Coinbase

By Jesse Pollak, Senior Director of Engineering at Coinbase

Tl;dr:

• Coinbase is committed to its vision of investing in web3 and the broader cryptoeconomy.
• We’re embodying this vision by integrating, building, and supporting protocols at Coinbase.
• Protocols are increasingly integrated into our products, a focus for teams across the company, and a major investment area for Coinbase Ventures.
• To support this work, we’re growing our Smart Contract Engineering team and building protocol expertise across every role.

Over the past year, Coinbase has begun laying the groundwork to transform into a web3 company. We’re doing this because we expect that large portions of the global economy will move “on-chain” in the coming years. This transition will occur as people globally demand greater access to financial services and ownership in the success of the businesses they support. Coinbase is positioned to play a key role in increasing economic freedom by doubling down on web3 innovation and supporting the development of protocols that put powerful financial tools in the hands of people around the world. Today, we’re sharing an update on how we’re integrating, building, and supporting these protocols.

Protocols offer a range of products and services that allow people anywhere in the world to transact directly with each other. For example, Compound makes it easier for individuals to lend or borrow crypto assets, giving them access to capital and higher yields with no intermediaries involved. Another example is USD Coin, the largest stablecoin on Ethereum with a market capitalization over $50B, that allows people to easily send and receive funds globally using a digital asset that is pegged to the US dollar. Protocols like these form the foundation of the cryptoeconomy that millions of people interact with daily.

In just over two years, the value locked in these protocols has gone from a few hundred million to over $200B. People all over the world want greater control over their financial futures and web3 protocols are making that a reality.

At Coinbase, we are embracing protocols across all our strategic pillars with four key initiatives:

1. Integrating protocols into our products. In Coinbase Wallet, and our recently launched dapp wallet, we are natively integrating trading and yield features supported by protocols as well as enabling open access to protocols through our browser. We recently launched Coinbase NFT, which is powered by the 0x protocol to enable low fee NFT swaps. Additionally, through our DeFi Yield product, we are integrating with protocols like Compound to offer users in eligible jurisdictions higher yields on their holdings. We are excited about how protocols can enable better user experiences and aim to keep integrating them deeply into our products.
2. Building protocols and supporting innovation. We support protocols, regardless of how they will directly integrate into Coinbase. We support protocol innovation through our Project 10% program, which funds moonshot ideas including the recent Coinbase Ventures investment in Backed. We’re also supporting protocol work in the ecosystem through our developer grants program and open source contributions like Rosetta, which makes it easier to integrate protocols into Coinbase. Today, we also announced that Coinbase Cloud is supporting a group of experienced founders and operators who are building the first enterprise-grade liquid staking protocol.
3. Funding protocols in the broader ecosystem. Coinbase Ventures has invested in protocols throughout its lifetime and is an early investor in some of the most exciting web3 protocols, including Compound, UMA, Saddle, Radicle, Synthetix, Notional, Goldfinch, and others. In the first quarter of 2022 alone, Coinbase Ventures closed 70+ deals (300+ to date). It invests across the web3 technology stack and is expanding cross-chain investments beyond Ethereum with the goal of promoting an open multi-chain future of finance.
4. Investing in top talent and core technology. We’re building a best-in-class Smart Contract Engineering team to support our protocol work and integrating protocol thinking into our product management practice. Through developer tooling, hackathons, and company wide knowledge sharing and experimentation, we are building a community that sets the standard for web3 talent. In the year ahead, we are also excited to contribute open source developer tools and libraries to support building protocols at scale.

Last year we wrote about Coinbase embracing decentralization by adding more assets, expanding internationally, integrating with third-party platforms, and emphasizing self-custody. We closed by saying:

Many of the most innovative use cases in crypto are being created in decentralized apps. By fully embracing this trend we can put crypto in the hands of more people around the world and thereby increase their economic freedom.

We’ve been hard at work embracing this vision by investing in web3 protocols at Coinbase — and while we’ve made extensive progress, we’ve got a long way to go. We’re excited for the journey.

If these challenges excite you, join our team and help build an open financial system for the world.

Embracing Decentralization: Integrating and Building Protocols at Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Tl;dr: Enterprise-grade liquid staking is an industry gap. The first-ever enterprise-grade liquid staking protocol is being launched by a highly experienced team of founders, with early support from Coinbase Cloud and Figment.

