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Coinbase to acquire leading cryptographic security company, Unbound Security

  • Acquisition further underlines Coinbase’s commitment to providing the safest, most secure and most trusted venue for anyone to interact with the cryptoeconomy
  • Unbound’s best-in-class multi-party-computation expertise will play a foundational role in Coinbase’s product and security roadmap
  • With the acquisition of Unbound Security, Coinbase will establish a tech center of excellence in Israel, one of the world’s most advanced technology hubs

From its earliest days, Coinbase has focused on protecting our customer’s assets with the strongest, most sophisticated security technology in the world. Over time, our approaches have evolved, but our objective has always been the same: to provide the safest, most secure and most trusted venue for anyone to interact with the cryptoeconomy.

Today, we’re announcing the next phase of our security journey with the acquisition of Unbound Security. Based in Israel, it is a pioneer in a number of cryptographic security technologies, including the emerging field of secure multi-party computation (MPC), a highly advanced technology for which Unbound Security’s co-founder, Yehuda Lindell, is a world leader. With this acquisition, Coinbase not only gains access to some of the world’s most sophisticated cryptographic security experts, including Unbound Security co-founder and current Vice President of Research and Development, Guy Peer, who brings more than 20 years of experience in cryptographic security, but also a presence in Israel, a well-established and rapidly growing technology hub. This presence in Israel will add an additional powerful prong to Coinbase’s global talent acquisition strategy, following on closely to recent thrusts into engineering talent bases such as India, Singapore and Brazil.

Crypto can’t grow without strong cryptography and strong security, but it also needs to be user friendly. Secure multi-party computation is an application of advanced mathematics to enable crypto assets to be stored, transferred and deployed more securely, easily and flexibly than ever before.

The cryptoeconomy is growing exponentially with myriad new use cases such as staking, DeFi, DAOs and NFTs. Unfortunately so are the threat vectors and complexities for participants to safely manage their crypto private keys. Technologies such as MPC will enable these groundbreaking use cases to come to life safely, securely and in a way that’s user friendly. MPC will deliver on this by protecting our customers’ assets with a technique that provides the virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets. Over time MPC capabilities will enable new features across our consumer, institutional and cloud products to participate in the cryptoeconomy.

In addition to the technological expertise that we will gain through this acquisition, we also plan to establish a tech center of excellence in Israel that will ensure that Coinbase is always at the bleeding edge of security and blockchain technology. 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. The Unbound Security team will form the nucleus of this new research facility, which we plan to grow over time.

We’re always proud to welcome top talent to Coinbase and the Unbound Security team represents the very best expertise in its field. We look forward to working with them over time to move the entire state of cryptographic security forward and to continue delivering the highest levels of security to our customers. Please join us in welcoming the team to Coinbase.

This acquisition is subject to customary closing conditions and is expected to close in the coming months.


Coinbase to acquire leading cryptographic security company, Unbound Security was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

#WeAcceptCrypto

How and Why Crypto Supports Small Business

We have a huge admiration for small businesses because they play an essential role in both our economy and our culture.

Infused with the unique personalities and perspectives of both owners and patrons alike, small businesses are integral to shaping the identity of communities far and wide.

They’re also built from the ground up by people with a dream and a vision. And that’s something Coinbase will always get behind.

For us, that support looks like this: making crypto as easy to use as possible so more money can find its way into the hands of small business owners rather than large banks and corporations. Coinbase Commerce, for example, illustrates how switching from traditional finance to crypto can provide tangible benefits and additional profits to business owners. If a business uses the Coinbase-managed version of Commerce to accept USDC, it would only incur a 1% transaction fee on the sale, as opposed to the 2.5% — 3.5% charged by most credit cards. The business owner can then convert the USDC into US Dollars and withdraw to a bank account for free, or they can leave it in their Coinbase account to earn rewards.

At first glance, that may seem like a small savings, but on hundreds or thousands of transactions per week, it adds up to a lot of money. Money we think would be better spent by owners reinvesting in themselves and helping their businesses grow and thrive.

That’s why we’re launching “We Accept Crypto,” an effort to raise awareness of small businesses that accept cryptocurrency as a form of payment.

Whether you’re a small business owner or a small business shopper, show your support for your community by participating in #WeAcceptCrypto.

