Why Brian Armstrong, CEO of Coinbase, mentioned Nook in the Q2 earnings report

In the Q2 earnings call with Alicia Haas, the CFO of Coinbase, Alicia and Brian covered a lot of topics, including bringing more real-world assets like Stocks and Bonds into Coinbase to trade. He also mentioned Nook. Why did he give Nook a shout out and how is this all related? 

General direction of Coinbase and Finance

The general direction of finance is changing. As we covered last week, more and more of the financial world, including dollars with stablecoins, is coming on-chain. Meaning crypto is quickly being used to replace the current tools in finance. Coinbase wants to accelerate that. They want to go beyond just trading crypto, and also support the trading of stocks, ETFs, bonds etc all within the Coinbase app. There is a race to replace the old financial code that was written over 50 years ago, with the blockchain code.

Why Nook got a shoutout from Brian

Not only received an investment from Coinbase Ventures, the Venture arm of Coinbase, but is a part of Coinbase’s strategy to accelerate more financial infrastructure using the blockchain. Nook’s mission and strategy is directly tied to it. We want to bring more people onto Nook so they can access higher savings rates, through the same technology that Coinbase and Circle have built. And are building.

This is why the Nook team got a shout out from Coinbase. We are not just an investment of theirs to return capital; but also a partner and a part of their broader strategy. When you deposit to Nook through Coinbase, Apple Pay or Debit Card, you are transferring your money to become part of that modern financial infrastructure.

What does this mean for Nook and our customers?

This is a huge nod from one of the most transformative CEOs in the finance industry - and the Fortune 500. As the finance industry continues to evolve, including stablecoins and Nook, we are glad to see leaders like Brian recognize the role we are playing.

For our customers, this means that recognition and alignment means that we are on to something. With this alignment, we only expect support in Nook to grow as we continue to bring you higher rates and a better experience.