The Chairman of Federal Reserve, Jerome Powell met with Brian Armstrong, the CEO of Coinbase in the month of May as the records of the central bank show. The meeting happened on May 11 and it was one of only two meetings that the Fed leader had with the CEOs during the month. 

Federal Reserve Chairman Jerome Powell Met With Coinbase CEO Brian Armstrong

Another meeting that was held in the month of May was with the head of the largest bank in the United States, JPMorgan Chase, Jamie Dimon.

The meeting of Jerome Powell with Brian Armstrong comes amid the heightened interest in cryptocurrency trading as the price for digital coins have surged. 

The prices of Bitcoin, Ethereum, and other coins have surged due to the fact that people are considering these digital assets as a hedge against the constantly rising inflation.

In addition to this, it should be noted that the Federal Reserve is in the middle of exploring its own CBDC, with a white paper due out this summer on what the consequences might be.

Moreover, Brian Armstrong met a lot of people around the same time, and on May 14, he tweeted a picture of himself with Ryan and Nancy Pelosi, the current House Speaker.

More About the Institution of a Digital Currency

In one of the tweets, Brian Armstrong said:

“The politicians and agency heads I met with were all thoughtful and committed individuals, and I was happy to have our teams connected, and new friendships formed.”

Coinbase is the largest crypto exchange in the United States with 56 million verified users and over $223 billion in assets became the first crypto exchange to go public on NASDAQ directly.

Talking about the revenue of the company, it is driven largely by the fees it charges on trading, and 5% if it comes from institutional trading.