We couldn’t be more excited to announce that Coinbase Cloud, in collaboration with Figment, is supporting a group of experienced founders and operators who are building the first enterprise-grade liquid staking protocol.

The founding team of Alluvial, the software development firm developing the new protocol, is led by Matt Leisinger, former Head of Liquid Staking products at Figment; Nicolas Maurice, the former CTO of Kiln staking-as-a-service platform, and Mike Taormina, former Head of Institutional Business at the Index Cooperative, a decentralized community powering on-chain crypto structured products. Alluvial’s vision is to grow the protocol — and the ecosystem at large — by building standards that are open, transparent, and incentive aligned, and move towards a community-governed future. Alluvial intends for the protocol to ultimately be governed in a decentralized manner by a DAO with broad industry participation.

Liquidity is a critical component of a maturing web3 economy and we are excited to be a part of a group of industry leaders tackling one of the most rapidly growing yet nascent segments of the market together: liquid staking.

Liquid staking opens up opportunities to efficiently utilize staked assets as collateral to trade, lend, and provision quickly and strategically. Staking requires assets to be locked to use as collateral to support network security in return for earning rewards. Traditionally, staked tokens remain locked and inaccessible while staked and are subject to “warm up” and “unbonding” periods.

With liquid staking, token holders don’t need to choose between staking, and accessing their assets to pursue other opportunities. They can stake their tokens, receive back receipt tokens that evidence ownership of their staked tokens and use those receipt tokens to participate in the broader web3 economy. Liquidity is key to unlock the next chapter of financial innovation in web3.

In just under a year, in Ethereum alone, liquid staking has gone from sub-1% penetration in January 2021 to around over 30% penetration. More and more enterprises and institutions are looking to participate in liquid staking every day. However, today’s solutions don’t meet their needs. Mature and regulated businesses need to know their counterparties and require enterprise-grade reliability, security, and KYC / AML processes.

Alluvial seeks to tackle this industry gap by creating the industry standard for enterprise-grade liquid staking across multiple protocols. The non-custodial protocol will require all contributors to enable embedded KYC/AML checks, allowing enterprises and institutions to meet their compliance standards while enabling seamless integration into their existing technology stack. We are proud to support the Alluvial founding team as they work to build and scale the protocol.

As part of the initial validator set, Coinbase Cloud and Figment intend to each perform staking services on the network, and run validators with distinct clients in different regions and cloud providers, with other industry-leading operators joining soon. Client diversity and multi-cloud/multi-region infrastructure will provide enterprises and institutions with the high uptime and reliability that they are looking for. Over time, new security focused validator operators will be added to the protocol to help it grow and scale further.

We are looking forward to supporting Alluvial’s experienced founding team, other industry leaders and the community at large to bring this initiative to life over the coming year. We aim to support the growth of the protocol by working with more builders, participants, and validators across the ecosystem. If you are an enterprise or institution looking to explore the world of liquid staking, or an ecosystem system partner looking to build on the protocol, get in touch with the Coinbase Cloud team.

Enterprise-grade Liquid Staking Standard with Support of Coinbase Cloud and Figment was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

TL;DR: Our latest integration with Primer will enable merchants to quickly and easily add cryptocurrency acceptance into their checkout experiences.

As the payments ecosystem continues to evolve, the checkout experience is getting even more complex. Consumers are faced with an increasing number of options for payment, and it’s crucial for merchants to ensure that consumers are offered maximum flexibility otherwise they risk losing business. For business owners, establishing and managing all of the connections needed to provide this flexibility can be convoluted, expensive, and time consuming. 40% of consumers surveyed globally said they planned to use cryptocurrency to make a payment within the next 12 months.* Coinbase’s integration with Primer will help merchants meet this demand by creating a seamless cryptocurrency checkout experience leveraging Coinbase Commerce.

Compass Mining Chief Product Officer Jameson Nunney accurately summed up the value of the integration for merchants: “We love the simplicity of quickly adding new connections like Coinbase and other payment providers within the Primer platform. We believe that this implementation will be instrumental in helping us reach our goal of growing globally and helping more people learn, explore, and mine Bitcoin.”

