Coinbase, the crypto exchange’s app, now has a feature that communicates a user’s allocation percentage—not balances—with their network of friends
Coinbase Goes Social
All of Coinbase’s 68 million verified users in the United States can now make information about their portfolio more easily public.
Senior product manager Rishav Mukherji stated in a Coinbase blog post on Friday that the crypto exchange’s app now has a feature that communicates a user’s allocation percentage—not balances—with their network of friends. He stated that this is just the beginning of people providing more information about their Coinbase trades in the coming weeks.
“We want the crypto-economy to be able to share expertise and information and learn from one another,” Mukherji said.
Coinbase is the largest crypto exchange in the United States, with 8.8 million monthly active users as of the second quarter of 2021 and more than $1.2 billion in revenue. The company’s profits in the same quarter were $406 million, down 74.7 percent from the previous quarter.
Although some may consider significant people openly announcing even the percentage allocation of their funds a market indicator, the social media integration is essentially a new move for Coinbase.
Tim Cook, the CEO of Apple and a billionaire, announced for the first time this week that he had some cryptocurrency in his portfolio, although he didn’t specify which sort or how much. Others, like Shark Tank star Kevin O’Leary and Mad Money anchor Jim Cramer, have been more forthcoming about their cryptocurrency holdings.