Crypto exchange Coinbase wants to develop an “inflation-linked coin.” Nowadays, the crypto market offers a wide array of stablecoins tied to fiat currencies. In addition, there are commodity, cryptocurrency, and algorithmic stablecoins. Coinbase has urged developers to look into developing a flatcoin, a decentralized stablecoin that tracks the rate of inflation. Coinbase notes that the new digital asset will be more resilient as it tracks the consumer price index rather than the US dollar or another currency. “[We] are particularly interested in ‘flatcoins’ — stablecoins that track the rate of inflation, enabling users to have stability in purchasing power while also having resiliency from the economic uncertainty caused by the legacy financial system,” the trading platform stressed. Meanwhile, the exchange has other areas of focus besides the flatcoin. Coinbase intends to “create more trust onchain through reputation protocols that natively support onchain entities,” as well as to design an on-chain limit order book exchange. In addition, the trading platform seeks to create “tools to help mitigate the impact of ecosystem attacks” and protect the DeFi ecosystem. These plans seem to be promising against the fact that Coinbase posted a record net loss of $2.6 billion last year.
