Coinbase: Cryptocurrency is a solution to racial inequality in the financial sector

Author: Marie Huillet

Compile: Queen

In commemoration of "Black History Month", Coinbase launched an advertising campaign promoting cryptocurrencies to help resolve racial injustice in the financial sector.

At the event, the exchange published a blog on February 13 announcing the results of a survey it conducted in Britain and the United States.

The focus of Coinbase's investigation is that the two deanification technologies with anonymity , blockchain and cryptocurrencies, are less concerned with skin color than traditional financial services.

Coinbase's sample of 5,126 respondents appears to indicate that only one-third of black Americans believe that the financial system treats people of all races equally.

In addition, the report says that the number of black Americans who are negatively affected by race or gender in the traditional financial system is twice that of whites, with the former at 48% and the latter at 24%.

This negative experience has clearly translated into higher acceptance of cryptocurrencies- 70% of black Americans responded that they are interested in learning more about cryptocurrency, compared with 42% of white Americans.

Social justice panacea?

Coinbase cited Vernon Johnson, co-founder and CTO of blockchain startup Yup, as one of the voices supporting cryptocurrency as a fair financial tool. he thinks:
Many cryptocurrency transactions are anonymous and do not require disclosure of their real-world identity, which may alleviate concerns about racial discrimination in the financial industry's 1.0 era. In a world where real identities are blurred, it becomes increasingly difficult for people to perceive racial identity.

Johnson added that access to financial services using cryptocurrencies will depend entirely on an individual's digital reputation and transaction history, without the need to meet in person or disclose identity documents.

However, as countries' policies on KYC rules continue to tighten-such as Coinbase itself requiring photo identification when registering-when it comes to anonymity, the dividing line between cryptocurrencies and traditional finance may be Is being eroded.

In fact, the cryptocurrency field itself is prone to its own biases. As previously reported, the vast majority of participants in the Bitcoin community are male, and the community often turns a deaf ear to the lack of female participation in this area. In 2018, only 3 of the 88 speakers at the North American Bitcoin Conference were women, and the post-conference party was held in a strip club .