Ron Conway, founder of SV Angel
Noah Berger | Bloomberg | Getty Images
On the day of Coinbase’s direct listing, well-known tech investor Ron Conway described the crypto economy as “the next multi-trillion dollar opportunity for innovation.”
Conway, an early investor in the cryptocurrency exchange company and technical success stories like Airbnb, Facebook and Google, said in an interview on CNBC’s TechCheck on Wednesday that the sector is growing fast but is just getting started.
“I firmly believe that Coinbase is the Google for the crypto economy and is giving consumers this tremendous opportunity,” said Conway. He said the crypto economy is growing rapidly but is still “in its infancy”.
According to Conway, Coinbase is a market leader because it focuses solely on cryptocurrency rather than focusing on other functions of a business. He said Coinbase created a strong brand that is attracting new customers with its user-friendly design.
Coinbase continues to branch out by “constantly adding new crypto services and new coins to its service”.
Brian Armstrong, Coinbase CEO, said in an interview previously broadcast on CNBC that regulation is one of the biggest threats to the industry. Conway argued that those who have focused on the potential uses of crypto by criminals are exaggerated and do not outweigh the positives of the technology.
Conway stressed that America should aim to be a leader in the crypto economy, particularly to fend off competition from China and create crypto jobs in the US
“Millions of jobs are being created in this trillion dollar industry, and we want those jobs to be created in the United States,” he said.
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