On Thursday, Coinbase announced new social media features that will allow users to share images of price charts or portfolios on platforms such as Twitter and Instagram.
Coinbase touted its new one-click sharing tools as an entertaining way to educate others about cryptocurrency in a blog post describing the features.
“We want to help self-empower the community by providing simple sharing tools that make it easier and more fun to share information on your portfolio allocations or key crypto topics like emerging new assets,” Coinbase said.
For those who choose to share their portfolio, the Coinbase tool will only show the percentage allocation rather than the portfolio’s financial value. It also includes a feature that can be toggled on and off to automatically share changes to a user’s portfolio to social media.
Coinbase’s move is noteworthy in part because the company is emulating other financial platforms, such as Venmo and Public, a stock and cryptocurrency-buying app, that have long made social media a core component of their product.
Meanwhile, Coinbase has stated that its upcoming plans to provide an NFT platform will include a social network.
However, the company is likely to tread carefully because combining social media and financial platforms poses regulatory risk. In particular, encouraging users to post about their financial holdings may amount to dispensing investment advice in certain circumstances.
In any case, more crypto-related messages on social media are likely as a result of Coinbase’s new sharing tools. The tools could also provide market watchers with a new source of information: If well-known or wealthy traders use the public sharing features, other traders may try to emulate their strategies.
The Coinbase news comes after the company, which had been having a record year, saw its profits fall in the third quarter and its stock price plummet.