Coinbase’s big moves: Crypto, congress, and real-time payments

As a significant player in the cryptocurrency landscape, Coinbase is expanding its reach beyond trading. With a focus on enhancing user experience and engaging in political discourse, the company is exploring new opportunities that could shape the future of finance.

Recent developments, including a partnership with Visa and efforts to influence US elections, highlight Coinbase's evolving role in the broader economic and political environment.

As an established and popular crypto exchange, Coinbase is a familiar name to both new and seasoned crypto investors. It is one of the largest crypto exchanges in the US, though its scope goes way beyond the country. 

The Coinbase platform is available across more than 100 countries. In fact, according to Social Capital Markets, its monthly user base during the first quarter of 2024 reached eight million—showing how strong its market presence is. 

While the platform is one of the most well-established crypto exchanges in the world, it has humble beginnings that date back to the early stages of the crypto landscape. 

Back in 2021, co-founder Fred Ehrsam shared that when he started Coinbase with CEO Brian Armstrong, “Bitcoin was worth $6 and only known by a few nerds on the internet. Bitcoin was the crazy idea that the world could have digital money for everyone.” 

He added that the platform had a single mission “to make crypto easy to use”. 

When @brian_armstrong and I started @coinbase in 2012, a #bitcoin was worth $6 and only known by a few nerds on the internet. #bitcoin was the crazy idea that the world could have a digital money for everyone.@coinbase had one mission: to make crypto easy to use.

— Fred Ehrsam (@FEhrsam) April 14, 2021

Coinbase’s platform is widely recognized for its user-friendly design, making it easy to buy, sell, and trade cryptocurrencies. Although it doesn’t support every one on the market, Coinbase provides access to 260 coins and tokens, including Bitcoin, Ethereum, Solana, Cardano, and Chainlink.

Offering a variety of services, such as a wallet, a trading platform, and developer tools, Coinbase also has a Pro version with more advanced trading features. 

Coinbase recently launched Base, a Layer-2 (L2) blockchain that operates on top of Ethereum to increase speed and reduce fees. By handling some activity off the main network, Base makes Ethereum faster and cheaper for users.

Although these features are notable, Coinbase’s ambitions extend beyond blockchain into areas such as politics.

Coinbase is actively engaged in the upcoming US elections. On October 31, co-founder Brian Armstrong stated on X that it will be “the most pro-crypto congress ever”. 

He also announced Coinbase's support for Fairshake PAC—which stands for political action committee—and Stand with Crypto, adding that "the crypto voter is already a force to be reckoned with, but it will continue to grow.”

In an official press release regarding the platform's support for Fairshake PAC and Stand with Crypto, Coinbase explained that these efforts will aid in ensuring that “the 52 million Americans who have owned crypto remain a powerful voice in American politics.” 

We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever.

But we're not slowing down post-election.

Today I'm announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use…

— Brian Armstrong (@brian_armstrong) October 30, 2024

This is just one of the many manifestations of Coinbase's ambitions. During an interview with CNBC Television in June, Armstrong shared that Coinbase intends to “become people's primary financial account”. 

He further explained that “your phone is your bank account in your future. There's gonna be a whole generation of kids who grow up and they're not gonna have a bank branch on the corner with a checkbook in the way that maybe you and I did growing up. Their phone is going to be their wallet, that's how they get paid. That's how they live their lives and borrow money when they need to.” 

He emphasized that this represents a key opportunity for Coinbase.

This aligns with Coinbase's recent partnership with Visa for real-time crypto purchases. Through this collaboration, eligible debit cardholders can quickly and easily transfer or buy crypto.

Exciting News for Coinbase.

Customers can now transfer/purchase/cash out funds in real-time using their @coinbase account and an eligible #Visa Debit Card.

Accelerate. Adoption. Woof!https://t.co/fVn8YEZwDu$COIN $V #RUSSELL pic.twitter.com/FSrB8Pjpwa

— Russell (@RussellDogCTO) October 30, 2024

In an X post, the account of Russell—Armstrong's dog—shared that “Customers can now transfer/purchase/cash out funds in real-time using their Coinbase account and eligible Visa Debit Card.” 

 

While Coinbase has already established its position in the crypto space, its strategic moves and expansive vision may bring it to even further heights. With a commitment to expansion and innovation, Coinbase may have a vital role in shaping the future of finance.