Primer is the world’s first automation platform for payments and commerce that offers a completely unified checkout and payment infrastructure. Their unique platform means:

• Merchants can connect and control their entire payment and commerce stack
• Anyone can build sophisticated payment flows with a no-code editor
• Any developer can build a connection with their open, agnostic framework

Collaborating with Primer will help make it simpler for mid-market and enterprise merchants across the globe to accept crypto payments with Coinbase Commerce.

Merchants interested in accepting cryptocurrency as a form of payment can learn more by heading to commerce.coinbase.com, and we’ll continue to share updates around integrations with new providers.

* Mastercard New Payments Index, 2021

Coinbase Commerce expands merchant access to crypto payment acceptance with Primer was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Tl;dr As part of our goal to continually improve the trading experience and better protect our customers, we are making changes to our market parameters on June 2, 2020 .

Min Order Size Limits: Simplifying with just a check on notional

As crypto asset prices fluctuate, the base and quote order size limits on our Exchange can diverge in notional terms. We try to keep up with the market by updating these limits on a regular basis, but we realize the frequency of the changes can lead to customer confusion.

Instead of maintaining both base min order size and quote min order size, we are changing our size limits to consider simply the notional value of the order submitted to our exchange. Notional is defined as order size (or quantity, in the base currency) multiplied by order price (or funds, in the quote currency).

For example, consider the DOGE-USD market, where the quote min order size is 1. Suppose a trader submits the limit order: “Buy 10 DOGE at a price no greater than $0.15”

Check on notional: 10 * 0.15 = 1.5

Since 1.5 > 1, the order will be accepted.

Pursuant to this change, we will deprecate the base min order size variable from our market parameters. We will maintain the quote min order size limit as the check on notional. The check will apply to all orders where funds in the quote currency are specified (e.g. limit orders and market buys).

For API traders, please note that we will deprecate the use of base_min_size in our /products endpoint on June 2, 2022. On June 16, 2022, we will remove this variable from our endpoint. We will continue to maintain min_market_funds, with the new logic checking notional size of the order.

Max Order Size Limits: Deprecating in favor of our dynamic PPP protections

We set our max order size limits on a per-order book basis, considering depth of order book within 500bps over recent time periods, in order to protect our clients from submitting single large-sized orders that would move the market significantly. We assign higher max order size limits to order books that are more liquid. However, these limits are static and order book depth (liquidity) can fluctuate.

Meanwhile, our price protection points (PPPs) are a dynamic, real-time defense against significant price movements caused by a single order, and are set more conservatively to guard against slippage than our max order size limits. For this reason, we believe our price protection points (PPPs) better serve our clients and have decided to remove our static max order size limits.

We will deprecate the use of our base max order size and quote max order size limits from our market parameters. API traders should note that base_max_size and max_market_funds on our /products endpoint will no longer be enforced on June 2. On June 16, 2022 we will remove these variables from our endpoint.

Upcoming Changes to Order Size Limits was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

By Emilie Choi, President and Chief Operating Officer

I shared an update with our employees today that I want to also share publicly. Please note that these changes are not expected to have any material impact to our previously communicated expense outlook for Q2, or full-year 2022, as disclosed in our Q1 shareholder letter.

Tl;dr: To ensure we’re best positioned to succeed during and after the current market downturn, we’re announcing we’re slowing hiring so we can reprioritize our hiring needs against our highest-priority business goals.

Hi all:

We’ve made an important decision to ensure we’re being rigorous in our resource prioritization so we can emerge from this down cycle even stronger than we are today.

Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals. Headcount growth is a key input to our financial model, and this is an important action to ensure we manage our business to the scenarios we planned for, specifically the potential Adjusted EBITDA we are aiming to manage to.

Importantly, now is the time to ensure we are fully integrating all recent hires — so we can ensure that they are successful at Coinbase. This slow down will also force us to be more rigorous in our prioritization.

Big picture: We know this is a confusing time and that market downturns can feel scary. But as we said at last week’s Town Hall, we plan for all market scenarios, and now we are starting to put some of those plans into practice.

We’re in a strong position — we have a solid balance sheet and we’ve been through several market downturns before, and we’ve emerged stronger every time.

Like I said in my top of mind email on Friday marking Coinbase’s 10-year anniversary, the best is absolutely yet to come for us.

