Coinbase Rolls Out ‘Project 10 Percent’ to Fund Employees With Innovative Ideas
Coinbase has introduced a program to support innovative ideas from its workforce.
The project dubbed 10 Percent will see Coinbase allocate 10% of its resources to promote a “culture of repeatable innovation” within the company.
Coinbase Recommits To Innovation In Latest Program
In a Medium post published today, Coinbase's Chief Product Officer Surojit Chatterjee said the cryptocurrency exchange would commit 10% of its resources to support employees with disruptive ideas. This comes amid a successful public listing on Nasdaq.
Chatterjee said the move was in line with the company's philosophy that 70% of their time should be focused on core work, 20% on strategic bets, and 10% on innovative experimentation.
Coinbase is looking for ideas defined by their potential impact on the business and creating step-function changes in its users, metrics, or capabilities. Projects are considered disruptive innovations by the company for their potential impact on the cryptocurrency industry.
To achieve this, the project has kicked off internally by asking Coinbase employees to complete a two-page submission about their potential ideas, followed by a pitch-off style event that would be held annually.
Coinbase does not expect all 10 Percent projects to scale. The company stated,
“But the ones that do succeed should have a 10x impact and fundamentally move the crypto industry forward. Our most successful products today started as disruptive bets.”
Coinbase's IPO A Win For Crypto
Coinbase's IPO debut was the most discussed event this month in the crypto industry as industry analysts and commentators argued whether or not this signifies mainstream acceptance of the cryptocurrency industry.
The exchange became the first digital currency exchange to list its shares publicly on April 14, 2021, under Nasdaq with its Class A common stock under the ticker COIN.
Post-listing, multiple SEC filings revealed that many of the bigwigs at Coinbase cashed in.
Coinbase CEO Brian Armstrong sold 749,999 shares in three batches at prices ranging from $381 to $410.40 per share for total proceeds of $291.8 million during the first day of trading.
Another filing disclosed that Coinbase director and venture capitalist Fred Wilson sold 4.70 million shares for proceeds of $1.82 billion.
Meanwhile, the exchange hired a new vice president of engineering and site lead for India named Pankaj Gupta and is still planning to hire more people. Gupta is a former Google Play engineering lead in India and the Asia Pacific.
Coinbase's move into India comes after the company officially announced plans to establish a branch in India last month, expecting to open a physical office in Hyderabad.
Coinbase seems to be forging ahead with its plans despite speculations surrounding the Asian country banning cryptocurrency. Reuters had reported when anonymous sources in the Indian government revealed that the country's lawmakers were preparing a bill that would criminalize the holding, issuance, mining, trading, and transferring cryptocurrencies.