Here’s how it works:

If you own or work at a small business that accepts crypto payments:

  1. You can post on Instagram, Instagram Stories or Twitter with a picture of your business and tag it with #weacceptcrypto
  2. Coinbase may feature your business on one of our social media platforms
  3. Coinbase will send a link via DM to the first 1,000 businesses who post using the hashtag. Use the link to provide your shipping information and Coinbase will send you a complimentary window sticker for your business

If you shop at a small business who accepts crypto payments:

  1. You can post on Instagram, Instagram Stories or Twitter with a picture of you supporting a small business that takes crypto and tag it with #shopcrypto
  2. Coinbase may reshare your post on one of our social media platforms
  3. Coinbase will send a link via DM to the first 1,000 shoppers who post using the hashtag. Use the link to provide your shipping information and Coinbase will send you a complimentary tote bag

Additionally, small businesses can right click + save our official “We Accept Crypto” badge below for free and add it to their websites or social channels, to show the world that it accepts crypto. Send us a screenshot if you do!

Terms and Conditions

Gift recipients must be based in the United States. Gift recipients must reply to their DM from Coinbase with their shipping information by midnight Pacific time on 11/30/21. Limit one gift per person and while supplies last.


#WeAcceptCrypto was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Scaling Ethereum & crypto for a billion users

A guide to the multi-chain future, sidechains, and layer-2 solutions

Around the Block from Coinbase Ventures sheds light on key trends in crypto. Written by Justin Mart & Connor Dempsey.

As of late 2021, Ethereum has grown to support thousands of applications from decentralized finance, NFTs, gaming and more. The entire network settles trillions of dollars in transactions annually, with over $170 billion locked on the platform.

But as the saying goes, more money, more problems. Ethereum’s decentralized design ends up limiting the amount of transactions it can process to just 15 per second. Since Ethereum’s popularity far exceeds 15 transactions per second, the result is long waits and fees as high as $200 per transaction. Ultimately, this prices out many users and limits the types of applications Ethereum can handle today.

If smart-contract based blockchains are to ever grow to support finance and Web 3 applications for billions of users, scaling solutions are needed. Thankfully, the cavalry is beginning to arrive, with many proposed solutions coming online recently.

In this edition of Around The Block, we explore the crypto world’s collective quest to scale.*

To compete or to complement?

The goal is to increase the number of transactions that openly accessible smart contract platforms can handle, while retaining sufficient decentralization. Remember, it would be trivial to scale smart contract platforms through a centralized solution managed by a single entity (Visa can handle 45,000 transactions per second), but then we’d be right back to where we started: a world owned by a handful of powerful centralized actors.

The approaches being taken to fix this problem come twofold: (1) build brand new networks competitive to Ethereum that can handle more activity, or (2) build complementary networks that can handle Ethereum’s excess capacity.

Broadly, they break out across a few categories:

  • Layer 1 blockchains (competitive to Ethereum)
  • Sidechains (somewhat complementary to Ethereum)
  • Layer 2 networks (complementary to Ethereum)

While each differs in architecture and approach, the goal is the same: let users actually use the networks (eg, interact with DeFi, NFTs, etc) without paying exorbitant fees or experiencing long wait times.

Layer 1s

Ethereum is considered a layer 1 blockchain — an independent network that secures user funds and executes transactions all in one place. Want to swap 100 USDC for DAI using a DeFi application like Uniswap? Ethereum is where it all happens.

Competing layer 1s do everything Ethereum does, but in a brand new network, soup to nuts. They’re differentiated by new system designs that enable higher throughput, leading to lower transaction fees, but usually at the cost of increased centralization.

New layer 1s have come online in droves over the last 10 months, with the aggregate value on these networks rocketing from $0 to ~$75B over the same time period. This field is currently led by Solana, Avalanche, Terra, and Binance Smart Chain, each with growing ecosystems that have reached over $10 billion in value.

Leading non-ETH L1s by TVL

All layer 1s are in competition to attract both developers and users. Doing so without any of Ethereum’s tooling and infrastructure that make it easy to build and use applications, is difficult. To bridge this gap, many layer 1s employ a tactic called EVM compatibility.

EVM stands for the Ethereum Virtual Machine, and it’s essentially the brain that performs computation to make transactions happen. By making their networks compatible with the EVM, Ethereum developers can easily deploy their existing Ethereum applications to a new layer 1 by essentially copying and pasting their code. Users can also easily access EVM compatible layer 1s with their existing wallets, making it simple for them to migrate.

