A number of people have asked me how Coinbase wins in this environment, and turns it into an opportunity for growth.
Here's my answer:
1. Well capitalized.
In past downturns we pulled ahead and consolidated share, staying focused while others got distracted. Downturns make the best companies even stronger, and this one will be no exception for us.
2. Integrated product suite
There will be many winners in crypto, but Coinbase is one of the only places where you have one crypto account, and do every sort of crypto activity: trade, stake, pay, borrow, create etc.
With Coinbase One, you can do all your crypto activity with one flat fee.
3. Most trusted
We've always taken a long term view on compliance and security. We don't always move the fastest, but we are the safest and most compliant.
Even with Coinbase Wallet, where we help you store your own funds, people trust us to build a wallet that won't lose their money.
4. Ease of use
Crypto is still way too complex for the average person. As John Oliver famously quipped, crypto is "everything you don't understand about money, combined with everything you don't understand about computers".
With Coinbase, people can get the incredible utility of this technology, without having to understand the technical details.
This is what we'll do best over the long run: stay focused on shipping great crypto products that are the most trusted, easiest to use, and fully integrated, bringing more economic freedom to the world.
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2/ First of all, if you want to do a vote of no confidence, you should do it on me and not blame the execs. Who do you think is running this company? I was a little offended not to be included :)
3/ Second, if you have no confidence in the execs or CEO of a company then why are you working at that company? Quit and find a company to work at that you believe in!
Our self custodial wallet, @CoinbaseWallet has come a long way.
It’s now the most downloaded mobile self-custody wallet in the US. And you don't have to migrate anything over to use it - the same seed phrase can be used across multiple wallets. Here’s some highlights 🧵
1/ Let’s start with trading. Live price charts, combined with seamless DEX trading powered by the @0xproject API make it easy to access thousands of tokens.
The DEX feature supports trading on Ethereum, Polygon, BNB Chain, and Avalanche.
2/ Speaking of networks, Wallet has best-in-class multi-chain support. Wallet “just works” on the top EVM chains like Arbitrum, Optimism, Avalanche, Polygon etc. No need to manually enter token addresses, RPC codes, block explorers.
1/ There is some noise about a disclosure we made in our 10Q today about how we hold crypto assets. Tl;dr: Your funds are safe at Coinbase, just as they’ve always been.
2/ We have no risk of bankruptcy, however we included a new risk factor based on an SEC requirement called SAB 121, which is a newly required disclosure for public companies that hold crypto assets for third parties. sec.gov/oca/staff-acco…
3/ We believe our Prime and Custody customers have strong legal protections in their terms of service that protects their assets, even in a black swan event like this.
1/ On 31 March, the EU Parliament will vote on its proposal for a new crypto surveillance regime. The proposal is anti-innovation, anti-privacy, and anti-law enforcement. Make your voice heard and contact your member here: p2a.co/coinbase
2/ The latest draft by Parliament of the Transfer of Funds Regulation treats crypto, and every person who holds crypto, differently from fiat.
3/ Every crypto transaction (and not just those with a 1,000 euro threshold, as is the case with fiat) would be “travel rule eligible.”
1/ We've been seeing some questions/discussion around whether crypto can be used to avoid sanctions. A few thoughts...
2/ Every US company has to follow the law - it doesn't matter if your company handles dollars, crypto, gold, real estate or even non financial assets. Sanctions laws apply to all US people and businesses.
3/ So it would be a mistake to think crypto businesses like Coinbase won't follow the law. Of course we will. This is why we screen people who sign up for our services against global watchlists, and block transactions from IP addresses that might...
1/ Some folks asked for details of how our super bowl ad came to be, here is the quick back story...
2/ - we bought it not knowing what we would do
- initially an outside agency pitched us a bunch of standard super bowl ad ideas
- I didn't like any of them (standard super bowl ads tend to be gimmicky, celebrity cameo driven, going for a laugh etc)
3/
- side note: it never made sense to me why I should like a product because a famous person got paid to say they like it