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Coinbase’s new super app Base: summary and review

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I’ve covered Coinbase since it was a tiny startup but have never seen anything quite like what the crypto giant rolled out this Wednesday. At a carefully produced stage event in Los Angeles, the company unveiled an app called Base, which is named for Coinbase’s own blockchain, and is billed as a “super app” that offers everything from payments to AI agents to a social network.

All of this isn’t exactly new. For years, Coinbase and other crypto firms have been fiddling with blockchain-based alternatives to services like Facebook and Apple’s App Store. But these offerings came wrapped in a clunky interface that forced users to jump through a variety of crypto hoops, meaning they had little appeal to anyone who was not a blockchain die-hard.

The new Base app is different. It looks and behaves a lot like apps you know, and a single tap brings you to its X-like social network and to pages for trading or sending money. And in a critical decision, Base includes an option to add funds—including the popular USDC stablecoin—using Apple Pay, which makes it accessible to those who don’t want to deal with opening a traditional crypto wallet.

The Base App isn’t entirely new in that it is a rebrand of the company’s existing Coinbase Wallet, which has housed a variety of semi-decentralized services. Base, though, is far easier to use and also solves a long-time branding problem that left users confused about the difference between the core Coinbase app—where you buy and sell crypto—and Coinbase Wallet. Here’s what Base looks like:

For now, Coinbase is only rolling out the Base app to those on a waitlist, and it’s too soon to say if it will get traction among the general public. But the app has a series of features that mean the promise of so-called Web3, which till now has amounted to little more than crypto marketing mumbo-jumbo, could become an everyday reality. Meanwhile, Base could evolve in the medium-term into a serious revenue stream for Coinbase and help it muscle into territory currently held by fintechs and Big Tech firms.

A portable identity for the web

Services like Instagram and Google are hugely popular for a reason. They are free, useful and entertaining but still come at a cost for users, who must surrender control over their personal data as the price for using them. This situation is what led crypto people to tout “Web 3” as an alternative. The idea is that, instead of relying on the likes of Facebook to control your personal data, you control it yourself using decentralized blockchain.

A key part of this Web 3 ideal, which so far has got little traction outside crypto circles, is the idea of a sovereign identity for the internet. For practical purposes, this is a log-in you can use all over the place in the same way you can use your Facebook or Google ID to sign into many websites, but that lets you also connect to contacts, photos and more.

Various crypto firms have been touting versions of a sovereign web identity for years but they failed to catch on. In part, this has been because of a clumsy user experience. But it’s also because these crypto IDs haven’t really been good for much: They don’t cut it as any sort of ID in the real world and, even within crypto realms, there’s not a whole lot you can do with them. So what’s the point?

I put this directly to Jesse Pollak, the Coinbase executive who leads Base, and he acknowledged that the crypto industry has yet to give the public a good reason to use blockchain-based ID. He added, though, that big tech firms have succeeded in making their identity tools very useful to consumers.

“Apple, Google and Facebook have built valuable IDs because the product they offer is valuable,” adding that Coinbase’s goal is to build a service that is equally valuable on a day-to-day level.

This value, Pollak says, will come if the new Base super-app can take off and become part of millions of consumers’ daily online life. He also noted that governments are getting better when it comes to the technology of ID, pointing to recent innovations like state DMVs issuing smart drivers licenses, and passports containing NFC chips. Pollak thinks that, in time, this will open the door to developers building applications that can supply a government-issued credential in situations that require it.

All of this could lead portable, blockchain-based identities to move from the fringe to more mainstream uses. This could include more consumers encountering Base’s sign-on offering alongside ones from Apple and others like this:

A new revenue stream for Coinbase

Coinbase’s new Base offering is an ambitious attempt to put a crypto offering at the center of consumers’ daily lives. The effort is also not cheap. The company has not only invested millions building and developing the app, but is also spending heavily on marketing costs such as the Los Angeles launch, which included a roof-top party for hundreds of Base partners and fans.

This could all pay off for Coinbase, though, if the app achieves the sort of viral growth that Pollak says it’s shooting for. While the company hasn’t explained the revenue strategy for Base, it’s easy to discern two opportunities.

The first would come from more users becoming exposed to Bitcoin and other cryptocurrencies, and buying from Coinbase’s exchange. This would help juice the trading revenue that has long been the company’s bread and butter.

The other revenue opportunity is more intriguing and potentially much bigger. It comes in the form of using Base to promote the adoption of the USDC stablecoin as a peer-to-peer payment vehicle and, especially, as a currency for online shopping. It’s pretty clear this is where Coinbase is going based on several slides at the L.A. presentation, and from the participation of executives from online shopping giant Shopify, whose CEO sits on Coinbase’s board.

Coinbase is also rolling out incentives for those who use what it calls “Base Pay,” including 1% cashback for USDC purchases.

If Base Pay and other USDC uses catch on, it will directly benefit Coinbase’s bottom line since the company gets a share of the interest from the stablecoin reserves that USDC. That interest has already made significant contributions to Coinbase’s quarterly earnings and, if Base makes USDC more popular, that income stream will keep growing.

All of this, of course, is the best case scenario for Coinbase and Base. Even though the company has finally created a blockchain-based app experience that can hold its own against Big Tech style apps, it must still persuade people to use it. And while it’s too soon to say if Base can achieve mainstream adoption, it’s notable that the audience at the LA event skewed very young, and that the accompanying livestream notched 1.6 million viewers, according to a Coinbase exec.

It also remains to be seen if Coinbase can follow through on its promise to make Base a level playing field where any developer can build. Many developers who built projects on sites like Facebook and Twitter learned the hard way that building on another company’s platform puts them at the mercy of getting snuffed out. Pollak and others at Coinbase are quick to say the decentralized blockchain architecture of Base means this can’t happen but it’s not hard to imagine the company finding ways to favor some projects over others.

