Key Points:
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Coinbase CEO Brian Armstrong unveils Coinbase Shop, an online store on Shopify featuring various cryptocurrency-related products.
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The company’s strategic diversification efforts in the last two and a half years include a range of products beyond transaction fees.
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Coinbase Cloud introduces “Coinbase Verifications,” using EAS to bolster security by allowing blockchain-based verification of user credentials.
Brian Armstrong, the co-founder and CEO of Coinbase, revealed the official launch of Coinbase Shop, an online store built on the Shopify platform.
This e-commerce venture focuses on offering a range of Coinbase peripheral products. Armstrong emphasized that the prevailing challenges in utilizing cryptocurrency payments urged the creation of Coinbase Shop.
Upon entering shipping details, users can immediately proceed to the payment page, where they have the option to choose Coinbase Commerce for transactions using USDC, BTC, ETH, and more.
Coinbase Shop is just one of the recent additions to Coinbase’s expanding suite of products. In the last half of the year, the company has strategically introduced various offerings aimed at reducing reliance on transaction fees and ensuring revenue generation in challenging market conditions. These products, collectively termed “subscriptions and services,” encompass stablecoin revenue, blockchain rewards, interest income, and customer fees, all of which have proven to be lucrative investments.
Adding to its repertoire, Coinbase Cloud, a prominent blockchain infrastructure platform, recently introduced a feature called “Coinbase Verifications.” Leveraging the Ethereum Attestation Service (EAS) open standard, Coinbase Verifications provides a public and composable solution, allowing users to integrate Sybil-resistance into various applications, from airdrops and quests to social apps and gaming platforms.
Since its notable initial public offering in 2021, Coinbase has encountered challenges. Recently, the increase in this company’s stock has reached nearly 300% from the beginning of the year until now.
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