Coinbase CEO hints at creating decentralized LinkedIn

The CEO of Coinbase crypto exchange, Brian Armstrong, shared his idea for the web3 and crypto space, hinting at developing a decentralized LinkedIn.

Armstrong added that companies could utilize the uniqueness of soul-bound non-fungible tokens (NFTs). He said companies could issue non-transferrable NFTs to verify identities and employment credentials for their employees.

The non-transferrable NFTs, called soul-bound NFTs, were first proposed by the co-founder of Ethereum (ETH), Vitalik Buterin. 

While the user interface of most of the web3 applications lacks good visuals, the 40-year-old CEO said that a user-friendly front-end could be developed for employees and employers.

Previously, Armstrong shared ten ideas for innovation in the crypto and blockchain space. In a tweet on Sep. 6, the Coinbase CEO claimed the company has received “more than 150 applications” so far. 

Moreover, Armstrong said that since Coinbase doesn’t have the time to build everything in the web3 ecosystem, his ideas and venture firm could help other startups develop more projects. 

He added that bear markets are “the best time for building,” and many have applauded Armstrong’s ideas in his tweet.

On Aug. 14, Coinbase became officially available for Canadian citizens, and it soon announced the acquisition of a small stake in Circle, the issuer of the USDC stablecoin.