe and has $5 billion on its balance sheet. Shares of Coinbase  closed Tuesday's trading session below $39 each, marking an all-time low. 

 The comments come amid weeks of  uncertainty and crises, bankruptcies and layoffs caused by the collapse of multibillion-dollar cryptocurrency exchange FTX. 

 Ever since FTX clients demanding withdrawals contributed to the stock market crash, the industry is on high alert. Binance, the world's largest cryptocurrency exchange  by daily volume, has seen more than $2 billion in net flows of various cryptocurrencies since Monday, according to The Block's chief data officer Simon Cousaert. 

 Frank Chaparro contributed reporting.

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