Take Binance Smart Chain (BSC) as an example. By launching an EVM compatible network and tweaking the consensus design to enable higher throughput and cheaper transactions, BSC saw usage explode last summer across dozens of DeFi applications all resembling popular Ethereum apps like Uniswap and Curve. Avalanche, Fantom, Tron, and Celo have also taken the same approach.

Conversely, Terra and Solana do not currently support EVM compatibility.

TVL of EVM compatible vs non-EVM compatible L1s

Interoperable Chains

In a slightly different layer 1 bucket are blockchain ecosystems like Cosmos and Polkadot. Rather than build new stand-alone blockchains, these projects built standards that let developers create application specific blockchains capable of talking to each other. This can allow, for example, tokens from a gaming blockchain to be used within applications built on a separate blockchain for social networking.

There is currently over $100B+ sitting on chains built using Cosmos’ standard that can eventually interoperate. Meanwhile, Polkadot recently reached a milestone that will similarly unite its ecosystem of blockchains.

In short, there’s now a diverse landscape of direct Ethereum competitors, with more on the way.

Sidechains

The distinction between sidechains and new layer 1s is admittedly a fuzzy one. Sidechains are very similar to EVM-compatible layer 1s, except that they’ve been purpose built to handle Ethereum’s excess capacity, rather than compete with Ethereum as a whole. These ecosystems are closely aligned with the Ethereum community and host Ethereum apps in a complementary fashion.

Axie Infinity’s Ronin sidechain is a prime example. Axie Infinity is an NFT game originally built on Ethereum. Since Ethereum fees made playing the game prohibitively expensive, the Ronin sidechain was built to allow users to move their NFTs and tokens from Ethereum to a low fee environment. This made the game affordable to more users, and preceded an explosion in the game’s popularity.

As of this writing, users have moved over $7.5B from Ethereum to Ronin to play Axie Infinity.

Polygon POS

Where sidechains like Ronin are application specific, others are suited for more general purpose applications. Right now, Polygon’s proof-of-stake (POS) sidechain is the industry leader with nearly $5B in value deployed over 100 DeFi and gaming applications including familiar names like Aave and Sushiswap, as well as a Uniswap clone called Quickswap.

Again, Polygon POS really doesn’t look that different from an EVM compatible layer-1. However, it’s been built as part of a framework to scale Ethereum rather than compete with it. The Polygon team sees a future where Ethereum remains the dominant blockchain for high value transactions and value storage, while everyday transactions move to Polygon’s lower-cost blockchains. (Polygon POS also maintains a special relationship with Ethereum through a process known as checkpointing).

With transaction fees of less than a penny, Polygon’s vision of the future looks plausible. And with the help of incentive programs, users have flocked to Polygon POS with daily transactions surpassing Ethereum (though spam transactions inflate this number).

Layer 2s (Rollups)

Layer 1s and sidechains both have a distinct challenge: securing their blockchains. To do so, they must pay a new cohort of miners or proof of stake validators to verify and secure transactions, usually in the form of inflation from a base token (e.g. Polygon’s $MATIC, Avalanche’s $AVAX).

However, this brings notable downsides:

  • Having a base token naturally makes your ecosystem more competitive rather than complementary to Ethereum
  • Validating and securing transactions is a complex and challenging task that your network is responsible for indefinitely

Wouldn’t it be nice if we could create scalable ecosystems that borrowed from Ethereum’s security? Enter layer 2 networks, and “rollups” in particular. In a nutshell, layer 2s are independent ecosystems that sit on top of Ethereum in such a way that relies on Ethereum for security.

Critically, this means that layer 2s do not need to have a native token — so not only are they more complementary to Ethereum, they are essentially part of Ethereum. The Ethereum roadmap even pays homage to this idea by signaling that Ethereum 2.0 will be “rollup centric.”

How rollups work

Layer 2s are commonly called rollups because they “rollup” or bundle transactions together and execute them in a new environment, before sending the updated transaction data back to Ethereum. Rather than have the Ethereum network process 1,000 Uniswap transactions individually (expensive!), the computation is offloaded on a layer 2 rollup before submitting the results back to Ethereum (cheap!).

However, when results are posted back to Ethereum, how does Ethereum know that the data is correct and valid? And how can Ethereum prevent anyone from posting incorrect information? These are critical questions that differentiate the two types of rollups: Optimistic rollups, and Zero Knowledge rollups (ZK rollups).

