Building Responsibly Onchain

At Coinbase, we’re working hard to help update the financial system, and make it more safe and secure. While only 0.34% of blockchain transactions are used for illicit activity, and cash remains the preferred medium for illicit transactions, crypto security is always a top priority. Coinbase maintains a robust compliance program, which includes KYC checks, sanctions screenings, suspicious activity reporting, and strong law enforcement partnerships to prevent and detect illicit activity on our platform. Further, blockchain analytics technology allows us to trace, report, and even prevent bad actors. Our commitment to security protects our users and enhances the integrity of the entire blockchain network.

When building for the blockchain, security is paramount. Our goal isn’t just to lead in security on our platform but to elevate standards across the entire sector. We advocate for transparent, industry-wide standards that all crypto projects can follow, ensuring that robust security becomes the norm.

Collaboration is key in developing for crypto. By using existing libraries and templates, developers can avoid unnecessary risks and focus on innovation. We encourage integrating security into the development process from the start, making it a foundational aspect rather than an afterthought. This approach exemplifies our commitment to “building responsibly.”

As the crypto industry grows, our aim is to foster a market where security is a given. We want all new companies to be built correctly, ensuring safety and fulfilling crypto’s potential to provide economic freedom. If they don’t, we all suffer.

The Developer's Role

Developers are on the frontline, building the infrastructure of tomorrow, but their journey is filled with security pitfalls. For instance, a developer working on a smart contract application for the first time faces a steep learning curve with many potential failure points. Given our experience, we see it as our role to provide the education, tools, and platforms developers need from the outset.

Coinbase is more than just a crypto platform; we equip developers with the tools and knowledge to build securely. From our Pessimism security system to our in-depth blogs and white papers, we’re dedicated to supporting the growing dev community.

Our commitment to security extends beyond our platform. We work closely with peers, sharing threat intelligence and offering support during security incidents. Initiatives like the CryptoCurrency Certification Consortium and the IT-ISAC reflect our dedication to cooperation over competition in security practices. Balancing Innovation and Security

The most secure systems are not only robust but also user-friendly. This balance is central to our security strategy—we aim to provide an intuitive user experience that doesn’t compromise safety. Our security measures are designed to be seamless, offering users clarity and control.

In a rapidly evolving field, it’s essential for the development community to know that resources are available. Remember:

• Security is Collaborative: Utilize the collective wisdom of the community. Don’t shoulder the burden alone.

• Stay Educated and Vigilant: Keep up with the latest security trends and threats across the crypto landscape.

• Embed Security Early: Integrate security from the beginning of your development process. Retrofitting security is challenging and often ineffective.

• We are committed to fostering a safer ecosystem where developers can innovate without compromising security. By setting standards and sharing our learnings, we aim to shift the narrative from competition to collaboration, from individual excellence to collective resilience. Let’s build a financial ecosystem fit for the future—responsibly.