The difference between what people think
@coinbase
is, and what it actually is, is jarring.
Itโs like weโre watching the same movie, but folks keep leaving the theater and missing key scenes.
Scoot in so I can recap the scenes you missed:
1/ Going forward, Coinbase is going to be storing more corporate and customer USDC balances on Base. This enables us to manage and secure customer funds with lower fees and faster settlement times, with no impact to the Coinbase user experience.
We are excited to continue to
20 years ago, Google set out to organize the worldโs information and make it universally accessible and useful. Now it's worth >$800B.
Whoever makes the worldโs crypto asset information universally accessible and useful will have similarly massive impact over the next 20 years.
2013-2021: โInstitutions are coming!โ
2022: Institutions are here.
Hereโs how
@Coinbase
is advancing the crypto ecosystem with todayโs Blackrock announcement:
Hundreds of millions of Americans are *losing* money, inflation-adjusted, in โsavings accountsโ that offer 0.01% APY
Innovation in crypto is offering a better path, a way for people to actually save and grow their money
This should be celebrated by regulators - not demonized
Proud to see
@coinbase
heads-down building real crypto utility at a time when the frauds and fakers have owned the headlines
@CoinbaseWallet
,
@CoinbaseCloud
, and
@CoinbaseInsto
advancing the Web3 ecosystem, bit-by-bit, with real innovation
PSA: If you don't know what exposure your exchange may have to the FTX contagion, move to
@coinbase
(all assets fully secured 1:1, publicly audited) or a self-custody wallet like
@CoinbaseWallet
where you can see your assets directly on-chain.
Don't wait till it's too late.
1/ Developers
There are only ~18K active Web3 developers today (vs. 30M registered iOS developers). We need to empower more developers for the on-chain economy.
For developers,
@CoinbaseCloud
is making it dead simple to build dapps. It provides Nodes, Fiat Onramps, Identity, Wallet, and more.
Our vision is to provide everything devs need to quickly, easily, and securely build amazing Web3 apps.
Coinbase has invested for 10+ years in enabling fiat-to-crypto money movement that makes it free, instant, and safe for anyone to get crypto
For the last 2+ years, we've also been investing heavily in cross-chain money movement w/ faster settlement and lower fees, so that too
Coinbase is now enabling Google to accept crypto payments and provide blockchain data to its 1M+ developers ๐คฏ
We will look back on this moment as an inflection point for developer adoption and the emergence of the next major computing platform
You're seeing the Coinbase Secret Master Plan come together in real time
Here's how
@coinbase
,
@coinbasewallet
, and
@buildonbase
are coming together to bring 1B+ people onchain ๐๐งต
The next most important thing was the bridge from fiat to crypto.
This meant custody, banking partnerships, fraud protection, compliance, customer support, education, etc. Hard stuff ๐ ๏ธ
It got 100M+ people into crypto for the first time. The thing Coinbase is most known for.
It's unusual for the courts to dismiss a case brought by the SEC at this stage
For them to dismiss the claims against Coinbase Wallet and reaffirm that self-custody wallets should be regulated as pure software providors is a huge win for the industry
This decision protects
Today, the Court decided that our SEC case will move forward on most of the claims, but dismissed the claims against Coinbase Wallet. We were prepared for this, and we look forward to uncovering more about the SECโs internal views and discussions on crypto regulation. 1/6
Any business can put this sticker on their front door and instantly start saving 2-3% in transaction fees - the difference for many businesses between losing money and making money
Thank you
@tecmo_bo
for showing us how it's done ๐
For identity, weโre helping make
@ensdomains
more accessible and useful so everyone can participate freely and openly in the on-chain economy. Weโre building a fully expressive and credible on-chain identity - not a closed, proprietary standard. We <3 ENS.
2/ Wallet
MetaMask doesnโt cut it. To live on-chain, you need to be able to use multiple chains, simple and safe key management, cheap and easy bridging, secure browsing, support, and more.
For 10 years,
@coinbase
has worked insanely hard to do things the right way - regulated, compliant, trusted - while paving the road for a thriving crypto ecosystem to emerge, enabling economic growth and jobs for millions of people around the world.
If you also believe in a better future that is on-chain - rest assured, we will continue working to make that vision a reality.