Optimistic Rollups

When submitting results back to Ethereum, optimistic rollups “optimistically” assume that they’re valid. In other words, they let the operators of the rollup post any data they want (including potentially incorrect / fraudulent data), and just assume it’s correct — an optimistic outlook no doubt! But there are ways to fight fraud. As a check and balance, there is a window of time after any withdrawal where anyone watching can call out fraud (remember blockchains are transparent, anyone can watch what’s happening). In the event that one of these watchers can mathematically prove that fraud occurred (by submitting a fraud proof), the rollup reverts any fraudulent transactions and penalizes the bad actor and rewards the watcher (a clever incentive system!).

The drawback is a brief delay when you move funds between the rollup and Ethereum, waiting to see if any watchers catch any fraud. In some cases this can be up to a week, but we expect these delays to come down over time.

The key point is that optimistic rollups are intrinsically tied to Ethereum and ready to help Ethereum scale today. Accordingly, we’ve seen strong nascent growth with many leading DeFi projects moving to the leading optimistic rollups — Arbitrum and Optimistic Ethereum.

Arbitrum & Optimistic Ethereum

Arbitrum (by Off-chain Labs) and Optimistic Ethereum (by Optimism) are the two main projects implementing optimistic rollups today. Notably, both are still in their early stages, with both companies maintaining levels of centralized control but with plans to decentralize over time.

It’s estimated that once mature, optimistic roll ups can offer anywhere from a 10–100x improvement in scalability. Even in their early days, DeFi applications on Arbitrum and Optimism have already accrued billions in network value.

Optimism is earlier in its adoption curve with over $300M in TVL deployed across 7 DeFi applications, most notably Uniswap, Synthetix, and 1inch.

Arbitrum is further along, with around $2.5B in TVL across 60+ applications including familiar DeFi protocols like Curve, Sushiswap, and Balancer.

Aribtrum has also been selected as Reddit’s scaling solution of choice for their long awaited efforts to tokenize community points for the social media platform’s 500 million monthly active users.

ZK Rollups

Where optimistic rollups assume the transactions are valid and leave room for others to prove fraud, ZK rollups do the work of actually proving to the Ethereum network that transactions are valid.

Along with the results of the bundled transactions, they submit what’s called a validity proof to an Ethereum smart contract. As the name suggests, validity proofs let the Ethereum network verify that the transactions are valid, making it impossible for the relayer to cheat the system. This eliminates the need for a fraud proof window, so moving funds between Ethereum and ZK-rollups is effectively instant.

While instant settlement and no withdrawal times sound great, ZK rollups are not without tradeoffs. First, generating validity proofs is computationally intensive, so you need high powered machines to make them work. Second, the complexity surrounding validity proofs makes it more difficult to support EVM compatibility, limiting the types of smart contracts that can be deployed to ZK-rollups. As such, optimistic rollups have been first to market and are more capable of addressing Ethereum’s scaling woes today, but ZK-rollups may become a better technical solution in the long run.

ZK Rollup Adoption

The ZK rollup landscape runs deep, with multiple teams and implementations in the works and in production. Some prominent players include Starkware, Matter Labs, Hermez, and Aztec. Today, ZK-rollups mainly support relatively simple applications such as payments or exchanges (owing to limitations on what types of applications ZK-rollups can support today). For example, derivatives exchange dYdX employs a ZK rollup solution from Starkware (StarkEx) to support nearly 5 million weekly transactions and $1B+ in TVL.

The real prize however, is ZK rollup solutions that are fully EVM compatible and thus capable of supporting popular general applications (like the full suite of DeFi apps) without the withdrawal delays of optimistic rollups. The main players in this realm are MatterLab’s zkSync 2.0, Starkware’s Starknet, Polygon Hermez’s zkEVM, and Polygon Miden, which are all currently working towards mainnet launch. (Aztec, meanwhile, is focused on applying zk proofs to privacy).

Many in the industry (Vitalik included) are looking at ZK rollups in conjunction with Ethereum 2.0 as the long term solution to scaling Ethereum, mainly stemming from their ability to fundamentally handle hundreds of thousands of transactions per second without compromising on security or decentralization.The upcoming rollouts of fully EVM compatible ZK rollups will be one of the key things to watch as the quest to scale Ethereum progresses.

