Coinbase, the largest U.S.-based cryptocurrency exchange, is in the spotlight due to its sponsorship of the 250th Birthday of the U.S. Army Grand Military Parade. The event, which took place in Arlington and Washington, D.C., with the participation of 6,600 soldiers and a plethora of tanks and helicopters, had an estimated cost of $20 million to $45 million.
The involvement of Coinbase in this army event raised questions about whether it was suitable for a crypto company to sponsor military exercises, given its nature. The exchange received mixed reactions from the community, ranging from those who saw it positively to those who considered it a disaster and a disgrace.
On the negative part of the spectrum, Crystal Street, former Director of Community at Consensys, stated she was disappointed to see crypto supporting the same power structures it was designed to replace. “I thought the cypherpunks would help counterbalance the necessities of working within the existing systems until ours were viable. I was wrong,” she lamented.
“From cypherpunk to state-simp. Coinbase sponsors the Army Parade. Hope your portfolio likes marching in jackboots,” another user declared.
Viktor Bunin, Protocol Specialist at Coinbase, supported this move. “The men and women defending our nation and our way of life deserve our respect and support. Coinbase is based and ahead of the curve on cultural issues yet again,” he stressed.
“This is how it should be, why would taxpayers cover everything while the private sector is willing to chip in,” said Vlad Costea, host of the Bitcoin Takeover podcast. He accused critics of being “lowkey communists.”
Brian Armstrong, CEO of Coinbase, stated in 2020 that the exchange was a “mission-focused company,” and that it wouldn’t “take on activism outside of our core mission at work.” Several users pointed out that Coinbase’s actions seemed to contradict this premise, rushing and expanding into areas outside its original scope.
Read more: Coinbase Joins S&P 500, Setting Stage for Massive Institutional Crypto Shift
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