If this recap was insightful for you, help others get caught up on the
@coinbase
movie by RTโing
The difference between what people think
@coinbase
is, and what it actually is, is jarring.
Itโs like weโre watching the same movie, but folks keep leaving the theater and missing key scenes.
Scoot in so I can recap the scenes you missed:
From the beginning, Coinbase's vision was a global economy built on-chain that gave freedom back to the people.
1/ Break down the constraints that centralized governments and corporations have imposed
2/ Enable billions to achieve increased freedom and wealth
April was a pivotal month for crypto and
@coinbase
, and Iโm so proud of the work weโve done together
Weโre putting in the blood, sweat, and tears to advocate for sensible crypto policies while also launching exciting new products to advance the ecosystem
A few highlights ๐งต
3/ Identity
Of all the things centralized intermediaries have a stranglehold on, identity is at the top of the list. In order to achieve economic freedom and the full benefits of an on-chain economy, a fully expressive and credible on-chain identity is essential.
2/ If youโre curious about how Coinbase manages and secures your funds, learn more here. We always store your assets 1:1. We will never repurpose your funds. We do not lend or take any action with your assets, unless you specifically instruct us to.
Safe and compliant Perpetual Futures for eligible traders ๐
Perps play a critical role in crypto markets, but traders have historically taken on significant platform risk to access them
Excited to enable perps from the most trusted platform in crypto!
Crypto prices in 2023: boring
Coinbase in 2023: Base L2, best-in-class Coinbase Wallet, USDC w/ 4.6% APY, international expansion, dedicated Advanced Trade, fighting for regulatory clarity, and now approval to offer crypto futures to US clients...
๐ฅ
A timeless message and healthy inspiration to build great new things in the year ahead:
"Throughout the centuries there were men who took first steps down new roads armed with nothing but their own vision. Their goals differed, but they all had this in common: that the step was
Got a lot of questions this Thanksgiving about SBF, Binance, and the state of crypto
Is it good or bad for crypto? How good or how bad?
TLDR: the crypto ecosystem is healthier than ever, and the conditions are ripe for safe and widespread adoption ๐งต
The main Coinbase app also now has a โDapp Walletโ based on MPC technology that took years of technical development.
It enables all 100M Coinbase users to quickly and easily move on-chain and begin using DeFi. This is a big deal!
The most important first problem to solve was easily holding Bitcoin, so Coinbase was a simple wallet.
Even the name Coinbase is a Bitcoin easter egg; a "coinbase" tx is included in every mined block that sends the newly issued BTC to the miner!
.
But you may have missed the next scene if you weren't watching carefully
Coinbase has already started building for the next phase, solving crypto's next biggest challenges and accelerating the decentralized future. Specificallyโฆ
EURC is coming to Base!
Soon all major fiat currencies will be able to move globally, instantly, for free - incredible step to drive efficiency, growth, and economic freedom
~7K total Smart Wallets and ~500 DAU
Still so early, but you can see why people are using Smart Wallet daily:
- Easiest wallet to set up and use
- Free and instant txns w/ sponsored gas
- Engaging and rewarding apps from Frenpet & Speedtracer to Aerodrome & Moonwell and beyond
It's easy from the outside to underestimate how core decentralization is to Coinbase's vision and every decision we make.
When people discover this, they are often surprised and inspired.
So here's another reminder - decentralization is our reason for being. Period.
While most people have still see
@coinbase
as a bridge from fiat into crypto, we have been building the essential foundations to accelerate development of a thriving on-chain economy.
Some of the most amazing companies arenโt just those that innovate, but that enable others to do so.
Apple -> 3rd party app ecosystem
Shopify -> online storefronts for everyone
Plaid -> entire fintech industry
Hereโs why
@coinbase
is the next addition to that list ๐
For users:
@CoinbaseWallet
is now the best self-custody wallet on the planet. Itโs multi-chain, itโs safe, and itโs intuitive. Itโs the best way to access and participate in the on-chain economy.
The latest
@CoinbaseWallet
releases are pretty phenomenal across both Chrome extension + mobile.
Hats off from a recovering wallet developer โย they've set the new bar and become my defaults
In fact, Coinbase Cloud is already the largest staking infrastructure provider in the world!
