Thomas Farley, president of the New York Stock Exchange, said the financial world was “past the point of no return” on crypto following Coinbase’s public listing last week.
In an interview with CNBC’s Squawk Box Today, Farley said he was excited to talk about developments in the crypto space, such as Coinbase’s COIN listing on stock exchanges and decentralized finance, or DeFi. The New York Stock Exchange, or NYSE, president, said he invested $ 10 million in the crypto exchange on behalf of the NYSE in 2013.
“I think the crypto space is great right now,” said Farley. “It’s the best kept secret in the world, and arguably the history of the financial markets. Coinbase is the 8th largest exchange in the world today.”
“DeFi exchanges do as much volume today, if not more, than Coinbase. This space has taken off, but its traditional competitors – the Wall Street banks that had made markets for every asset around the world for a century or several centuries – have simply ignored this, relinquished their role and allowed Coinbase To become an $ 80 billion. company.”
Coinbase, one of the largest crypto companies in the United States, made headlines last week when the company became the first major exchange to list directly on Nasdaq. Leading up to the stock’s debut, COIN’s reference price was set at $ 250, with the price rising to around $ 430 after the stock traded on April 14. At the time of publication, COIN’s value is $ 308, down 1.1% in the last 24 hours.
DeFi projects have also seen significant growth in 2021. Earlier this month, the ecosystem exceeded $ 100 billion in total value for the first time. That statistic now stands at $ 112.7 billion according to decentralized financial ecosystem tracker DeFiLlama, which is up more than 12% in the past two weeks.