The difference between what people think @coinbase is, and what it actually is, is jarring.
It’s like we’re 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
- The Coinbase app now offers a powerful set of onchain financial services: - Lend USDC to earn ~11% APY - Borrow USDC against BTC at ~7% - Trade tens of thousands of assets We are bringing onchain finance to 100M+ users on Coinbase
- 20 years ago, Google set out to organize the world’s information and make it universally accessible and useful. Now it's worth >$800B. Whoever makes the world’s crypto asset information universally accessible and useful will have similarly massive impact over the next 20 years.
- 2013-2021: “Institutions are coming!” 2022: Institutions are here. Here’s how @coinbase is advancing the crypto ecosystem with today’s Blackrock announcement:
- have earned more than $1K in bitcoin just from my normal spending with the coinbase one card it is a magical feeling stacking btc every time you pay - without having to do anything you wouldn’t normally do
- Coinbase users have now borrowed $400M USDC at ~5% rates in just a few months since launching Feedback has been strong, with one recent story of someone who would’ve otherwise sold their BTC to fund a home improvement project but was able to borrow against it instead and stay
- Hundreds of millions of Americans are *losing* money, inflation-adjusted, in “savings accounts” 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
- hypothetical: say Coinbase One Card existed 5 years ago, when BTC was at ~$9K - spend $10k/month, earn $400 of BTC/month - just 1 year of regular spending earns $4,800 of BTC - that would be worth $55,000 of BTC today spending dollars and earning hard money is a game changer
- Special moment when I was out for dinner with some non-crypto people and everyone put down their AmEx Bitcoin-Back Coinbase One Card to pay People love this card, and it feels amazing to bring new people into crypto with awesome experiences like this
- Something is cooking 🔥
- $200M in 2 weeks More than $200M of USDC earning ~10% APY on @coinbase in just 2 weeks since we started rolling it out This is permissionless global finance, powered by @MorphoLabs on @base
- USDC loans on @coinbase, powered by @MorphoLabs: May 2 - $120,000,000 Apr 2 - $45,000,000 Mar 2 - $14,000,000 Feb 2 - $2,000,000 Jan 2 - $0 Just $265M BTC being put to work as collateral >100x more BTC sitting idle
- Tokenized real world assets are going vertical Retail access is still not there, but they're growing anyway because of how much more efficient they can be This is why we're building the Everything Exchange - enabling access to every asset in one place - faster, cheaper, better
