- Evertas Insurance CSO Ryan Lackey made distinct requests to Coinbase (NASDAQ:) CEO Brian Armstrong in a tweet.
- Armstrong agrees to Lackey’s request to make Coinbase a new high-value business bank.
- Lucky suggests that Coinbase start alpha testing for other crypto-industry companies.
Evertas Insurance Chief Security Officer Ryan Lackey took to Twitter to give cryptocurrency exchange Coinbase co-founder Brian Armstrong some helpful suggestions regarding what insurance features they can offer the crypto crowd.
Hi @brian_armstrong and @coinbase – After SVB hell over the weekend, why not set up Coinbase as a sort of HNW+ business neobank, with “passing assets to community banks and treasury banks” as a top-notch option in parallel with crypto.
— Ryan Lucky (@octal) March 13, 2023
In light of the sudden implosion of Silicon Valley Bank (SVB), the second largest US bank failure, Ryan Lucky is seen making feature suggestions with Coinbase CEO Brian Armstrong.
Lucky asks, “Why don’t you set up Coinbase as some kind of mega fortune [High Net Worth] The neobank business, which has the ability to pass assets to community banks and treasury banks as a first-class option in parallel with cryptocurrency? ”
To this Armstrong responds, “Certainly something we’ve thought of.” Armstrong adds that more features like outbound wires, multi-user support, etc. are needed, and he suggests that non-partial backup banks are definitely something he wants to look into now. Armstrong further asks Lucky, “What are the main features you want?” “
Lackey goes on to explain some of the features he would like to see from the Coinbase team, such as better customer service from banks. To add more insight, he says, “the key thing would be *better* service of bank customers, even when things go wrong (something similar to how Prime is handled today/etc, not retail). Maybe even retail branches in SF/NY/etc.” .for exceptions (such as FRC in the footprint, not BOA).”
Lackey adds that Coinbase should probably start alpha-testing the service to other crypto-industry companies, or some other technologically advanced sector. “Maybe in a specific geographical area as well?” Lucky asks. Furthermore, it brings up ideas like in/out ACH and wiring with traceability, multi-user with separate initiators/authors, and some way to hook into payroll.
The CSO says that people who are already involved in cryptocurrency know, trust, and love Coinbase, so this is a natural market. However, Lackey says it would also make sense to pick some verticals at the start that are PR positive and very safe for either charities or not-for-profits with easy banking needs.
In Lackey’s opinion, Mercury is the most valuable player who was able to do what Brex do in the long term such as invoicing in crypto or fiat, managing expenses, payment cards, etc., would be better. He suggests that the difficult part will be capital gains accounting if cryptocurrencies are dealt with other than stablecoins, but he asserts that solving this problem will lead to massive adoption of cryptocurrencies.
In the thread, one Twitter user, Fred Ostiabs, is also seen contributing to the discussion by adding a feature request, “Automate all tax reporting as a feature for accounts that hold X amount in account.”
Ryan Lackey making special requests to Armstrong, who was sent by Evertas, first appeared in the Coin Edition.