Coinbase CEO Brian Armstrong says that the crypto exchange wants its new non-fungible token (NFT) marketplace to have a similar feel to photo and video-sharing social network Instagram.
During Coinbase’s Q3 earnings call, Armstrong says he thinks NFTs could end up rivaling traditional crypto trading.
“I think this is going to be a very large area for crypto in the future, and it already is today. I mean, traditionally, Coinbase was focused on FTs, fungible tokens, and we’re equally excited about NFTs. I think it could be as big or bigger. We don’t know.”
Armstrong also reveals that Coinbase wants a platform with an Instagram-style interface, that can simplify the experience for users who may not be familiar with NFT trading.
“We’d like to make Coinbase NFT a little bit more like Instagram as opposed to, say, an auction like eBay or something like that.
I think having people that you can follow, your favorite artists or creators, and having a feed of content that gets populated from those people you follow, that could be really powerful. And in addition, you can go in there and buy an NFT if you really like it and you’ll kind of showcase in your own social profile.”
Armstrong adds the new marketplace aims to be interoperable with every other platform. He also gives a rough timeline for when Coinbase NFT could launch.
“I think we can just make, hopefully, NFTs much easier to use. That’s kind of a hallmark of what Coinbase tries to do out there, to bring more and more people into the crypto space…
I think this is going to be a global phenomenon. We want to make sure our NFT platform is interoperable with every other platform out there, and hopefully, you will see something launched in the next couple of quarters here.”
The crypto exchange announced in October that it was launching a marketplace for NFTs. According to VP of product and ecosystem Sanchan Saxena, the new platform strived for user-friendliness from its conception.
Coinbase will establish presence in Israel through purchase of Unbound Security
Cryptocurrency exchange Coinbase will acquire cryptographic security company Unbound Security in a move that will also have the U.S. company launch a research facility in Israel.
In a Tuesday blog post, Coinbase said it would be purchasing Unbound to gain access to its cryptographic security experts as well as establish a presence in Israel. The exchange cited Unbound’s work in multi-party computation to provide users with the “virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets.”
“We’ve long recognized Israel as a hot bed of strong technology and cryptography talent, and are excited to continue to grow our team with some of the best and brightest minds in these fields,” said Coinbase. “The Unbound Security team will form the nucleus of this new research facility, which we plan to grow over time.”
The Unbound acquisition is the latest of many for the major crypto exchange following its public listing on Nasdaq in April, giving the firm a roughly $100 billion valuation. Last week, the team at crypto wallet provider BRD announced it would be joining Coinbase in an effort to “help accelerate Web 3.0 adoption” as well as provide “deep expertise in self-custody.”
Coinbase did not immediately disclose the terms of the Unbound acquisition. The exchange has already purchased firms including Agara, an artificial intelligence-enabled support platform with operations in India, data aggregator Zabo, and data analytics platform Skew, with each agreement likely in the millions if not more.
As cryptocurrency prices continue to be volatile, Coinbase announced in August that it had stockpiled a war chest worth roughly $4 billion in cash to prepare for a potentially harsh crypto winter, spurred by decreased crypto retail trading volumes and higher operating costs from regulatory hurdles. The company reported revenue of $1.2 billion in the third quarter of 2021, with profits totaling $406 million.
Coinbase Acquires Mobile Wallet Company BRD
- Coinbase has acquired the mobile wallet company BRD Wallet.
- The team behind the wallet will join Coinbase Wallet to work on self-custody and Web3 integration.
- Coinbase has acquired several other companies in recent months including Agara, Bison Trails, and Skew.
Leading crypto exchange Coinbase has acquired the crypto wallet company BRD, according to statements from both firms.
BRD Team Will Join Coinbase Wallet
BRD announced today that its team will join Coinbase, where it will contribute to the company’s Coinbase Wallet. The app was originally launched in 2014 under the name “breadwallet” and achieved a userbase of 10 million.
BRD suggested that its own wallet will continue to operate normally for the time being and that users will be given the option to migrate to Coinbase Wallet in 2022.
The team behind BRD will join the team behind Coinbase Wallet. Coinbase noted that BRD “brings deep expertise in self-custody for crypto wallets” and that the acquisition is part of its goal of “doubling down on [its] investment in self-custody and Web3.”
It is unclear how the BRD team will change Coinbase’s wallet. Though BRD offers self-custody of crypto funds, Coinbase Wallet already supports this feature, unlike many other exchange wallets.
Coinbase Is On an Acquisitions Spree
BRD is the latest Coinbase buyout in a series of 18 acquisitions since 2018. Earlier this month, Coinbase acquired Indian AI customer support company Agara for over $40 million.
In recent months, Coinbase has also acquired the wallet interoperability company Zabo, the blockchain infrastructure firm Bison Trails, and the crypto data analytics company Skew.
Coinbase also controversially acquired Neutrino in 2019, a company that has been involved in government surveillance efforts for countries such as Ethiopia, Saudi Arabia, and Sudan.
In other news, footwear company Adidas also announced today that it has partnered with Coinbase but has revealed few details about its plans.
Adidas Teasing Partnership with Coinbase
German sports apparel behemoth Adidas has announced a partnership with Coinbase, America’s leading cryptocurrency exchange, on Twitter.
The crypto platform replied with the handshake emoji, seemingly confirming the deal.
🤝— Coinbase (@coinbase) November 24, 2021
In another tweet, Coinbase welcomed Adidas “to the party.”
While there are no details about the high-profile tie-up as of now, cryptocurrency enthusiasts were quick to speculate about it.
On Nov. 22, Adidas tweeted about developing “adiVerse,” a play on the term “metaverse,” together with The Sandbox, a blockchain-powered gaming platform. The tweet has bolstered the rally of the native SAND token that went ballistic after Facebook changed its name to Meta in late October.
Earlier this month, Nike filed to trademark various digital items in the U.S. In 2019, the company received a patent for “Cryptokicks,” a platform for selling non-fungible tokens that represent tokenized versions of physical shoes.