A fragmenting world

In the long run, these scaling solutions are necessary if smart contract platforms are to scale to billions of users. In the near term, these solutions, however, may present significant challenges for users and crypto operators alike. Navigating from Ethereum to these networks requires using cross-chain bridges, which is complex for users and carries latent risk. For example, several cross-chain bridges have already been the target of $100+ million dollar exploits.

More importantly, the multi-chain world fragments composability and liquidity. Consider that Sushiswap is currently implemented on Ethereum, Binance Smart Chain, Avalanche, Polygon, and Arbitrum. Where Sushiswap’s liquidity was once concentrated on one network (Ethereum), it’s now spread across five different networks.

Ethereum applications have long benefited from composability — i.e. Sushiswap on Ethereum is plug-and-play with other Ethereum apps like Aave or Compound. As applications spread out to new networks, an application implemented on one layer 1/sidechain/layer 2 is no longer composable with apps implemented on another, limiting usability and creating challenges for users and developers.

An uncertain future

Will new layer 1s like Avalanche or Solana continue to grow to compete with Ethereum? Will blockchain ecosystems like Cosmos or Polkadot proliferate? Will sidechains continue to run in harmony with Ethereum, taking on its excess capacity? Or will rollups in conjunction with Ethereum 2.0 win out? No one can say for sure.

While the future is uncertain, everyone can take solace in the knowledge that there are so many smart teams dedicated to tackling the most challenging problems that open, permissionless networks face. Just as broadband ultimately helped the internet support a host of revolutionary applications like YouTube and Uber, we believe that we’ll eventually look at the winning scaling solutions in the same light.

* This post focuses on scaling smart-contract based blockchains. Bitcoin scaling is best saved for a future post.


Scaling Ethereum & crypto for a billion users was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Voyager Token (VGX) is launching on Coinbase

Starting today, Voyager Token (VGX) is available on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store VGX in most Coinbase-supported regions, with certain exceptions indicated in each asset page here. Trading for these assets is also supported on Coinbase Pro.

Voyager Token (VGX) is an Ethereum token that’s used to reward and incentivize use of the Voyager centralized exchange. On Voyager, VGX holders can earn staking rewards, receive cashback on trades, and more.

One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see VGX), as well as a new section of the Coinbase website to answer common questions about crypto.

Customers can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store e Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store VGX today.

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Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.

This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

All images provided herein are by Coinbase.


Voyager Token (VGX) is launching on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Voyager Token (VGX) is launching on Coinbase Pro

Starting Today, Wednesday November 17, transfer VGX into your Coinbase Pro account ahead of trading. Support for VGX will generally be available in Coinbase’s supported jurisdictions with certain exceptions as indicated in each asset page here. Trading will begin on or after 9AM Pacific Time (PT), Thursday November 18, if liquidity conditions are met.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for Alchemix (ALCX), Ethereum Name Service (ENS), Gala (GALA), mStable USD (MUSD), Power Ledger (POWR), GYEN (GYEN) Crypto.com Protocol (CRO), Kryll (KRL), LCX (LCX) SUKU (SUKU), OriginTrail (TRAC), Assemble Protocol (ASM), ARPA Chain (ARPA), Bounce (AUCTION) and Perpetual Protocol (PERP).

Starting Today, Wednesday November 17 we will begin accepting inbound transfers of VGX to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Thursday November 18, if liquidity conditions are met.

Once sufficient supply of VGX is established on the platform, trading on our VGX-USD, VGX-USDT and VGX-EUR order books will launch in phases, post-only or auction mode then limit-only or full trading mode. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.

Voyager Token (VGX) is an Ethereum token that’s used to reward and incentivize use of the Voyager centralized exchange. On Voyager, VGX holders can earn staking rewards, receive cashback on trades, and more.

VGX is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading VGX on Coinbase Pro, visit our support page.

###
Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

All images provided herein are by Coinbase.


