In an effort to create more awareness and knowledge around cryptocurrencies, CoinBase has revealed their new concept CoinBase Earn. The initiative allows users to earn cryptocurrency while learning about cryptocurrencies.
CoinBase had purchased Earn.com back in April for a sum of $120 million. The domain name and core team is now being shifted to create the newly launched CoinBase Earn, a separate entity from Earn.com.
The exchange platform intends to reward their users with crypto and incentivize crypto knowledge with this unique idea. Currently, CoinBase Earn is in invite-only mode with waitlisting for those who sign up. The educational videos and content, however, are freely accessible for all their users and anyone creates a new CoinBase account.
The idea is to create a knowledge repository for users, using charts, animations, puzzles and quizzes and reward the users who know the correct answers to their quizzes in the form of 0x tokens. The announcement came as a part of CoinBase’s 12 days of Christmas announcements.
According to their announcement on Medium, they conducted a survey of customers and non-customers indicating that the biggest barriers to users purchasing or investing into cryptocurrencies, is the lack of knowledge surrounding digital assets. While users want to learn about Bitcoin and other cryptocurrencies, there is a lack of cohesive resources.
Their announcement states:
“We give verified, invited users a series of useful tasks to complete from anywhere to earn digital currency. For this first set of tasks, funding is coming from the 0x external development pool, with 100% of the funds going directly to users.”
CoinBase Earn is directed at a whole new pool of users: those who have always been curious about blockchain and cryptocurrency. The users only require a smartphone or tablet/laptop in order to begin their journey into cryptocurrency.
CoinBase’s announcements recently have shown the innovations made by the crypto exchange. From enabling users to instantly withdraw using their PayPal accounts, to creating crypto to crypto trading for retail consumers. CoinBase also revealed plans to expand their current exchange and feature a higher number of cryptocurrencies, pending legal and compliance clearances.