Coinbase Earn Aims to Educate Users About Cryptocurrencies
Just because cryptocurrencies are an often discussed and debated topic these days doesn’t necessarily mean that the public at large fully understands them. That’s where the popular crypto exchange Coinbase is looking to make a difference. In a blog post this week, the company announced their Coinbase Earn platform that will not only educate users about cryptocurrencies and blockchain technologies but also reward them with tokens.
The idea behind Coinbase Earn is that users will be able to “learn and earn” at the same time. To do this users will watch video lessons related to a certain crypto asset and then complete tasks such as quizzes related to what they’ve learned. Coinbase is kicking off their Earn program with 0x (ZRX) but the company says they plan on working with many other assets in the future.
Currently Coinbase Earn is invitation only. This means that only those who have received an e-mail from the company are eligible to earn crypto for participating in the program. However some of the materials and videos are available to all on Coinbase’s site. Additionally there users can join the waitlist to receive future invites.
While detailing their plans, Coinbase notes that cryptocurrencies have typically been obtained in two ways: mining and buying. However, Coinbase officials see earning tokens as another way to grow the number of crypto adopters. Regarding this idea, Coinbase writes, “It has the potential to expand the blockchain user base from the tens of millions of people with the resources to mine or buy crypto to the billions of people who now have smartphones. This is because one can — in theory — earn crypto simply by clicking buttons on a phone or laptop.” They went on to add, “We think Coinbase Earn could help open up blockchain access to a new group of users: people who are curious about digital assets, but who’d like to try them out for free just like a normal web or mobile app. By serving that need, we hope to make blockchain more accessible in the process.”
At a time when most cryptocurrencies are struggling on the price front, the idea of educating consumers on the benefits of crypto and blockchain, while also introducing them to assets other than Bitcoin seems like a great idea. With the crypto explosion last year, it’s safe to assume that many crypto buyers knew little about the technology and promise of currencies and merely saw it as a “get rich quick” opportunity. Meanwhile, although Coinbase and other platforms have sought to demystify crypto, there’s no doubt a long way to go before the general public fully understands how to purchase and trade tokens. Hopefully Coinbase Earn can help change that — but it will likely need to expand beyond its current “invitation only” status to do so. In any case this project is certainly one to watch.