Voyager Token (VGX) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Alchemix (ALCX), Ethereum Name Service (ENS), Gala (GALA), mStable USD (MUSD) and Power Ledger…

Alchemix (ALCX), Ethereum Name Service (ENS), Gala (GALA), mStable USD (MUSD) and Power Ledger (POWR) are launching on Coinbase Pro

Starting Today, Monday November 15, transfer ALCX, ENS, GALA, MUSD and POWR into your Coinbase Pro account ahead of trading. Support for ALCX, ENS, GALA, MUSD and POWR will generally be available in Coinbase’s supported jurisdictions with certain exceptions as indicated in each asset page here. Trading will begin on or after 9AM Pacific Time (PT) Tuesday November 16, if liquidity conditions are met.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for Crypto.com Protocol (CRO), Kryll (KRL), LCX (LCX) SUKU (SUKU), OriginTrail (TRAC), Assemble Protocol (ASM), ARPA Chain (ARPA), Bounce (AUCTION), Perpetual Protocol (PERP), BadgerDAO (BADGER), Rarible (RARI), Function X (FX), Jasmy (JASMY), Wrapped Centrifuge (WCFG) and Avalanche (AVAX).

Starting Today, Monday November 15 we will begin accepting inbound transfers of ALCX, ENS, GALA, MUSD and POWR to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Tuesday November 16, if liquidity conditions are met.

Once sufficient supply of ALCX, ENS, GALA, MUSD and POWR is established on the platform, trading on our ALCX-USD, ALCX-USDT, ALCX-EUR, ENS-USD, ENS-USDT, ENS-EUR, GALA-USD, GALA-USDT, GALA-EUR, MUSD-USD, MUSD-USDT, MUSD-EUR, POWR-USD, POWR-USDT and POWR-EUR order books will launch in phases, post-only or auction mode then limit-only or full trading mode. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.

Alchemix (ALCX) is an Ethereum token that governs Alchemix Finance, a protocol that lets users open collateral-backed loans that are paid off automatically using yield generated by the collateral. ALCX can be used to propose and vote on changes to the protocol.

Ethereum Name Service (ENS) is an Ethereum token that governs the Ethereum Name Service, a protocol for human-readable crypto addresses and decentralized domain names. ENS will be used to propose and vote for changes to the protocol.

Gala (GALA) is an Ethereum token that powers Gala Games, a platform for blockchain gaming. GALA is used as the medium of exchange between Gala Games participants. For example, it can be used to pay for in-game items.

mStable USD (MUSD) is a decentralized stablecoin running on Ethereum that attempts to maintain a value of US$1.00. Unlike centralized stablecoins, MUSD isn’t backed by US dollars in a bank account. Instead, it’s backed by an array of other stablecoins deposited as collateral on the mStable protocol.

Power Ledger (POWR) is an Ethereum token that powers the Powerledger platform, which aims to enable peer-to-peer energy trading. POWR is required to participate in Powerledger and helps secure its various products, including energy trading, clean energy tracking, and verification.

ALCX, ENS, GALA, MUSD and POWR are not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading ALCX, ENS, GALA, MUSD and POWR on Coinbase Pro, visit our support page.

###
Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

All images provided herein are by Coinbase.


Alchemix (ALCX), Ethereum Name Service (ENS), Gala (GALA), mStable USD (MUSD) and Power Ledger… was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Coinbase Voices: Creating her own path in crypto

Veronica Hash, Program Manager for Belonging, Inclusion and Diversity, shares her crypto journey and gives insight into her path at Coinbase

Tell us about what you do. What does it mean to be the Program Manager for Belonging, Inclusion and Diversity (BID) at Coinbase?

My day to day varies (which I absolutely love), but it always starts with coffee and organizing/prioritizing my workday.

As the Program Manager for Belonging, Inclusion and Diversity (BID), my goal is to make sure that Coinbase is a place where people of all walks of life can see themselves thriving and growing. I consider myself a master connector, an empathetic listener, and someone who uses creativity and emotional intelligence to achieve my program’s goals. I partner closely with our phenomenal Employee Resource Groups, People and Marketing & Comms teams on projects around recruiting, mentorship, retention and community building within Coinbase.

How did you first get interested in crypto?

I got interested in crypto through my husband. He used to trade in the stock exchange years ago and became fascinated with crypto’s ability to change the game. We bought some bitcoin back in 2015 at the whopping price of $280 a coin and held on to it. When the bull run came in 2017, we cashed out and bought our first house! Quite a feat in the San Francisco Bay Area, where real estate is shall we say, not the most affordable. Then, we bought back in at the bottom — held — and in 2020, we did it AGAIN!

What’s the story of how you started working at Coinbase?

In early 2019, I got laid off from my dream job while I was six months pregnant, but it turned out to be a blessing in disguise. I got to spend six months with my baby girl and reevaluate my priorities. I wanted a role with work-life balance, the ability to grow in my career, and a really great team.