Best,
Emilie

Employee note: An update on hiring plans was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Use popular Ethereum dapps with Coinbase’s new dapp wallet and browser

Tl;dr: This post highlights the ability to access and explore web3 directly from your Coinbase app, powered by our new dapp wallet and dapp browser.

By Rishi Dean, Director of Product Management

Over the past year, there has been an explosion of interest in web3 and dapps, including NFTs, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs). The total value locked (TVL) of DeFi investments on the Ethereum blockchain has grown to over $110B USD, while NFTs sales have grown to over $30B USD in the last twelve months (LTM) — with new innovative real-world applications emerging every day.

Starting today, we’ll roll out the ability for a small set of Coinbase app users to access Ethereum-based dapps directly from the Coinbase app. This includes buying NFTs on marketplaces like Coinbase NFT and OpenSea, trading on Decentralized Exchanges like Uniswap and Sushiswap, and borrowing and lending through DeFi platforms like Curve and Compound.

This new ability, to access and explore web3 directly from your Coinbase app, is powered by our new dapp wallet and dapp browser.

Introducing web3 right in the Coinbase app

With today’s launch, users can explore dapps without having to manage a recovery phrase. This innovative dapp wallet experience is powered by Multi-Party Computation (MPC) technology that enables you to have a dedicated on-chain wallet that Coinbase helps you keep secured. This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase. Ultimately, this means if you lose access to your device, the key to your dapp wallet is still safe and Coinbase can assist in recovery through our live support.

To get started, go to the new “Browser” tab in the navigation bar at the bottom of the Android mobile app screen, and set up your new dapp wallet. Once set up, you can search, discover, and use Ethereum-based dapps directly in the new dapp browser of the Coinbase app.

Looking forward

We want to enable everyone to seamlessly and safely participate in web3, and today’s launch is another step on that journey. We’re rolling out the new dapp wallet and browser experience in the US on Android first to a small subset of users, and plan to expand to all users and platforms soon. Stay tuned!

Make sure to follow us on Twitter for the latest crypto and web3-related news and product announcements.

Access web3 with the Coinbase app was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

By Brian Armstrong

Sharing a note I sent to the Coinbase team last night.

We have a cultural norm not to discuss short term stock price fluctuations, but I’m going to break our norm in this case given the wild volatility we’re seeing. I realize it can be scary to see our stock price down with associated negative headlines. Of course, we are not alone, and there is a broader market downturn as well which adds fuel to the fire.

In times like these we need to step back, and zoom out. Nothing about Coinbase changed this week, we are the same company we were yesterday, or a year ago. If anything, we are in an even stronger position given our balance sheet. This last bull cycle has generated tremendous profit and cash that adds to our resiliency, and we have built an incredible team with some of the best talent in the world.

Volatility is inevitable. We can’t control it, but we do plan for it. Through the ups and downs of crypto over the last 10 years, Coinbase has focused on building. Through the highs we get to focus on scaling and many new people get introduced to crypto. Through the lows we get to focus on innovation and paying off tech debt.

I don’t know how long this down-cycle will last, or if we are at the bottom. I just know that we will make it through to the other side, and we come out stronger than ever if we focus on what matters: building.

Tomorrow we have our bi-weekly town hall, and we know employees have questions. We’ll address the most frequent questions we’re hearing. We will also address the public concern about a disclosure we made in our 10Q filing, which I tweeted about yesterday, as well.

See you all tomorrow,

Brian

P.S. I’m attaching a note I sent to the company right after we went public:

Team,

Congratulations on an incredible week! It’s hard to believe how far Coinbase has come in just under a decade. One of the most challenging parts about working in this industry is managing through the highs and lows of crypto cycles. Whether this is the first cycle that you’ve seen up close, or your fourth, it can be emotional to see significant price changes, along with how they can alter the external perspective on our industry. In the past, we just had crypto prices to watch. But now, we have a new price to watch: our share price.

This moment right now feels great. We’re a public company, we’re profitable and crypto is the hot topic. But with that excitement comes a lot of hype and high expectations that can occasionally lead to over-exuberance, including around Coinbase itself.

It’s important that we don’t let external noise set the wrong expectations for what success looks like. While I’m certainly proud of what we’ve accomplished, and excited to see so much interest in crypto, it’s important to ignore the hype and focus on what we can control. We are not our stock price, or the price of bitcoin. Maintaining our focus on the long-term mission, regardless of what the world is doing around us, is the only way we’ll succeed with ambitions as large as ours.

