Coinbase is ‘a little bit distant from users,’ claims Cobie – Is there a fix?
Does Base require a more extensive cultural change, or will better products be sufficient to regain the trust of crypto-native users?
Well-known crypto influencer Rune asked Jordan Fish, alias Cobie, in a recent X interaction how he intends to increase Base App usage, given that Base’s leadership has consistently eroded trust among the crypto-native community.
Recent rulings have strengthened the idea that depending on anything associated with Base is dangerous, leaving ardent supporters feeling let down or undervalued.
Rune asked if it is feasible to successfully onboard new users to the chain when the Base ecosystem’s leadership and larger culture have caused current users to lose faith in the system.
An “ivory tower” response
Fish, who is the lead for Coinbase’s trading products, stated that he recently took over the Base App and Coinbase’s trading products. However, he made it clear that he is not in charge of the Base blockchain itself.
He said,
I think that typically CB has been a little bit in an ivory tower and a little bit distant from users, particularly crypto natives.
Even though the outcome is still unknown, his objectives are to bring builders and users closer together, better represent the voice of the on-chain community, and concentrate on creating products that people actually enjoy using.
Fish concluded,
I’m going to try and ship stuff that ppl like to use. Maybe ppl will hate what I do w the baseapp too, we will see how it goes.
Additional stress on Coinbase
This coincided with the crypto community criticizing Coinbase CEO Brian Armstrong for using a CryptoPunk profile picture that he did not actually own.
After that, Armstrong changed his profile picture to a meme of himself, which prompted traders to create an unofficial “Brian” memecoin on Base. Based solely on hype, the coin quickly rose to a $20 million market capitalization.
Soon after, Armstrong paid about $200,000 for a real CryptoPunk and changed his profile picture once more, putting a stop to the viral story that had stoked the token’s appeal.
The speculative interest in the Brian meme coin vanished as focus shifted, and its value plummeted.
This happened along with Armstrong, recently doubling down on tokenization, referring to the new financial innovation as a global victory.
Final Summary
- Jordan Fish has admitted the flaws and stated that restoring trust is his top priority.
- Additionally, the episode involving Brian Armstrong’s profile picture added further stress to the ongoing hubbubs.
