Since its listing on the stock exchange – under the ticker COIN – the Coinbase platform is definitely not in its best shape. Perhaps exhausted by the split exercise that this decision implies, between a self-proclaimed real economy and its digital version dedicated to cryptocurrencies. Either way, this historic exchange is trying to continue its development. This with the help of innovative initiatives and an expansion strategy which recently concerns Europe. But the United States remains his native land. This is why a tool dedicated to the mid-term elections has just been launched, while Brian Armstrong recently claimed a rather embarrassing apoliticism. The big gap…
While the cryptocurrency market is at half mast, the Coinbase platform is drinking the broth for the second quarter of this decidedly complicated year. With results showing a massive loss of more than $1 billion. And faced with this, competition that is doing rather well – in any case better – on the side of the leader Binance or the very young, but very aggressive FTX platform. The latter posting $ 1 billion in revenue for the year 2021.
A situation that forces Coinbase to try its luck with innovative offers. Like setting up its liquid staking token (cbETH) in relation to The Merge stage of the Ethereum blockchain. But also, and in a completely different field, the launch of a tool presented as educational on the occasion of the midterm elections in the United States. This in the form of a “voter registration and education program”. That’s to say ?
Coinbase – Apolitical or political?
The ground is always very slippery when a major company begins to look into political issues, and especially politicians. But this case wouldn’t have been so awkward if Coinbase CEO Brian Armstrong hadn’t been shouting his “apoliticism” loud and clear in 2020. This in the heart of the Black Live Matter storm which had divided the country, following the murder of George Floyd perpetrated by the police. With the result, the resignation of 5% of its employees outraged by its internal policy of “shut up or leave” in the context of this major public debate. But there is obviously politics and politics, because here comes the time for a Coinbase platform that dives into the US election.
” Today, Coinbase launched a voter registration tool as part of a larger educational initiative to give the crypto community tools to participate in the critical political discussions taking place in the United States. Our customers have told us loud and clear that they want to engage in these debates and are looking for trusted resources, tools, and support to help their voices be heard.. »
The Coinbase platform is therefore absolutely not apolitical. She chooses quite simply to “engage in the political process at times when it directly impacts her mission to increase economic freedom in the world”. In any case, this is explained by the strategic manager of Coinbase, Faryar Shirzad. The latter specifying at the same time that “the American mid-term elections of 2022 are one of these key moments”. And the current trend vis-à-vis the cryptocurrency sector seems to prove him right. Especially in the context of the Tornado Cash affair.
Coinbase – Providing “Election Resources”
In fact, this campaign from the Coinbase platform seems to want to push its users to register on the electoral lists. All this supported by the structure capitol canary and its Phone2Action platform dedicated to promotion and digital communication in the context of public affairs. With the establishment of “electoral resources” in order to know the position of the various candidates vis-à-vis the cryptocurrency sector. Because Coinbase wants to “help its customers with the information they need to participate (in the) political system”.
” Sensible and workable regulations of the cryptocurrency industry are key to keeping the United States competitive and unlocking innovation. Coming into the 2022 US midterm elections gives everyone a chance to play an important role in the conversation about the future of crypto. »
All of this could well look like the beginnings of a kind of lobbyist strategy as only the United States can do. Or a new position from the Coinbase platform that needs to be tested in real time to find out if it is interesting or just dubious. Be that as it may, the latter’s apolitical pretensions have just been shattered.
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Coinbase – The “apolitical” platform gets into politics – CryptoActu
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