No one does more to ensure the PoS blockchains we know and love are secure, performant, and decentralized.
When many of us started in crypto we were seen as the oddballs and misfits
Now, 52M+ Americans own crypto, a pro-crypto PAC raised $78M+, and US presidential candidates routinely talk about crypto as a way to enhance economic freedom
We are Updating The System ๐ก๏ธ
Directly on
@coinbase
...
You can now buy, sell, and mint NFTs, earn high DeFi yields, trade on DEXs, play web3 games, participate in DAOs, and more
Amazing breakthrough enabling developers to directly reach 90M+ verified crypto users around the world
Great to see rapid innovation and growth in markets that have created clear regulatory frameworks for crypto!
Just the beginning of what we hope to bring to Singapore and other markets around the world ๐
As our most popular feature request, Coinbase Singapore now supports USD fiat for consumers! ๐ธ๐ฌ๐ต
USD transfers now live, via SWIFT wires.
Go from USD <-> USDC 1:1 without crossing fx spread, get 5.05% on your USDC and access 200+ order books on our Advanced Trade mode. ๐คฏ
Most people still think of
@coinbase
as the fiat<>crypto bridge.
But they're missing one of the most important company evolutions in the space as Coinbase enables an on-chain economy that creates economic freedom for billions of people around the world.
It would be easy to get distracted or slow down in a market like this
It's been inspiring to see the
@coinbase
team stay focused and build the safest and most trusted crypto products out there
Here are just a few product highlights from November ๐งต
You can also (1) buy ETH directly on Base in Wallet or (2) send ETH from Coinbase to your wallet on Base
Both with no gas fees to bridge since CB handles the cross-chain liquidity behind the scenes
Cheapest, safest, and fastest ways to go from Fiat to Based in under 10 seconds
There are people who dismiss as a ponzi or waste of time
And there are people who are curious, optimistic, and likely to build the next generation of great apps
I joined
@coinbase
three years ago, and itโs been an amazing journey. Some reflections on my first three years building the cryptoeconomy at Coinbase:
~7K total Smart Wallets and ~500 DAU
Still so early, but you can see why people are using Smart Wallet daily:
- Easiest wallet to set up and use
- Free and instant txns w/ sponsored gas
- Engaging and rewarding apps from Frenpet & Speedtracer to Aerodrome & Moonwell and beyond
Need a last-minute Christmas gift?
Give crypto to friends and family who donโt have it yet!
With
@CoinbaseWallet
, you can send crypto to a phone number or email via a smart contract that holds it until the recipient creates a wallet to accept it, and returns it if they donโt โจ
Thrilled to announce that
@Coinbase
has selected
@Lightspark
to enable the
#Bitcoin
Lightning Network across its platform and services. Yet another significant milestone for Lightning! โกto many millions of new people and 100+ countries coming soon!
For this massive push into supporting the emergence of the on-chain economy, we donโt want to do it alone.
We're working with and supporting the amazing builders that already exist. We believe that collaboration and openness are fundamental to achieving our collective vision.
@Architect9000
Thanks for the feedback! Many of these ideas in the works already, including boosted rewards coming to CB1 members across USDC, Staking, and Card. Exploring premium tier and additional benefits as well. Keep it coming ๐
Tired: asset-liability mismatches causing billion dollar losses.
Wired (from
@coinbase
shareholder letter): โWe have had no credit losses from our financing activities, no exposure to client or counterparty insolvencies, no blocking of client withdrawalsโฆโ
๐Under appreciated
Interesting to see Coinbase NFT aggregated listings now reliably show more inventory at better prices than other marketplaces
In this case, BAYC
#2217
is sourced from LooksRare to offer a price that's 0.3E cheaper than OpenSea
No reason to shop anywhere else
This is the bridge weโre known for. It's the *hard work* to onboard trillions of dollars into crypto - licenses, key management, reporting, etc.
No other company couldโve made this happen.
The difference between what people think
@coinbase
is, and what it actually is, is jarring.
Itโs like weโre watching the same movie, but folks keep leaving the theater and missing key scenes.
