Coinbase adds social media buttons that will allow users to share their portfolio to social media platforms like Instagram and Twitter as we can see more today in our Coinbase news.
The Coinbase users can share the price charts of their portfolios on social media platforms and this move makes the exchange more like Venmo or Public. Coinbase adds social media buttons and announced that will allow users to share images of price charts of their portfolios on Twitter and Instagram.
So you want to share your stuff? Now you can.
Here’s how 👇https://t.co/6SQS17k8It
— Coinbase (@coinbase) November 12, 2021
In a blog post describing the features, Coinbase touted the one-click sharing tools as a new way to educate others about crypto:
“We want to help self-empower the community with easy-to-use sharing tools making it simpler and more fun to share information on your portfolio allocations or key crypto topics such as emerging new assets.”
For those that want to share their portfolio, the Coinbase tool will only show a percentage allocation and not the financial value of the portfolio but also there will be a feature that will share changes to a users’ portfolio to social media but this can be turned on and off. The move by coinbase is interesting because the company imitates platforms like Venmo or Public which have long made social media the main part of their product.
In the meantime, Coinbase indicated that teh upcoming plans to offer an NFT platform will also include a social network. The company is treading carefully but since mixing social media and financial platforms poses regulatory risks, it has to be even more careful. Encouraging users to post about their financial holdings could even amount to dispensing investment advice. The step ahead for Coinbase is the new tool that will enhance the crypto-related presence on social media. The tools could provide a new source of information for the market participants so if a prominent trader uses the public sharing feature, the traders could look to emulate their strategies. The news came after the company that has been having a blockbuster year, it saw the profits declined in the third quarter and the share prices crash.
As recently reported, Coinbase as the largest US-based exchange reported third-quarter earnings of $406 million and this number represented a 500% increase in Q3. However now, the Coinbase profits crashed by 75% which is an enormous step down from April when the publicly-traded company posted a net income of $1.6 billion.
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