Coinbase is by far the most well-known cryptocurrency exchange in the United States that caters to individual customers. The company has been in business since 2011, and it enables customers to purchase, sell, and store cryptocurrencies such as bitcoin and Ethereum. In a market that was once dominated almost entirely by crypto asset aficionados, the company already enjoys a large degree of awareness with the general public.
At some point in the future, Coinbase will be in a position to provide product leaders with direct visibility into their profit and loss statements. This will allow them to steer their product towards positive margins and make more informed choices about where to invest, while at the executive level, it will continue to focus on the company’s consolidated performance.
Coinbase as a king Midas of crypto
Coinbase has positioned itself as a secure haven among cryptocurrency exchanges, which has contributed to its meteoric rise in popularity. As a result, it has become the entry point for mainstream investors in cryptocurrency. In contrast to a significant number of the company’s rivals, the business has never been the victim of a hack. Coinbase has also obsessively pursued compliance with existing regulations and law enforcement, which has put it on the right side of the law. Coinbase’s goal is to build a decentralised and open financial platform, in which users from all around the world can participate on equal footing using only their computers or mobile devices. To make this vision a reality, Coinbase makes blockchain technology more accessible. This accessibility must take the form of making cryptocurrencies less difficult to acquire and more straightforward to comprehend.
Benefits it provides to its users
- A fresh entry point into the world of cryptocurrency
Mining and purchasing are the two methods that have traditionally been utilised by individuals to get bitcoin. Mining cryptocurrency often involves a high level of technical expertise in addition to significant initial expenditures, while purchasing cryptocurrency may require liquid capital to be converted into the appropriate cryptocurrency.
- Provide the product leaders with visibility into their profit and loss statements.
Each of the items has several competitors on the market that are devoted businesses with sufficient financial resources. People feel that the best approach to compete is to offer product leaders financial incentives to also manage their products in a manner that is more akin to that of a standalone business.
- Utilise shared services to cut down on unnecessary repetition.
Even though product leaders might function separately, there are frequent elements that are shared among products. Coinbase has shared services for onboarding new users, managing existing customer accounts, storing cryptocurrency, adding payment methods, trading cryptocurrency, and many more functions. If they are not managed properly, shared services have the potential to frustrate and slow down product teams. However, when they do their jobs correctly, they have the potential to produce incredible synergies across products as well as deeper product integration.
- Set up the teams in small groups or pods.
Efficiency increases with the size of the team. Because of this, it is essential to establish a maximum size for teams, so that they do not become too large and become less efficient. To provide more structure for the correct number of members for a team, Coinbase has started to implement a new idea that calls “pods.” Within each product, It will be creating “pods” of five to ten employees who will work together on a certain feature or section.
- Deliver actual scenarios, not just PowerPoint decks
When a company is experiencing rapid growth, there is a greater risk that the product and engineering teams may begin providing amazing slide decks rather than great products. It is easy to fall into the trap of “managing up” and fooling oneself into believing that a meeting was successful by presenting an impressive deck to higher-ups.
Coinbase has the potential to broaden the user base of the blockchain beyond the tens of millions of individuals who can mine or acquire cryptocurrency and into the billions of people who now have smartphones. This is because, in theory, all it takes to earn cryptocurrency is to click a few buttons on a computer, smartphone, or tablet. Businesses must accomplish sustainable and profitable expansion within a time frame that makes sense.