To expand its institutional business and gain the trust of the community across, Coinbase, in its latest initiative has set up its Institutional Core Principles which would drive it towards its goal of operating the for storing, trading, and interacting with the world of cryptocurrency. While institutions have laid the principals, the consumer business has just expanded its reach to 2.7 million online outlets which now accept the “Coinbase Four” through five separate Coinbase Commerce plugins.
5 core principles for institutional businesses
The Fundamentals put down by Coinbase will act as its North Star for the company to design, develop, and operate its products fulfilling the main aim of the company. The company has laid out its principal in forms of commitment and action. Following are the principals and its commitments
- Operate a fair and orderly market: Coinbase will provide protections and active monitoring of market activity to ensure the establishment, operation and ongoing supervision of a healthy market.
- Protect our customers with institutional-grade infrastructure and processes: Coinbase will provide the highest levels of protection to our customers. This includes institutional-grade cybersecurity, compliance, onboarding processes and operating standards.
- Enforce transparent market rules and governance: All market participants will have consistent access to current market rules, including a market rulebook, developed specifically for the unique structure and dynamics of crypto assets.
- Provide fair access to all market participants: All participants will have the same rule set applied to them, with market access offered in an equal and transparent way across our platforms and customer base.
- Publicly disclose listing practices and market rules: We will add new assets and instruments in a clear and transparent way.
The following chart released by the company shows the corresponding action the company wishes to take.
Coinbase Commerce takes BTC, LTC, ETH to over 2.7m online stores
According to a recent tweet by Kevin Rooke, Coinbase Consumer has expanded its reach to 2.7 million online stores and now allows all of them to accept BTC, BCH, LTC, and ETH with Coinbase Commerce integrations. Rooke also noted that the peer-to-peer nature of these plugins should be seen as a positive, as internet payments should not be routed through an intermediary, which only can slow down and make payment processing more costly to merchants and consumers alike. While these integrations may have the potential to reach millions of stores and tens of millions, if not hundreds of millions of consumers, according to Coinbase, only “2,000+” digital-centric merchants have begun to accept cryptocurrency.
They way Coinbase is building its business and the principal driven organization, it definitely looks like it will stay for long in whatever it does. It definitely looks on track to achieves its aim of being the most trusted venue in the cryptocurrency world.
Will Coinbase be the ultimate name in the world of cryptocurrency? Do let us know your views on the same.