I personally plan to not look at the stock price except for rare instances such as quarterly earnings calls, or as needed to discuss employee compensation matters. So I’d like to take this moment to establish a new cultural norm, which is that we will not discuss short term stock price fluctuations in the normal course of business. I think it’s incredibly important to keep a clear mind, and focus on what matters over the long term, and hopefully this will help us do that.

Let me share a quick story about a number of employees who joined at the peak of the 2017 bull run. They thought they were joining a rocket ship that was only going one way: up. Many of them were disappointed and some even left after things trended down for a year or two. But if you zoom out to a 3-year timeframe, employees who stayed were incredibly well rewarded. The same is true for those that purchased crypto at the peak of the 2017 bull run and held. It took real conviction and long-term perspective to stick through the crypto winter (especially when others said it was foolish), even if now it seems so clear in hindsight. There is a real art to tuning out all the noise in the world, and focusing on the rare bit of signal which helps you develop your own convictions.

Both up and down markets are helpful for their own reasons. The down markets bring a focus on innovation, and the short term thinkers tend to get distracted and leave the ecosystem. In up markets we get to focus on scaling, and a massive wave of adoption introduces crypto to more people for the first time. Every time a new hype/despair cycle emerges, my main takeaway is to be thankful that we persisted through the last one with our long term thinking.

We need to be sure we don’t let the current hype get to our heads. At the end of this cycle we may see crypto prices or our stock price fall, and some people will become disillusioned and walk away from crypto again. We will need to ignore that volatility and keep making forward progress on our long-term goals regardless of what the market is doing that day.

If you can’t ignore the hype while things are trending up, then you can’t ignore the despair when things are trending down. Stay strong, keep a long term perspective, and let’s keep building.

Have a great weekend!

Brian

Top of Mind: Staying Focused During Market Downturns was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Tl;dr: Coinbase enables web3 developers to integrate Coinbase Pay into their dapps, and MetaMask will be the first external wallet integration.

By Prakash Hariramani, Senior Director, Product Management, and Bipul Sinha, Senior Product Manager

We launched Coinbase Pay to make it easier to fund your Coinbase Wallet, and now we’re expanding this ease to the broader crypto ecosystem by enabling web3 developers and businesses to integrate Coinbase Pay. MetaMask will be the first external wallet integration of Coinbase Pay.

Coinbase Pay is the powerful new way to purchase or transfer crypto to a wallet or dapp in a few clicks to be ready to dive into DeFi or purchase an NFT. Customers can use their existing crypto balances or purchase new crypto using the payment information saved to their Coinbase accounts, such as debit cards and bank accounts. This simplified fiat-to-crypto conversion makes the world of web3 far more intuitive and accessible.

Coinbase Pay is available today in Coinbase Wallet and Coinbase NFT, and will be rolled out to MetaMask’s 30 million users in the coming weeks.

Web3 developers looking to integrate Coinbase Pay into their dapps can contact us to apply for access to the SDK. More information on how to integrate Coinbase Pay is available on our developer documentation.

Coinbase Pay, an easier and trustworthy way to purchase crypto

The Problem

Despite the recent influx of investment in the cryptoeconomy, it’s still time-consuming, manual, and expensive to dive into DeFi, NFTs, and other dapps. Customers first have to convert their funds to crypto before sending it to a wallet or dapp. The existing solutions aren’t great: customers must make manual crypto sends, log into different dapps, and copy-and-paste long wallet addresses that leave them vulnerable to user error. Plus, they encounter substantial fees for each step. Additionally, existing solutions to buy crypto usually require individuals to enter their payment details and purchase new crypto as opposed to using existing balances.

The Solution

Coinbase Pay is an easy and trustworthy way for everyone to participate in the cryptoeconomy. Users can fund their non-custodial wallet like Coinbase Wallet or MetaMask with a few clicks using existing Coinbase balances or saved payment information. They can interact with dapps with peace of mind, knowing that their payment information remains secure on Coinbase.

