Following the activation of the United States’ Strategic Bitcoin 
$83,329 Reserve, government agencies have increased their interest in the cryptocurrency sector. Coinbase CEO Brian Armstrong announced partnerships with a total of 174 public institutions, including 145 in the U.S. and 29 internationally, focusing on trading, custody, and Blockchain infrastructure services. The company is supporting the integration of cryptocurrencies into financial systems and plans to hire 1,000 new employees in the U.S. by 2025.
Expanding Collaborations with Government Agencies
Recently, Coinbase has gained attention for its agreements with public institutions in the U.S. and other countries. These collaborations involve providing cryptocurrency trading, secure custody solutions, and Blockchain infrastructure services. Armstrong emphasized that the U.S. Bitcoin reserve plays a critical role in increasing government confidence in the cryptocurrency market.
How is Blockchain Technology Used in the Public Sector?
Public institutions are leveraging Coinbase’s 13 years of experience to integrate cryptocurrencies into financial systems. The company ensures fund security through advanced encryption and multi-factor authentication systems. Improvements in regulatory processes are also noted to accelerate new hiring plans.
Blockchain technology has begun to be utilized in the public sector for transaction traceability, record-keeping, and transparency. Coinbase claims that institutions using this technology have reduced transaction costs and increased efficiency. Notably, enhancements in record systems strengthen interactions between governments and citizens.
Coinbase’s Blockchain infrastructure solutions contribute to public institutions’ digital transformation goals. For instance, decentralized record systems expedite document verification processes while reducing fraud risk. The company aims to expand its projects in this area on a global scale in the near future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
