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Illustration: Eniola Odetunde/Axios

Crypto giant Coinbase is launching its own media operation and looking to poach a top media editor to guide the effort, sources tell Axios.

  • Unlike a typical newsroom, that person would report into Coinbase's marketing team.

Why it matters: While sources say the media operation would act as a top-of-the-funnel marketing vehicle to draw more people to its cyptocurrency exchange, it also could be used to help the company drive its own narratives.

  • Silicon Valley giants, like a16z, have notably begun to develop their own content channels to bolster their investments and own their own narrative.

Between the lines: The idea, still in its early stages, is to hire an in-house team of roughly 30 to run a cross-platform media operation.

  • The operation would be led by a VP Content & Editorial, which the company is still searching for, according to two sources.
  • The idea would be to create content catering to both retail and institutional investors as a funnel to draw more people to its platform.
  • Coinbase declined request for comment.

The big picture: Crypto-focused media companies have gained enormous traction over the past year.

  • Rivals like CoinDesk, The Block, Decrypt, and Blockworks have hired journalists from top-tier outlets. Most of those crypto media companies launched two to three years ago, and are just now starting to get serious traction.
  • Blockworks anticipates $8 to 10 million in revenue this year, while being profitable, executives tell Axios.

The big picture: More broadly, many product-based companies, from casino operators to marketing software companies, are investing in building or acquiring media outlets to help boost sales and transactions.

  • For Coinbase, financing such an operation shouldn't be hard. The crypto giant reported a record profit last quarter, after going public in April.

Go deeper: Crypto media boom

Go deeper

Felix Salmon, author of Capital
Aug 11, 2021 - Economy & Business

Crypto gets captured

Illustration: Shoshana Gordon/Axios

Bitcoin is becoming part of the dollar-based financial system it once sought to displace.

Why it matters: Cryptocurrency is beloved by people who want to transact outside the reach of any government. But it's gotten mainstream enough that politicians and regulators want to co-opt it and bring it squarely within their own fields of influence — even using it to help pay for an infrastructure bill.

One-on-one with MoneyGram CEO Alex Holmes

Alex Holmes; Photo: MoneyGram

The pandemic’s acceleration of all things digital could not be more clear to MoneyGram CEO Alex Holmes.

Driving the news: Holmes oversees a global money transfer business that operates in 200 countries. The company's digital transactions skyrocketed 44% year over year in Q2 2021, on top of what it described as "astounding" 106% digital transaction growth in Q2 2020.

Democrats propose raising debt ceiling through midterms

Speaker of the House Nancy Pelosi and Senate Majority Leader Chuck Schumer. Photo: Stefani Reynolds/Bloomberg via Getty Images

House and Senate leadership announced on Monday that they plan to attach a proposal to raise the debt ceiling through Dec. 2022 to a short-term, government funding bill. The bill must pass before the end of the month or Congress risks a shutdown.

Why it matters: Democrats are taking a huge risk by trying to force through an increase of the debt limit in its must-pass funding bill. The move is wishful thinking on behalf of Democrats who are hoping they can get at least 10 centrist Republicans to balk, as well as an effort to put Republicans on record opposing it.

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