Coinbase creates ‘crypto sentiment’ index

Coinbase will try to gauge political amicability towards cryptocurrencies through the introduction of a new feature for its dedicated trading app.

Effectively, the app will feature an index that informs consumers how friendly towards cryptocurrencies their local politicians are.

Commenting on this feature on Wednesday, the company’s chief executive Brian Armstrong said that consumers will have a much simpler time of tracking what he described as “crypto sentiment” in the US’ political circles.

It’s not the first time that the cryptocurrency industry has become political.

FTX founder and CEO Sam Bankman-Fried said he would be prepared to spend as much as $1bn on the upcoming US Presidential Elections in 2024 to make sure that Donald Trump is kept out of office.

“Over time, we want to help pro-crypto candidates solicit donations from the crypto community”, Armstrong said.

Coinbase has been one of the most prominent lobbyists with US Congress and politicians for the past year, pushing for meaningful regulatory changes and hailing any attempt to create a robust network that would allow America’s cryptocurrency companies to reach their full potential.

The app could potentially have a sway with local consumers who may be inclined to abandon partisan bias and focus on policies and how their lawmakers wish to treat cryptocurrencies in future, which could in a way dictate what politicians say about the industry if they are looking to secure those votes.

As cryptocurrency adoption grows, an app such as Coinbases may actually be an engine of change in the US at a grassroot level so far as political bias against cryptocurrency goes.

In the meantime, you are free to explore cryptocurrencies on your own at 1xBit, FortuneJack and Bitcasino.

Source

Updated: 09/16/2022 — 16:00

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