Coinbase is not at all concerned with the increasing competition from Wall Street giants or other traditional financial institutions, the crypto exchange’s head of Policy for Europe told CoinDesk on Friday.

“We have always said that a rising tide lifts all ships,” said Katie Harries, adding that Coinbase is “not at all” worried about the increasing involvement of financial institutions in the United States and around the world in crypto.

The company recently posted a loss of $1.49 per share, compared with analyst expectations for a $0.27 profit. Also in the first week of May, Coinbase announced a 14% workforce reduction.

In a brief written interview regarding the Stand With Crypto (SWC) events on Friday, Harries said that the…