Scoot in so I can recap the scenes you missed:
You can now track prices in real-time with the Coinbase app. Learn how to set up automated alerts for your favorite cryptocurrencies supported on Coinbase here:
It cannot be understated how important Aladdin is for institutions.
Managing investments without it is extremely difficult. Now Coinbase Prime will provide crypto trading, custody, prime brokerage, and reporting to this massive new client population.
The
@CoinbaseWallet
smart wallet lets you spend your
@Coinbase
balance directly on Moonwell.
Say goodbye to complex onramp procedures and hello to easy entry into the global onchain economy.
The best onramp? No onramp at all. ๐๐ต๐
Over the years, many exchanges have gained share by moving out further on the risk curve
Lower fees sounded good but meant less secure infrastructure
Higher leverage was nice but meant less financial health
Exchange tokens filled some bags but covered up economic instability
My toxic trait is that I have singular unconditional focus on bringing the world's GDP on-chain to accelerate global economic freedom, and also I acknowledge that centralized bridges play an important role in getting us there.
Aladdin is Blackrockโs portfolio management software that provides investment professionals a way to view and manage daily investments. Importantly, Aladdin also serves ~300 other large asset managers, representing another $22 trillion in AUM.
Blink and you might miss it
@CoinbaseWallet
is rapidly becoming the best way to use Web3 - aggregate cross-chain DeFi portfolio, native swaps on L2s, fast and reliable NFT management, and more coming soon.
Easily import your keys from other wallets to switch w/ no gas fees
New features, new improvements, a better Coinbase Wallet.
This month, we rolled out new updates and refinements, including DEX integrations and more ways to track your DeFi activity. Letโs dive into our first Wallet Wrap-Up ๐งต
In the future, weโll continue building those bridges, but also the next set of things to do once theyโve entered.
Our goal is to create more utility in web3 and increase economic freedom in the world.
Weโre getting closer every day.
Huge milestone for the industry!
BTC is the first and most important cryptocurrency
And it can now be used in 15+ apps across the Ethereum and Base ecosystems in the form of cbBTC
cbBTC is onchain.
cbBTC is an ERC20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase.
This means millions of BTC holders can now securely access DeFi apps on
@base
and Ethereum ecosystemsโwith more chains coming soon.
Hereโs what you need to know โ
It would be easy to slow down with all the regulatory noise
But itโs a Builderโs Market, and the builders are building
Some nice launches across
@coinbase
products in March - helping to advance the ecosystem one step at a time ๐งต
Announcing free web3 profiles! ๐คฉ
Share your new
@ensdomains
profile page with friends and discover popular NFT collections, tokens, and more in the Coinbase Wallet app or webpage.
Find yours ๐
Many people in Argentina immediately convert salaries to US Dollar Bills and put them in lock boxes to preserve value vs. the hyper-inflationary Peso
Why isn't there a simple paved path for them to get USDC on an L2 and lent into DeFi?
โBe greedy when others are fearfulโ is easier said than done
Here are a few of the best examples of making BIG investments when it was unpopular in crypto:
So excited for this
1/ Get your paycheck in crypto
2/ Earn up to 5% yield on those assets
3/ Spend anywhere and earn up to 4% back
Today, building such a compelling bridge to the cryptoeconomy that it's a no-brainer.
Tomorrow, no need for the bridge.
For example,
@CoinbaseCloud
provides the non-custodial infrastructure for apps and protocols to create real utility for their users.
@CoinbaseWallet
is enabling the flippening to full self-custody and open access to anything in Web3.
We may look back on this as the catalyst for the next major wave of crypto innovation
Developers can now seamlessly bring their users onchain without them needing a special account or seed phrase - imagine ticketing, in-game items, payments, and more ๐คฏ
1/ Today we introduce Wallet as a Service, making it easier for any company or brand to seamlessly onboard their users to web3 ๐ ๏ธโ๏ธ
...even if they have never used cryptocurrency before.
zkSync and Polygon zkEVM live on mainnet
Shapella Upgrade enabling ETH withdrawals on track for April 12
Incredible progress by the builders, despite the noise ๐
1/ To grow the cryptoeconomy, we need to enable developers to build great apps
2/ For developers to build great apps, we need more scalable infrastructure
3/ EIP-4844 enables 100x more scalable infrastructure
Grateful to Coinbase for contributing here
And at the same time, Coinbase is enabling the ecosystem to mature so that once those floodgates are opened, there are meaningful ways to engage and use crypto on the other side.
