Coinbase has posted disappointing results and its stock plunged as a result.
Yet, top executives, on an earnings call, squashed hopes of the company acquiring or merging with Robinhood.
COO Emilie Choi talked down the idea of a tie-up with the trading app.
A merger with Robinhood was the most upvoted item on a discussion board for investors who think that purchasing the trading app would be a quick way for Coinbase to offer stock trading.
“We are a crypto company, crypto is in our DNA and everything we do is in service of building the crypto economy and increasing economic freedom,” Choi said.
Instead, Choi talked up the numerous investments made by the company’s venture capital arm, which have given it a stake in many of the leading firms in Web3, such as Alchemy and Uniswap.
Coinbase’s executives are unperturbed with the company’s recent financial performance, saying they have no plans to conduct layoffs despite posting the first quarterly loss as a public company.
In response to a question about Coinbase’s cloud services, CEO Brian Armstrong said the company has come to furnish many of the tools it built for internal use to third parties—putting it in position to stack “pick and shovels” businesses atop its current operations.
Armstrong added that Coinbase has navigated a number of crypto market downturns in the past, and that the company has no intention to “pivot.”