With Coinbase's shares are at an all-time low, CEO Brian Armstrong sent out a memo to staff reassuring them that unlike other struggling or failed crypto exchanges, their company would persevere.

“This is our moment to shine,” wrote Armstrong in a communication obtained by The Block. “It was not always easy, as we saw competitors skirt rules and rocket up in value and media attention.” Armstrong also urged employees to be “prepared to serve” customers amid market volatility, citing what he called “large withdrawals happening on Binance” as potentially a contributing factor.