Coinbase says it is a media company. Really?

Have you heard that the biggest name in crypto is now a media company? Coinbase CEO Brian Armstrong said so. In a blog post this week, Armstrong stated that "any tech company should go directly to its target audience and become a media company." Armstrong says Coinbase will now place real controls in this "false information age" and aim to "broadcast the truth." Okay then. I think it's time to shut down our laptops in Decrypt and do something else. Maybe we can open a coffee shop or a herd of goats. Or buy with shitcoin to live. If tech companies want to do our job for us, there is no need for the media, right? But maybe you can give us another corner. What should we think of Armstrong's effort? The most common reaction was surprise. We spoke with a few media experts and they often wondered how Coinbase's plan – blog posts to present news stories and discussions on their side – was different from what other companies did. Its name is PR Coinbase meanwhile it is also building a media arm. And as Axios reported, "Unlike a typical newsroom," the editor who wants to hire Coinbase "will report to Coinbase's marketing team." It's a safe bet that the editor's content is expected to conform to Coinbase's assessment of the truth. If it looks like marketing, and if it sounds like marketing … is that media? But maybe we shouldn't be so quick to make fun of it. All in all, the media passion of Coinbase, Andreessen Horowitz, and other Silicon Valley names is a shot at an already battered journalism establishment. Newsletters once had a monopoly over the dissemination of information, which gave them enormous power, prestige, and money. Nowadays, this monopoly has completely disappeared thanks to internet platforms where everyone can tell their stories without any intermediaries in the media. Many names once known in journalism are penniless, irrelevant, or both. Armstrong is not mistaken that traditional media often do not speak justice.

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