Coinbase’s CTO Says “Business in the Front, Party in the Back” Strategy Is Happening
Coinbase is the perfect opportunity for consumers to trade across multiple platforms at once, as long as the investor specifically works with Bitcoin, Litecoin, Ethereum, or Bitcoin Cash. Right now, they are working towards adding other crypto tokens, according to CTO Balaji Srinivasan. Srinivasan was recently at TechCrunch Sessions: Blockchain, which was hosted in Zug, Switzerland today.
Back in June, Coinbase announced the intention to support Ethereum Classic (ETC) soon, though they also have plans to add other ERC 20 tokens. There is plenty more to come from the cryptocurrency platform, though the CTO remained vague. Instead, he advised consumers to “look for a lot of announcements over the months to come.”
It is then that he made his reference to the mullet, saying that Coinbase has a balance of both work and play. Srinivasan said,
“Coinbase is a mullet in the sense we interface with banks and governments and then there’s the crypto space.” In this reference, the banks and governments are considered the “business” in the front, while the crypto space is the “party” in the back.
Their goal is to use other cryptocurrencies to help the platform have positive relationships with financial institutions and the government. Eventually, these efforts may help to make cryptocurrency into something more mainstream, along with blockchain. But Srinivasan understands that the only way to make this possible is with good relationships throughout the industry, which requires adoption and noticeable growth.
He said, “We’ll never be the earliest adopter, but we will be early adopters.” The algorithms need to be more cohesive and independently functioning before Coinbase can replicate the process for other currencies to be added to their platform.
Srinivasan has worked with Earn.com before Coinbase, though the company was acquired by Coinbase for just over $120 million. In his position as the CTO, he focuses on educating consumers about the use and benefits of crypto, which is necessary due to the lack of information provided to the younger generation as well. He has also voiced his opinion that blockchain technology holds 10 times the value that gold, wire transfers, and crowdfunding hold.