When I was ready to return to work, a recruiter introduced me to the opportunity at Coinbase. Once I heard the company name I WAS IN! I mean, crypto was kinda my thing because of my earlier success investing in crypto, but funny enough, I never actually considered working in the industry.

You came in as an executive assistant, so how did you make the switch to a new career path? Any advice for others who would like to do the same?

Being an executive assistant for 10+ years absolutely prepared me for this role. Organization, people skills, project management — those are all things EAs have in spades. I was open about my aspirations with my manager, and around the one year mark, I started getting more serious about what internal mobility might look like for me. I also have an amazing mentor through our Growth, Empowerment and Mentorship, aka GEM program, who suggested — given my passion for BID — that I look into the program manager role.

My advice: first of all, make sure you are killing it in your current role — document and share your wins and be proactive in asking for feedback. Second, meet as many people in the company that you can — have informal coffee chats and informational interviews. Those relationships may turn into formal mentorships or they may alert you when they know a role in their org is going to open. And last, when you apply, make sure you are competitive — Coinbase hires top talent for every seat — make sure you’re clear about the value you will bring to the team.

What inspires you to log on every day? Do you ever fear burning out, given the somewhat emotional nature of your role?

My team is super supportive and collaborative. I get energy from the intellectual side of my work — when I am writing, reading, and researching. I also thrive on the partnerships we are building right now.

Burnout is real, so yes, I can for sure get afraid of that. One thing I have learned is to not let myself become siloed. My BID team may be small, but we have allies and champions at all levels and in varied orgs within the company. I am not in this alone.

What are you most proud of (can be little things or a major moment)?

I am most proud of an internal talk I gave during Black History Month called, “Authentic Leadership in the Black Community.” I shared vulnerably the pros and cons of growing up in a predominantly white community; my early years of addiction and how I approached the deep work required to bring out my authentic self. It was so powerful and real. I remember feeling so supported by everyone’s comments in the chat and Slack messages afterwards.

I am also incredibly proud of the work I do to spread the message about our BID work. I love challenging narratives and misconceptions folks may have about Coinbase. I am a deep believer in face to face conversation and being candid. When we recently acquired a company, I hosted a “Keepin’ it Real” session so we could answer any questions or address any concerns they may have had from an employee experience standpoint. This is one reason why we created this “Coinbase Voices” series. I want our voices to be heard.

What are you currently excited about in the crypto ecosystem?

I recently started learning about staking and earning yield on our holdings and wow — that’s been an awesome passive income stream. I’m a creative so I absolutely love the intersection of art and crypto: a great example is the real adrenaline rush I got from watching “Love is in the Air” by Bansky get auctioned off at Sotheby’s. Not only was it a Banksy (I was waiting to see if it would self-destruct), but it was also the first time the auction house would accept crypto (BTC and ETH) as a form of payment.

What are you passionate about outside of work?

Family is everything! Super grateful for mine!


Coinbase Voices: Creating her own path in crypto was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

How Coinbase is Building our Global Engineering Team

TLDR: Coinbase is now hiring in Brazil and Singapore, building upon remote-first and timezone based regions of work.

By Manish Gupta, EVP of Engineering

Coinbase continues to rapidly grow our Engineering team around the world. As a global company, we need deep technical and market-specific expertise across the key regions we serve. Earlier this year, we established our first tech hub in India, and we continue to aggressively hire in the region across product, engineering, design as well as other roles.

Today we’re announcing that we’re opening up tech hubs and actively building out our Engineering teams in two more countries: Brazil and Singapore. Like India, each has an incredible talent pool of engineers, and we look forward to connecting with world-class talent that can help us achieve our mission. We have already hired senior engineering leaders in both Brazil and Singapore who will act as engineering site leads in these countries, and we are now opening up engineering hiring in both these countries.

Driving Efficiencies Through our New Regions Framework

As a remote-first company, our ambition is to be able to hire anywhere in the world where talent resides. Yet, we also recognize the challenges facing distributed teams, and we work hard at maximizing efficiencies across communications, collaboration, and execution.

That’s why we recently established three distinct regions of work for our Product and Engineering teams — Americas, EMEA and APAC. This regional framework allows us to think about allocating work and creating communities within similar time zones. Our goal is to have team members all work within a single region, meaning one product team may have members in Brazil, the US and Canada. This model provides managers with increased autonomy, and ensures all team members are working in relatively close time zones.

