The major cryptocurrency company has significantly bolstered its board of directors. Coinbase has appointed Anthony Armstrong to an important position. The executive previously served as CFO of xAI. He also held the same role at the social network X. Competition in the industry is shifting toward control over technology. Providing liquidity and settlements is now far more important than trading. The company is counting on his extensive experience closing large deals. His knowledge of public administration will also prove highly valuable. The public announcement of the appointment was made on September 2. The appointment officially took effect on September 1.
Anthony Armstrong will officially join the audit committee. His appointment will increase the number of company directors to ten. Documents filed with the Securities and Exchange Commission confirm the fact. Anthony and Brian Armstrong share no family relation. The executive has a strong track record of building scalable, efficient solutions. He spent nearly ten years at Morgan Stanley. He became deputy chairman of a major investment banking division. He led the global mergers business in the technology sector. He later served as a senior advisor at a government agency. In October of last year, he advised Elon Musk.
The deal to acquire the social network was valued at $44 billion. Musk later merged his companies in a major transaction. The new appointment comes against the backdrop of deteriorating financial results. The company's share price has fallen by more than forty percent. The company reported losses of $359 million. Total platform revenue reached $1.2 billion. Subscription revenue amounted to $555 million. The company has missed the expectations of American investors for the third consecutive quarter. Brian Armstrong summarized the new strategy during the earnings call. The platform is no longer betting solely on Bitcoin.
The company's strategy is gradually blurring the line between different markets. The platform has launched markets for trading stocks and exchange-traded funds. The company has also outlined plans for tokenized financial assets. Trading volume in TradFi tokens reached $347 billion. The World Federation of Exchanges warns of equity market fragmentation. Traditional financial venues are moving in exactly the same direction. The London Stock Exchange is partnering with the parent company of the Kraken platform. They plan to launch tokenization of British equities next year. Winning the market depends on owning regulated channels. Capital must move seamlessly between different financial assets.