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195 - The Bull Case for $COIN | Michael Rinko & Jay
Bankless
The Significance of Custodianship and Coinbase's Answer to Decentralization
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BlackRock approves Coinbase as the custodian for their Spot Bitcoin ETF, de-risking Coinbase's reputation. The value of Coinbase's brand increases as they gain trust for custodying Bitcoin. However, the long-term risk for Coinbase lies in the potential dominance of decentralized entities. To address this, Coinbase introduces Base, an Ethereum L2 that aims to help Ethereum scale while embracing decentralization. Base serves as a hedge for Coinbase's centralized business.
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