Here’s how it works with MetaMask:

• Visit your MetaMask wallet and click on the “Buy” button, then select Coinbase Pay
• If this is your first time using Coinbase Pay then you will be prompted to sign-in to your Coinbase account. If you do not have a Coinbase account, you will need to create an account on coinbase.com, or from the iOS or Android apps
• Once you have created your Coinbase account, you can sign in to use Coinbase Pay from MetaMask. You will only need to sign in once — returning customers won’t be prompted for their login details again
• Select the crypto that you want to add to your MetaMask wallet. Choose your funding source: you can either select your saved payment methods or existing crypto balance on Coinbase
• Review your purchase and click to confirm

The Benefits

Great user experience. Reduced development time.

With Coinbase Pay, developers can offer an easy and secure way for their users to buy crypto and transfer to a wallet or dapp. They’ll be able to increase exposure and adoption of their product amongst Coinbase’s 98M customers.

• Drive conversion: Users won’t need to go through a lengthy onboarding process. They can use their saved payment methods from Coinbase, reducing friction in the experience. Coinbase Pay supports over 100 cryptocurrencies.
• Lower operational overhead: With Coinbase Pay, businesses and developers don’t need to worry about verifying users with Coinbase accounts, who have already passed Coinbase’s robust KYC and fraud checks. Coinbase can handle fraud claims and customer support cases on your behalf.
• Reduce development timelines: Add the Coinbase Pay widget into your dapp in a few hours. A single Coinbase Pay integration gives access to multiple payment methods across many regions. Documentation is available on Coinbase Cloud.

Get started today

Coinbase is dedicated to making the benefits of web3 more accessible to all without compromising security and efficacy.

Expand the benefit of seamless participation in the crypto economy to millions of people. Learn more about Coinbase Pay and get in touch with us to apply for access to the Coinbase Pay SDK. Read the documentation to get additional information on integrating the SDK.

Coinbase Pay, the easiest way to purchase or transfer crypto, is now available for web3 developers was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Tl;dr: This shelf registration positions Coinbase to prospectively access the capital markets quickly and efficiently when needed or when market conditions are optimal.

Today we filed a shelf registration statement with the Securities and Exchange Commission (the “SEC”). This shelf registration statement is intended to be used for potential prospective offerings which may include the sale of new securities for general corporate purposes.

While we have no immediate plans to offer securities at this time, by filing the shelf registration statement now, we will be able to offer and sell securities in the future should we choose to do so. We have chosen to file it today with our Form 10-Q since it is our first quarterly SEC filing since satisfying the eligibility requirements to be classified as a well-known seasoned issuer.

We have taken a thoughtful approach to our capital structure over the years. Our goal has been, and remains, to raise capital at the lowest cost possible to our stockholders. We expect that this shelf registration statement will enable us to issue securities in a much shorter time frame, potentially in a matter of days, which may enable us to better time the market and take advantage of volatility or short windows of favorable market conditions should we choose to do so.

In closing, we believe this shelf registration statement is an important tool that enhances flexibility and better enables Coinbase to prospectively access the capital markets quickly and efficiently when needed or when market conditions are optimal.

Cautionary Statement Regarding Forward-Looking Statements

This blog post contains “forward-looking statements” including, among other things, statements relating to potential future securities offerings by Coinbase; the expected timing and reason for any such offering; and the anticipated benefits to Coinbase and its stockholders from the filing and future use of the shelf registration statement. Statements containing words such as “could,” “believe,” “expect,” “intend,” “will,” or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether any securities are offered pursuant to the shelf registration statement; prevailing market conditions across the cryptoeconomy; and the impact of general economic, industry or political conditions in the United States or internationally. For information about other potential factors that could cause actual results or events to differ materially from those described herein, please review the “Risk Factors” included in Coinbase’s Registration Statement on Form S-3 filed with the SEC on May 10, 2022, as well as its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 and other SEC filings. Except as may be required by law, Coinbase undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this communication.

This blog post is neither an offer to sell nor a solicitation of an offer to buy any Coinbase security that may be issued or sold pursuant to the shelf registration statement and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.

Coinbase files shelf registration statement with the SEC was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Tl;dr: Apply for our summer 2022 Community Ambassador Program here. If you live and breathe crypto or you’re simply crypto-curious and want to gain more exposure to the industry, this is the perfect opportunity. Program rolls out June through August 2022. Application deadline is May 23rd.

by Mengfan Zhang, Ecosystem Manager at Coinbase

Coinbase is announcing our Summer 2022 Community Ambassador Program!

