Companies in the cryptocurrency space are always trying to increase their visibility. Coinbase, one of the largest trading platforms in the world, is looking to get into the media game. By creating its own “source of truth,” the company is heading in an exciting direction.
Coinbase Dislikes The Media
From day one, there has always been a disconnect between the media and the cryptocurrency industry. Many journalists assumed this industry would be short-lived and never amount to anything significant. Numerous forms of critique were issued over the years, sometimes causing permanent damage to a company or brand. This love-hate relationship has not improved much over the years.
Coinbase, as one of the leading cryptocurrency exchanges, is often in the midst of media attention. As the company makes decisions, those developments will be interpreted as good or bad news. It appears the firm dislikes any negative coverage and what they label as “misinformation,” forcing them to create a Fact Check blog. In essence, it will be the company’s native media arm.
Interestingly enough, the Fact Check blog will also help Coinbase share any negative news involving the company. A bit strange, as it seems the primary objective is to thwart negative press coverage. Being more transparent about what is going or has gone wrong can help prevent the spreading of misinformation. Whether that means the company will tell the whole story remains uncertain.
There will always be a conflict of interest between any form of media and the companies they cover. Moving everything in-house can create a sense of bias and gated information, which may not be ideal either. Coinbase is not the first company to go down this route; however, even though not too many others may follow this lead by example.
Finding The Right Balance
On the one hand, it is commendable to see companies stand up for themselves and try to share the “correct” message to the world. On the other hand, it will be challenging for both small and big firms to balance building with being a media outlet and not blurring the line between both aspects. It can be very tempting for any company to make any “news” fit their personal narrative.
A more open and direct line of communication between a company like Coinbase and its users can prove worthwhile. There have been numerous complaints over the years regarding the lack of communication and transparency. This new Fact Check blog can prove beneficial in this regard. However, it can also hinder the chances of speaking to anyone who is not an executive or PR team member capable of spinning stories in specific directions.
Although this media venture by Coinbase is intriguing, it can also become rather problematic. As the company is out to “settle some scores” first and foremost, it may take a while until one can find more “useful” content on the Fact Check blog. That doesn’t make the content unworthy of reading, but this will be a PR-oriented platform for now.
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