Tech companies are pouring money into cryptocurrencies as they scramble to understand the disruptive power of blockchain technology.
| Source Recode article Tech startups are investing heavily in blockchain startups and blockchain-based businesses to tap into bitcoin’s potential, and are taking a different approach to how to monetize the cryptocurrency.
Read MoreIn a new video posted Tuesday on Recode’s YouTube channel, Coinbase CEO Brian Armstrong said that the company was looking to fund its bitcoin ATM business.
“The reason for that is that we have a very clear vision that bitcoin will be the future of commerce,” he said in the video.
Armstrong said that Coinbase had already begun to fund the ATM business, but that it was unclear if the venture was able to make it profitable.
“It’s a very complex venture and it requires us to get a little bit of funding from both the government and the government in the U.S.,” he said.
“In a way, it’s like buying a ticket to a concert.
You’re looking at it, and the ticket is worth a lot more than the concert ticket.”
In August, Coinbase and other companies invested $250 million into the bitcoin ATM startup, called Coinapult, and it has grown to become a major player in the sector.
Armstrong said in August that the ATM company had invested $6 million in the company, and that he had been actively working with Coinbase to get its ATM business off the ground.
Coinapult has seen an impressive surge in adoption, and is valued at $2.5 billion, according to data from CoinMarketCap.
Coinbase has been an early investor in Coinapult since it launched the venture in April.
Armton also said that he believes Coinbase is one of the largest bitcoin ATM companies in the world.
“We have been very aggressive about getting to the stage where we have an operational capability,” he told Recode.
“And we think that we are at that point, we’re just going to need a few more things to go right.”
In the video, Armstrong also described how Coinbase is building its own bitcoin ATM machine and explained how the company plans to use the technology to expand its ATM network.
“There’s some people who think that bitcoin is the next big thing.
I don’t think that’s true,” Armstrong said.
“There’s plenty of other ways to make money.
There’s lots of other things you can do.”