Coinbase, a digital currency platform based in the United States, has launched a major initiative aimed at spurring progress in the emerging blockchain sector.
Coinbase will devote 10% of its assets to funding new ideas within the organization as part of Project 10%. The project is in line with the platform’s philosophy, which states that “70% of our time should be focused on core work, 20% on strategic bets, and 10% on innovative experimentation,” according to the firm.
The initiative is being carried out by encouraging Coinbase workers to submit a two-page proposal on their new projects, accompanied by a pitch-off annually. Because of their possible effect on the underlying business, initiatives are referred to as disruptive innovation.
On April 14, 2021, Coinbase made headlines by being the initial digital currency platform to release its stock publicly. COIN’s value has dropped dramatically in the previous three trading sessions after an explosive start. Despite this, Coinbase’s top investors, namely Andreessen Horowitz, Union Square, and Ribbit Capital, have indeed made billions.
Given initial uncertainty, many in the digital currency world agree that a publicly listed Coinbase will help to fill the difference between conventional finance and digital assets. That may be good news for digital assets like Bitcoin (BTC), Ethereum (ETH), and others, which have witnessed increasing inflows of institutional buyers but not enough to transform the public’s view of digital currencies.
Nonetheless, financial technology growth is fueled by innovation, particularly in the blockchain space. Nonfungible tokens and decentralized finance are two emerging markets that have emerged as a result of innovation, each with its own possibility for disruption.