Weโre lucky to have Brian helping governments around the world develop sensible policies and creating space for the industry to build.
It will be obvious later how much incremental value this work is creating for people everywhere.
Farewell DC, flying back to west coast now to focus on improving our products. The best thing we can do for policy is drive utility and make crypto more useful, growing from a couple hundred million crypto users to a billion (as an industry).
Itโs time to build!
Pro tip: every moment of senseless policy is invigorating a whole generation of builders
I canโt help but be excited about the progress on the actual technology and products that are bringing people all around the world onchain
Just a few recent highlights from
@Coinbase
๐งต
Coinbase Wallet extension:
- Custody your own crypto
- Trade and earn high APYs w/ DeFi
- Buy NFTs on OpenSea and play to earn on Axie
- Use any other web3 app
- No gatekeepers
Many more features on the way, but the extension is looking GOOD, and team is moving FAST ๐ฅ
๐บ Just hodl on, weโre comin home! ๐บ
To your Chrome browser, that is -- download the Coinbase Wallet extension! Now you can keep an eye on your coins and share your wallet address without looking at your phone.
But transactions on Base today cost 0.03% - nearly 100x lower than the new swipe fees - and are still getting cheaper!
So while retailers may save $30B from the current settlement reducing swipe fees by 4-7 bps, they still have another $1.5T to save by moving onchain
Excited to support Bitcoin with Lightning โก๏ธ
Lightning enables faster and cheaper Bitcoin transactions and will contribute to increasing economic freedom in the world
Proud of the team for working on these hard but critical building blocks to advance the ecosystem
The team did a great job digging into this, and we've made the decision to integrate Lightning. Bitcoin is the most important asset in crypto and we're excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate so please be patient.
Game changer for onchain app UX:
- No need to sign transactions w/ clunky extension or app-switching
- No need for gas tokens, bridging, etc.
- You own your identity and assets, anywhere you go
A smarter wallet, that reduces friction and supercharges onchain app experiences
The biggest barrier to growing onchain adoption is the complexity of onboarding.
Weโre excited to introduce our smart wallet solution to help make onchain onboarding faster, easier, and safer. Available on testnet for developers now.
Learn more:
Thereโs nothing more important for a PM than finding an eng partner who pushes you to be better, complements your skillset, and relentlessly works by your side to realize a shared vision of the change you want to see in the world.
In short, find your
@jessepollak
Cool example of
@coinbase
digging deep, partnering with key players, and building critical infrastructure to bridge the gap from fiat to crypto.
Proud to be the picks and shovels for the future of money ๐ ๏ธ
Don't sleep on the Coinbase Smart Wallet
By integrating Smart Wallet,
@privy_io
is enabling developers to dramatically reduce friction and improve the experience for their users - potentially catalyzing the next major wave of onchain adoption
1/ Coinbase Smart Wallets are coming ๐
Last month, we wrote about the new crypto stack, and how Privy could integrate with Coinbase Smart Wallets
Since then, weโve been working with
@WilsonCusack
,
@dankimxyz
, and the
@CoinbaseWallet
team to offer out-of-the-box support day 1!
Itโs January 2, and Iโve completed my 2022 New Year's Resolutions to read 100 books, do 100 Peloton workouts, and make 100 angel investments.
Hereโs how I did it all in 36 hours ๐งต
Coinbase Wallet enables you to manage your own keys, now on desktop
Use it to buy NFTs, earn high yields in DeFi, trade any token, derivatives, and more
I'd consider this the warm up lap ๐ฅ
Unlock the world of crypto on desktop!
The latest update for Coinbase Wallet extension brings full standalone functionality. Browse dapps, trade thousands of assets on decentralized exchanges (DEXes), earn with DeFi and staking, and collect NFTs.
๐
@CoinbaseWallet
Smart Wallet is magical! We implemented v1 internally in an hour.
Check out a walkthrough video of Dynamic SDK integrated with the new Coinbase Smart wallet!
More details below ๐