Brazil will align to the Americas region, and Singapore to the APAC region. We plan to continue building hubs in various countries across each region, of various sizes, to help us attract top talent from around the world.

If you’re passionate about solving challenging engineering problems, please consider joining us in our mission to increase economic freedom around the world. Come build with us. For jobs specifically in Brazil, click here. And, for jobs in Singapore, click here.


How Coinbase is Building our Global Engineering Team was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Empowering the crypto community with new ways to learn and share

By Rishav Mukherji, Senior Product Manager, Coinbase

Many of our customers are looking for ways to better understand crypto both as an investment and as an app platform, but it can sometimes be challenging to find relevant information at the right time. Coinbase wants the crypto community to be an active part of this education effort. We want to help self-empower the community with easy-to-use sharing tools making it simpler and more fun to share information on your portfolio allocations or key crypto topics such as emerging new assets.

Sharing made simple

We’re making it easier to share information around your assets, such as price changes or portfolio allocations. Simply tap the Share button in the Coinbase app on any asset price page or your portfolio page and share these asset pages with your private network or on your social network. The choice is yours. When you share your portfolio with someone, you will only share your allocation percentages, never your portfolio balance.

You’re always in control

It’s easy to change your sharing settings and you can choose to stop sharing your portfolio allocations publicly anytime. Just go back to your portfolio, select Share and toggle to Private. Now, your portfolio is only visible to you. You’ll see a screen confirming your portfolio is no longer visible to anyone. You can always choose to share your portfolio again in the future by just toggling to Public.

More ways to learn and share, coming soon

We want to empower the cryptoeconomy to share knowledge and information and learn from each other. In the coming weeks, we’re launching new ways for you to share details about your trades. In the meantime, you can always check out our existing resources (Coinbase Learn, Bytes, Earn) to learn more about crypto.


Empowering the crypto community with new ways to learn and share was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Advancing economic freedom for our veterans and service members

By Philip Martin, Chief Security Officer

This Veterans Day, we’re committing to investing in our extraordinary veterans and service members. Our mission is to increase economic freedom in the world, and our work has always been driven by the fact that we believe we can help to build a more fair and equitable financial system for everyone.

As a veteran myself, I’ve seen firsthand the benefits of service. I’ve also seen how difficult it can be for some veterans to be afforded the opportunities to translate their incredible skills learned in service to the business world. To harness that potential and recognize the vital and unique talents of our veterans, we are partnering with the following organizations: Bunker Labs, The COMMIT Foundation and Shift. Our partnerships will focus on two core areas:

  1. Committing $200,000 to each partner organization to support their mission to advance economic opportunities for service members, veterans, and their families
  2. Dedicating an additional $1 million for a new fund to create unique incentives for veterans and service members to learn more and participate in the cryptoeconomy. This will include bespoke training, networking, and career development opportunities

Alex Krongard, CEO, The COMMIT Foundation: “On this Veterans Day, I am truly grateful and humbled by Coinbase’s amazing contribution towards helping our service members and their families transition into meaningful and purpose-filled post-service lives. Their sense of service and commitment to their communities and our nation is of incalculable value and needed now more than ever. Again, my sincere thanks and a promise that the COMMIT team will continue to do our utmost in support of our veterans.”

Mike Slagh, Founder & CEO, Shift: “Shift is over the moon to partner with Coinbase to create new educational and career advancement opportunities within crypto and blockchain technologies for the military community. Our veterans represent one of our nation’s most resilient and diverse workforces, and our community’s passion for learning gives me belief that veterans have an important role to play in the modern workforce. The dedicated members of the Coinbase team have graciously volunteered their time to support our community since our company’s founding days, and I’m so grateful to begin to scale the impact that veterans and military supporters at Coinbase are already creating with military members, past and present.”

Blake Hogan, CEO, Bunker Labs: “With the commitment and financial support of companies like Coinbase, veteran entrepreneurs across our great country will have access to the professional networks and educational resources they need and deserve, to take on the challenge of starting a business. We are excited and grateful to partner with Coinbase and thank them for their support.”

Moving forward, we will continue to develop additional programming to support veterans and service members. That includes contributing to these existing partnerships while also recognizing the unique skills and attributes of our veterans as we build a championship team at Coinbase. To that end, we also look forward to adding more talented veterans and service members as we continue to grow.


Advancing economic freedom for our veterans and service members was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.