Coinbase Partners With Social Investment Platform Openfolio
Last month we reported on one of the largest Bitcoin wallet services Coinbase hiring a former senior adviser to the Senate Homeland Security and Government Affairs Committee, John Collins. The idea behind this type of move is to ensure that crypto–currencies become a regulated commodity which would attract mainstream investors and not only speculators.
The appeal of Bitcoin lies largely in the fact that transactions are anonymous. This philosophy needs to change according to some Bitcoin proponents as the virtual currency will only be largely adapted as a legitimate payment option if and when there is some sort of regulatory framework in place.
The challenge of Bitcoin is to debunk the myths and mystery surrounding the virtual currency which has seen fluctuations of hundreds of percent in the space of a twelve month period. Today Coinbase took another interesting step to further advance the legitimacy and transparency of Bitcoin when they announced a partnership with social investment platform Openfolio.
Openfolio was founded about a year ago and aims to bring the power of social networks to the world of personal investing. The idea behind Openfolio came about when the founders were working on Wall Street. There they were used to the culture of sharing investment tips and advice around their desks.
Based on this idea they thought it would be an excellent idea to emulate a Wall Street trading floor into a social investment platform. Their platform looks like Facebook except it displays the person’s investments under their profile. The platform does not display how much money is invested in a particular stock but gives the percentage an investment comprises of the total money invested.
The partnership between Coinbase and Openfolio is aimed at including Bitcoin investments alongside traditional stocks which will go a long way to legitimatize Bitcoin as a safe investment option.
CEO of Openfolio Hart Lamburt expressed his views on the partnership.” Being a trendsetter is hard if you’re all alone.” Both Coinbase and Openfolio are trendsetters in their respective fields. There is no doubt that crypto-currencies are being taken out of the dark and into the spotlight which is just what needs to happen in order to encourage investor confidence on a large scale.