Wealth flex? Coinbase now allows users to share their crypto allocations
All of United States-based crypto exchange Coinbase’s roughly 68 million verified users can now more easily make information on their portfolio public.
In a Coinbase blog post on Friday, senior product manager Rishav Mukherji said the crypto exchange’s app now includes a feature that shares a user’s allocation percentage — not balances — to their network of friends. He said this would just be the first move in the coming weeks for users to begin sharing additional details on trades conducted on Coinbase.
“We want to empower the cryptoeconomy to share knowledge and information and learn from each other,” said Mukherji.
With a reported 8.8 million monthly active users as of the second quarter of 2021, Coinbase is the largest crypto exchange in the United States, reporting more than $1.2 billion in revenue in Q3. The firm’s profits totaled $406 million the same quarter, marking a 74.7% decrease compared with those of Q2.
Related: Coinbase will buy $500M in crypto and invest 10% of all future profits in digital assets
The social media integration is largely a new move for Coinbase, though some may consider major figures publicly disclosing even the percentage allocation of their funds a market indicator. This week, Apple CEO and billionaire Tim Cook revealed for the first time that he held some crypto in his portfolio, but he did not specify which type and how much. Others, including Shark Tank star Kevin O’Leary and Mad Money host Jim Cramer, have been more open about sharing the crypto percentages of their portfolios.