Coinbase announced the acquisition of Spindl, an on-chain ads and attribution platform, on January 31. This move is part of the company's strategy to attract the next billion users to the blockchain.
Spindl Acquisition: Coinbase's Strategic Objectives
With Spindl, Coinbase aims to enhance its on-chain advertising efforts. The platform will assist developers in creating applications that draw more users into the blockchain and web3 ecosystem. Spindl will address the 'onchain discovery problem' that many builders face.
Spindl's Role in the Coinbase Ecosystem
Coinbase highlighted the expertise of the Spindl team in on-chain advertising. They will help builders reach a wider audience and connect with both Coinbase users and the broader on-chain community. This collaboration is expected to support and elevate builders in the space. Spindl will continue to operate on Base, ensuring that its current customers experience no interruptions in service. Spindl was founded in 2022 by Antonio Garcia-Martinez, a former member of Facebook's ads team, who played a key role in developing Facebook's keyword and audience targeting features.
Changes in Coinbase's Asset Listing Process
In a related development, Coinbase CEO Brian Armstrong has suggested changes to the company's asset listing process. This comes in response to the rapid increase in token creation. On January 24, Armstrong noted that around one million tokens are being created weekly, making manual evaluations impractical. He proposed that Coinbase should shift from an allow list to a block list approach. This would involve using customer reviews and automated scans of on-chain data to help users navigate the growing number of tokens. Currently, Coinbase's listing process includes several steps, such as initial reviews, due diligence, and regulatory compliance checks.
This acquisition and proposed changes in processes indicate that Coinbase is actively adapting to the fast-evolving world of cryptocurrency and blockchain.
