Coinbase CEO Brian Armstrong detailed his experience having a payment blocked by PayPal and Square, indicating the importance of crypto transactions.
According to a series of tweets made on Wednesday, Armstrong’s attempt to send money to a friend was denied by PayPal and SquareCash, with both payment platforms citing an error in the transaction.
While Armstrong was critical of the payment services, he admitted that cryptocurrency suffered from its own “UX challenges.” However, Coinbase’s CEO also said that crypto allows for development on top of the underlying infrastructure, providing the opportunity for better products over time.
Armstrong also went after the heavy-handed regulation that has prevented platforms such as PayPal and Square from providing a good experience to customers.
He concluded by lamenting the difficulty in getting entrepreneurs to pursue innovation, rather than generating products in a regulated market.