Design Thinking: Today’s Cryptocurrency

Coinbase CPO on Design Thinking (Part 2)

Today, our global financial system supports billions of people every day. While we are very lucky to have it, the system could be much more efficient. Right now, the current system is very slow and incapable of reaching 25 percent of the world’s population. Furthermore, inflation affects currencies in developing countries and cannot retain any value for savings. Through design thinking, cryptocurrencies are providing solutions to solve these problems.

At Coinbase, our goal is to create an open global financial system where anyone can exchange currency. In addition, 2 billion people in the developing world will have access to a trusted currency that holds sustainable value. That said, the state of cryptocurrency is much like the internet in the 1990s. There is still plenty of debate about where it goes next. However, we have an idea of what its capabilities will bring to everyday people.

At its core, Coinbase focuses on enabling investment with cryptocurrency. In other words, having the ability to openly buy, sell and borrow within a financial system. This is where we see most of the early usage of cryptocurrency. However, the next level of engagement occurs when cryptocurrency becomes useful for utility. For instance, being able to pay for goods and services with cryptocurrency just as you would with standard dollars.

As you’ve seen in the news, the challenge with cryptocurrencies is you don’t know which currencies you can trust.

For example, Bitcoin and others have emerged as leaders in the space. However, there are hundreds of others to choose from and sorting out which service is best can be challenging. As a result, Coinbase’s founders have been very firm in following two guiding principles in the company’s design thinking.

First, Coinbase must be trustworthy in order to provide customers with confidence in our service. For example, we maintain a secure platform that follows all regulations and guidelines. With this, customers are able to make the right decision with confidence. Second, Coinbase must be easy to use without compromising security. More so than any factor, people need to trust in the service to utilize cryptocurrency while being assured that all transactions are secure.

In summary, there is still plenty to be learned about the potential for cryptocurrency adoption and use. However, we are excited about its future and want to provide context for more people to take advantage of its opportunities.

Click here for Part 1

Click here for Part 3