Meanwhile, Back at Coinbase: PAC Formed, Facebook Whitelist, and Accolades
Entering the weekend there was lots of headlines on Coinbase’s front, as the powerhouse exchange created a PAC advocacy group, got whitelisted for ads on Facebook, and saw its co-founder and CEO Brian Armstrong make Fortune’s “40 for 40” thought leaders list.
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Taking the Crypto Cause to D.C.
Coinbase is getting political, throwing its fledgling and ever-maturing clout behind a new Political Action Committee set to head to Washington D.C. to represent the exchange’s interests, namely cryptocurrency adoption and ensuring a fostering regulatory environment in the U.S.
— Colin Wilhelm (@colinwilhelm) July 20, 2018
The move marks Coinbase’s latest flex toward the mainstream. Now, employees from the exchange will come to make their case on Capitol Hill for why the cryptoeconomy should be embraced, not legislatively stifled.
The launch of the PAC seems a natural development since as of late cryptocurrencies have started creating more buzz in D.C. The PAC, then, is Coinbase’s first concerted attempt to cut through such buzz and win over the hearts and minds of U.S. politicos.
An interesting thread to keep an eye on will be if other major American cryptoeconomy players eventually follow Coinbase’s lead in forming similar PACs — copycats seem likely in this case, e.g. a Gemini PAC or an itBit PAC.
Facebook Ad Ban No More, Says CEO Armstrong
Just a few hours before word of the PAC broke, Coinbase CEO Brian Armstrong announced that the crypto exchange had been “whitelisted” by Facebook and was once more allowed to post ads on the social media titan’s platform.
Facebook banned ads for crypto earlier this year. Proud to say we've now been whitelisted and are back introducing more people to an open financial system 👌 pic.twitter.com/JqF5ssAqqh
— Brian Armstrong (@brian_armstrong) July 20, 2018
Of course, Facebook made waves in the space in January 2018 for enacting a blanket ban on cryptocurrency-centric advertisements in what the company described as a pivot to protect its users.
Facebook fine-tuned its ban approach in late June 2018.
Coinbase’s new whitelisting should help the exchange continue to further penetrate into the daylight of the mainstream.
Armstrong Makes Prestigious ’40 for 40′ List
The Coinbase CEO made headlines himself on July 19th in being named as one of Fortune’s “40 under 40” influential persons.
— Coinbase (@coinbase) July 19, 2018
Armstrong, coming in at position 35 on the list, was described as leading the effort to actualize “what his team hopes will become ‘the Google of crypto.'”
Whether Coinbase becomes the next Google remains to be seen — we’ll have and see what happens from here. But what’s undoubtedly clear is that the exchange is America’s premier fiat-to-crypto on-ramp for now, and Armstrong’s been a maestro of its rise.
What’s your take? Is there no slowing Coinbase down? Let us know what you think of the exchange’s latest moves in the comments below.
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