We are building upon the successful launch of our Community Analyst Program (CAP) in January this year, when we recruited 15 talented part-time students and professionals to help Coinbase conduct crypto research. Our community ambassadors researched areas such as DeFi, NFTs, wallets, Layer-1 protocols, scalability solutions, and other exciting web3 innovations, which helped inform Coinbase teams on web3 trends. Their work supported internal research teams, the Coinbase University Program, international growth, and the Developer Relations team. Following the program, our ambassadors reported that their crypto research and analytical skills improved, and they were more motivated to work in crypto.

We’re excited to welcome our next cohort of ambassadors this summer. If you live and breathe crypto or you’re simply crypto-curious and want to gain more exposure to the industry, this is the perfect opportunity. CAP enables you to gain experience in the exciting crypto industry, with opportunities to educate yourself on top crypto trends, and to make an impact on Coinbase and the crypto ecosystem at large.

Our mission is to increase economic freedom in the world, and to help accomplish this we want to onboard a large and diverse group of people aligned on this common goal.

Which Coinbase teams will CAP support?

CAP’s Summer 2022 cohort will recruit ambassadors to support the following areas/teams at Coinbase:

• Developer Relations
• Crypto Research & Content
• NFT Research & Analysis
• International Growth
• Coinbase Ventures

Why Become a Community Ambassador?

At Coinbase, we believe it’s our responsibility to be good stewards of the cryptoeconomy, which means developing the next generation of talented crypto leaders to drive growth for the wider industry.

Community Ambassadors work remotely as part-time contractors and will have access to the following benefits:

• Hourly wage
• Opportunities to build relationships with the Coinbase team, your cohort and the crypto community
• Opportunities to influence Coinbase initiatives
• Career development opportunities
• Coinbase gear
• Unique Coinbase Ambassador NFT badge
• Full-time or internship opportunities at Coinbase

Who Is Eligible to Apply for the Program?

University students, graduate degree students, full-time professionals and crypto community members, who are 18 years old or older, are encouraged to apply. Because CAP supports numerous Coinbase teams, we are looking for ambassadors with diverse skill sets, including:

• Familiarity with the crypto industry and blockchain technology
• Experience using dapps
• Passionate about crypto and insatiably curious
• Available to work 10–20 hours per week
• Experience and skills in any of the following categories: 1) Venture research & reporting, 2) Content creation, 3) NFT research, 4) Online community management — Discord/Telegram, 5) Event planning & logistics operations, 6) Collecting crypto community signals, trends, & insights, 7) Translations — into APAC or LATAM local languages, 8) Technical skills such as programming, smart contracts, and product testing, and 9) Creative design — videos, images, memes etc.

What will Coinbase Community Ambassadors do?

You will be assigned to one of five Coinbase teams based on your skills and interests. Your primary responsibility will be to support your assigned Coinbase team’s goals. We encourage you to be self-motivated and dedicated to producing measurable results while exploring the world of crypto. Duties may include both online and in-person components, such as:

• Generate periodic research reports, articles, or bite-sized analysis on emerging trends, community sentiment and grassroots activities
• Embed into crypto communities, participating and building relationships in community hot-spots throughout Discord, Telegram, Twitter, and elsewhere
• Attend in-person meetups or crypto industry conferences as needed
• Weekly and ad-hoc tasks assigned by your assigned Coinbase team
• Track your weekly progress and report to your assigned team
• Average commitment of 10–20 hours per week

When does the program start?

The next Coinbase Community Ambassador Program will take place June through August 2022. Recruiting will begin May 2022 and we will aim to give offers by the end of May.

How do I join?

To join, please submit the application form here. If selected, you will have a call with our team to ensure our goals and expectations are aligned. If you advance past the initial interview, our onboarding process will begin and more details will be shared at that time. The application deadline is May 23rd, 2022.

Once hired, community ambassadors will be contracted through a third party and will not be engaged as official Coinbase employees. Becoming a Community Ambassador can lead to opportunities to expand your role such as potential Coinbase internship offers and full-time employment offers. More information about opportunities to participate in a Coinbase internship or full-time offer will be provided upon successful completion of the program.

Announcing the Coinbase Summer 2022 Community Ambassador Program was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.