Coinbase (NASDAQ:COIN) has unveiled a new service that allows its users to verify their account and country credentials directly on the blockchain, marking a significant step in the development of decentralized identity (DID) standards for web3. The announcement came on Thursday, with Coinbase Verifications being introduced on the Base network, utilizing the Ethereum Attestation Service (EAS). The service saw immediate traction with over 9,300 verifications occurring on its first day.
The initiative by Coinbase aims to address the persistent challenge of identity verification in the digital space by providing a more secure and standardized method of authentication. This move is particularly important for protecting against Sybil attacks, where one user creates many accounts to manipulate a system, which is a common concern in decentralized networks.
Coinbase's approach is notable as it leverages a public blockchain for verifications, setting it apart from other entities like Proof of Humanity, Fractal ID, IBM (NYSE:IBM), and Microsoft (NASDAQ:MSFT), which have also been working on solutions for DID. With over 100 million users having access to this new feature, Coinbase is positioning itself at the forefront of driving standardization and security in the emerging web3 ecosystem.
InvestingPro Insights
Coinbase, represented by the ticker COIN, has seen significant returns over the past week, month, and year, according to InvestingPro data. In the last week, the price total return was 8.23%, while over the past month and year, the returns were 16.63% and 82.36% respectively. This aligns with the InvestingPro Tips, which highlight the company's strong returns over these periods.
On the other hand, the company's market capitalization stands at 22.4 billion USD, and the revenue for the last twelve months as of Q3 2023 was 2627.47 million USD. However, the company's profitability is a concern, with analysts not anticipating profitability this year, and the company itself not being profitable over the last twelve months.
InvestingPro also provides a fair value estimate of 58.9 USD, which is lower than the closing price of 92.86 USD as of the end of 2023. This suggests that the stock may be overvalued at its current price.
In summary, InvestingPro's data and tips provide a comprehensive view of Coinbase's financial performance and market valuation. This information can be valuable for investors considering the company's stock. For more insights and tips, consider exploring InvestingPro's product offerings, which include additional tips for a multitude of companies.
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