Just for reminder, Coinbase acquired Earn.com for at least $120 million back in April.
Earn.com CEO (now Coinbases’s CTO) then said:
“With Coinbase’s user base and distribution muscle, I think it could hit $100 million in GMV over the next 12-18 months. I’m proud of the fact that we turned what could have been a disaster into a successful product and I’m excited about the road ahead.”
The company now plans to transform Earn.com into Coinbase Earn, a website with educational content to learn more about cryptocurrencies. Users who complete those classes will earn tokens.
“Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision about, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.”
Coinbase Earn allows users to earn cryptocurrencies, while learning about them in a simple and engaging way. The idea is for users to understand more about an asset’s utility and its underlying technology, while getting a bit of the asset to try out.
In a survey of Coinbase customers and non-customers alike, they found that one of the biggest barriers preventing people from exploring a new digital asset was a lack of knowledge about that asset. Many of the people they surveyed expressed a strong desire to begin learning about new and different crypto assets beyond Bitcoin, but didn’t know where to begin.
“That’s why we’re launching Coinbase Earn with tasks related to asset education. The educational content will be publicly available for any curious party to learn more about an asset, even if they haven’t yet received an invite to begin earning.”
“To manage demand, we’re launching Coinbase Earn today in invite-only mode with a single asset: ZRX. Over time, we plan to add more educational content as well as the ability to earn other cryptocurrencies.”
This is invite-only but if you happen to receive an invite to Coinbase Earn by email, you can go to the Coinbase Earn ZRX page and earn small amounts of cryptocurrency by completing educational tasks like short video lessons and quizzes.
The company says that educational content will go beyond Bitcoin and Ethereum. Developing education pages for obscure cryptocurrencies makes sense as Coinbase plans to add dozens of cryptocurrencies over the coming months.
Still, from Coinbase they say there is no reason to worry because you can still view all educational content on the Coinbase Earn page for free, and can sign up on the waitlist to be notified as more educational tasks are available.
Traditionally, the two ways people have obtained cryptocurrency are through mining or buying. Mining cryptocurrency typically requires technical knowledge and high upfront costs, while buying cryptocurrency can require disposable income to exchange for cryptocurrencies.
Earning cryptocurrency is a third option. It has the potential to expand the blockchain user base from the tens of millions of people with the resources to mine or buy crypto to the billions of people who now have smartphones. This is because one can — in theory — earn crypto simply by clicking buttons on a phone or laptop.
In Coinbase they’re hoping that “Earn” will help open up blockchain access to a new group of users: people who are curious about digital assets, but who’d like to try them out for free just like a normal web or mobile app. You can check out the Coinbase Earn page for ZRX here.
As it’s already said, Coinbase will be moving to significantly expand the number of digital assets listed on its platform – a process that has led to a radical rethinking of how the startup safeguards billions of dollars worth of cryptocurrencies.
To this end, Coinbase moved retail traders’ crypto assets, worth around $5 billion, into its upgraded storage model last week. According to the company, that migration included 5 percent of all bitcoin, 8 percent of all Ethereum, and 25 percent of all the Litecoin in circulation, respectively.
“For this first set of tasks, funding is coming from the 0x external development pool, with 100% of the funds going directly to users. In the future, we may experiment with other kinds of tasks from different types of senders, not necessarily always created by asset developers themselves. For example, there may be tasks paid in Bitcoin that aren’t sent by Satoshi Nakamoto!” they said.
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