The constant pursuit of a stable business model isn’t Coinbase’s only question in 2021. This week, the app for buying cryptocurrencies published a blog post by its co-founder and CEO Brian Armstrong. The topic on the table concerns disinformation about cryptocurrencies in the press. An opportunity for Coinbase to send a controversial message: the press is not always right, and the role of corporations is also to correct or even replace it.
Here’s what you can read on Brian Armstrong’s Coinbase blog:
“With the growth of Coinbase and the crypto economy, we’ve seen increased media interest […] for our business and crypto in general. […] Unfortunately, we also frequently see misinformation published, whether it is in traditional media, social media or by public figures ”.
“Traditional media and social media each bring a lot of misinformation, and I believe that people’s trust in these institutions has diminished in recent years. Corporations are now emerging as the third source of truth and responsibility when disinformation is spread through other channels.
New section, new source of information
To mark the occasion, Coinbase announced the introduction of a new section called “Fact Check”. On his blog, new recruits will be responsible for responding to the various fake news about cryptocurrencies in general or Coinbase in particular that have been discovered on the Internet. Four topics have already been published.
They concern both cryptos’ environmental footprint (related to Tesla’s recent decision with Bitcoin), illegal activities and their stake in cryptocurrency use, then two stories about Coinbase, specifically the resale of shares by its executives when the company went down in April to the public.
We will start by saying that the tool is an excellent idea that will undoubtedly help the crypto industry to gradually dissolve the ideas it has received that are still circulating on these issues. Brian Armstrong’s goal is not just to want to contribute as a source of information.
He explained it more specifically in the second part of the post, with the aim of “becoming a powerful resource for people who have just gotten in and are new to the crypto economy”. More and more companies “are rapidly moving from simple ‘content marketing’ to full media arms with editors,” he said.
For Coinbase we would have arrived at a time when the production of information directly at the company would have a much more relevant and objective character for dealing with current issues. The blog post invites the community to believe more in companies than the middle and independent media when it comes to information.
“Going forward, we need to go beyond fact checking and create more of our own original content to engage with our audiences and tell the crypto stories that are happening around the world. Many of these stories are not told by the mainstream media. Fact-checking is still largely reactive, but we need to take a more proactive stance on content creation in order to have a real media arm, “Coinbase said before concluding that” any business can be a source of truth ” . HM hm.