1/ One thing we're working on at Coinbase is improving our "crypto forward" hiring and culture. A couple quick thoughts on this…
2/ As we've grown as a company, we sometimes haven't had the best reputation for being on the cutting edge of crypto. This makes sense - we grew so quickly, that a lot of time went into just scaling and operationalizing the existing products we have, which was existential for us.
3/ We didn't always have the time to focus on the cutting edge stuff, when we were just trying to keep the existing stuff running. A high quality problem to have, but a problem none the less.
4/ But as we're scaled to meet demand, we have an opportunity to now be much more crypto first culture/hiring wise, which fits nicely with our efforts to embrace decentralization blog.coinbase.com/embracing-dece…
5/ So how are we doing this?
6/ First, we're creating a crypto education program internally (CryptoU), to train up any employee who want to become crypto forward. For instance, you'll be able to learn how to write your first smart contract or create a DAO while working here, if you've never done that before.
7/ There aren't enough crypto forward people in the world to start with, so the first step is probably to help create more. Anyone can become crypto forward (which is why I like this term better than crypto first).
8/ We need to make sure we aren't elitist about it, and help more and more people into the ecosystem as they take their first steps. "Crypto forward" is a badge anyone can earn, not an exclusive club.
9/ Second, we're creating a new career framework for crypto forward employees internally. Crypto forward talent has a different way of working that doesn't always fit neatly in our existing career frameworks.
10/ They may be engaged more broadly in the crypto ecosystem, be advisors to various projects, or just be quirky.
11/ We want to embrace this, and make it possible for any crypto forward person to succeed here (while of course collaborating with all their other colleagues, as one Coinbase - no tribalism).
12/ Third, through our project 10% effort, we are getting a lot more submissions for projects to fund that are crypto forward: for instance DAOs, new protocols, etc. blog.coinbase.com/introducing-pr…
13/ Small teams can run fast toward ambitious problems, utilizing our awesome infrastructure and resources where it helps, and skipping them where they don't.
14/ Finally, crypto talent is unique and needs specialized recruiting, so we’re hiring a Head of Crypto Recruiting.
16/ We've got the resources at Coinbase to be a multi-product company, and we have an awesome culture of really smart, ambitious people who are fun to work with. coinbase.com/products
17/ At our scale, we don't want to be shipping bleeding edge stuff that puts customers at risk, but we do need to embrace crypto-forward and always be building the future.
Apple taking a 30% cut on all digital payments on the iPhone is a bad policy that harms its customers, and it's great they are finally seeing pressure to change this.
It's so silly the number of things you can't buy without dropping going into a mobile browser (Audible books, etc). Many people who have been on iPhone a long time don't realize how much better this is on Android (Google enforces this less strictly, although not perfect).
If Apple had the courage, they should probably see the writing on the wall, and make this change voluntarily instead of having courts slowly force their hand over many years. Short term pain (from loss of revenue), but it would probably come back to them in spades long term.
1/ Some really sketchy behavior coming out of the SEC recently.
Story time…
2/ Millions of crypto holders have been earning yield on their assets over the last few years. It makes sense, if you want to lend out your funds, you can earn a return. Everyone seems happy.
3/ A bunch of great companies in crypto have been offering versions of this for years. Coinbase came out recently and said we would be launching our own version.
1/ While the damaging language in the infrastructure bill remains, we all owe Sens. @RonWyden@SenLummis and @sentoomey enormous thanks for their work trying to protect innovation and the future of crypto in the United States.
2/ Senator @RonWyden has been a stalwart in advancing sound tech policy, and he deserves enormous thanks and praise from the American people for his leadership and resolve in pushing for sensible crypto provisions in the infrastructure bill.
1/ There are a few key moments that define our future. One is happening now in the Senate w/ the infrastructure bill. At the 11th hour @MarkWarner has proposed an amendment that would decide which foundational technologies are OK and which are not in crypto. This is disastrous.
2/ Senator @MarkWarner has asked for proof of stake validators to comply with the impossible, but not proof of work miners. Why? It’s not clear, but we could find ourselves with the Senate deciding which types of crypto will survive government regulation.
3/ This is the government trying to pick winners and losers in a nascent industry today, where some new technology is being developed every month. They are guaranteed to get it wrong, by writing in a few exceptions by hand today.
The number of crypto holders in the U.S. is somewhere between 10 and 50 million. This is becoming a very powerful constituent.
It's surprising to me that Senators like @RobPortman and @MarkWarner are willing to go against this many Americans.
They are using @SenatorSinema's name as the third person in support of this, but we're hearing behind the scenes that she has asked to have her name taken off the list.
She should come out and say this publicly, or she'll wind up associated with this anti-crypto move.
1/ If you’ve been following threads on the Infrastructure bill, you know that there is a hastily conceived provision related to digital assets. This provision could have a profound negative impact on crypto in the US and unintentionally push more innovation offshore.
2/ Coinbase is happy to help customers fulfill tax obligations just like the rest of the financial services industry. We've been doing this for years, and issuing more 1099s is a great idea. barmstrong.medium.com/coinbase-and-t…
3/ But the bill defines “brokers” to include anyone who “effectuates transfers of digital assets.” This means almost anyone in the crypto ecosystem (miners, validators, smart contracts, open source developers etc) could be treated as a “broker” with massive reporting obligations.