Crypto exchange platform, Coinbase has introduced an interesting feature on its platform in order to combat misinformation. The feature known as “Fact Check” is a part of their blog that would function as the media agency of the company. The company would begin to publish content about what the platform is up to in order to protect the public from misinformation.
The Brian Armstrong led company announced the new development on May 26th, urging users to employ the use of the feature to get real-time information about them. Coinbase reiterated that a lot of big companies like Facebook have been attacked by the public after the media misinformed them. The exchange believes that a company can only take three actions when details about them are mistaken, one is to turn the other cheek, fight back, or publish the truth.
Tech Companies as Their Own Media Arms
Coinbase further encourages companies to take on the job of becoming their own media outlet. The platform mentioned Amazon, Hubspot, Netflix and Stripe as some companies that have setup their own content platform. Coinbase intends to use its “facts check” to repel misinterpretations about Coinbase and crypto as a whole.
Coinbase at the moment has released about four blog posts on the fact checker site. The publications include, a mail the exchange shared to employees about a potential story the New York Times is preparing to write about them, a story that would imply accusations of racism against them at the height of the BLM movement. The second publication was intended to highlight the wrong information that spread on Twitter about Coinbase Executives selling off stocks.
The third one debunked the speculations that cryptocurrencies were used for illicit transactions while the discussed the issue of Bitcoin mining and its environmental impact.