Putting aside these doubts, Coinbase investors can also take heart that, as the company grows ever bigger, it is still capable of innovating. I spoke briefly with CEO Brian Armstrong who told me that he thinks often about how to preserve a frontier-style mentality even as a big public company and, that to do so, he has made a point of elevating other founders—including Pollak—to the C-suite as a hedge against bureaucratic complacency.

If Armstrong succeeds at this, and if Base can grow into its outsized ambitions, Coinbase could well be a force in the coming decade not only in crypto but in the broader tech and financial landscape.



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Mark Zuckerberg says the ‘most important thing’ he built at Harvard was a prank website

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For Mark Zuckerberg, the most significant creation from his two years at Harvard University wasn’t the precursor to a global social network, but a prank website that nearly got him expelled.

The Meta CEO said in a 2017 commencement address at his alma mater that the controversial site, Facemash, was “the most important thing I built in my time here” for one simple reason: it led him to his wife, Priscilla Chan.

“Without Facemash I wouldn’t have met Priscilla, and she’s the most important person in my life,” Zuckerberg said during the speech.

In 2003, Zuckerberg, then a sophomore, created Facemash by hacking into Harvard’s online student directories and using the photos to create a site where users could rank students’ attractiveness. The site went viral, but it was quickly shut down by the university. Zuckerberg was called before Harvard’s Administrative Board, facing accusations of breaching security, violating copyrights, and infringing on individual privacy.

“Everyone thought I was going to get kicked out,” Zuckerberg recalled in his speech. “My parents came to help me pack. My friends threw me a going-away party.”

It was at this party, thrown by friends who believed his expulsion was imminent, where he met Chan, another Harvard undergraduate. “We met in line for the bathroom in the Pfoho Belltower, and in what must be one of the all time romantic lines, I said: ‘I’m going to get kicked out in three days, so we need to go on a date quickly,’” Zuckerberg said.

Chan, who described her now-husband to The New Yorker as “this nerdy guy who was just a little bit out there,” went on the date with him. Zuckerberg did not get expelled from Harvard after all, but he did famously drop out the following year to focus on building Facebook.

While the 2010 film The Social Network portrayed Facemash as a critical stepping stone to the creation of Facebook, Zuckerberg himself has downplayed its technical or conceptual importance.

“And, you know, that movie made it seem like Facemash was so important to creating Facebook. It wasn’t,” he said during his commencement speech. But he did confirm that the series of events it set in motion—the administrative hearing, the “going-away” party, the line for the bathroom—ultimately connected him with the mother of his three children.

Chan, for her part, went on to graduate from Harvard in 2007, taught science, and then attended medical school at the University of California, San Francisco, becoming a pediatrician.

She and Zuckerberg got married in 2012, and in 2015, they co-founded the Chan Zuckerberg Initiative, a philanthropic organization focused on leveraging technology to address major world challenges in health, education, and science. Chan serves as co-CEO of the initiative, which has pledged to give away 99% of the couple’s shares in Meta Platforms to fund its work.

You can watch the entirety of Zuckerberg’s Harvard commencement speech below:

For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing. 



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Senate Dems’ plan to fix Obamacare premiums adds nearly $300 billion to deficit, CRFB says

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The Committee for a Responsible Federal Budget (CRFB) is a nonpartisan watchdog that regularly estimates how much the U.S. Congress is adding to the $38 trillion national debt.

With enhanced Affordable Care Act (ACA) subsidies due to expire within days, some Senate Democrats are scrambling to protect millions of Americans from getting the unpleasant holiday gift of spiking health insurance premiums. The CRFB says there’s just one problem with the plan: It’s not funded.

“With the national debt as large as the economy and interest payments costing $1 trillion annually, it is absurd to suggest adding hundreds of billions more to the debt,” CRFB President Maya MacGuineas wrote in a statement on Friday afternoon.

The proposal, backed by members of the Senate Democratic caucus, would fully extend the enhanced ACA subsidies for three years, from 2026 through 2028, with no additional income limits on who can qualify. Those subsidies, originally boosted during the pandemic and later renewed, were designed to lower premiums and prevent coverage losses for middle‑ and lower‑income households purchasing insurance on the ACA exchanges.

CRFB estimated that even this three‑year extension alone would add roughly $300 billion to federal deficits over the next decade, largely because the federal government would continue to shoulder a larger share of premium costs while enrollment and subsidy amounts remain elevated. If Congress ultimately moves to make the enhanced subsidies permanent—as many advocates have urged—the total cost could swell to nearly $550 billion in additional borrowing over the next decade.

Reversing recent guardrails

MacGuineas called the Senate bill “far worse than even a debt-financed extension” as it would roll back several “program integrity” measures that were enacted as part of a 2025 reconciliation law and were intended to tighten oversight of ACA subsidies. On top of that, it would be funded by borrowing even more. “This is a bad idea made worse,” MacGuineas added.

The watchdog group’s central critique is that the new Senate plan does not attempt to offset its costs through spending cuts or new revenue and, in their view, goes beyond a simple extension by expanding the underlying subsidy structure.

The legislation would permanently repeal restrictions that eliminated subsidies for certain groups enrolling during special enrollment periods and would scrap rules requiring full repayment of excess advance subsidies and stricter verification of eligibility and tax reconciliation. The bill would also nullify portions of a 2025 federal regulation that loosened limits on the actuarial value of exchange plans and altered how subsidies are calculated, effectively reshaping how generous plans can be and how federal support is determined. CRFB warned these reversals would increase costs further while weakening safeguards designed to reduce misuse and error in the subsidy system.

MacGuineas said that any subsidy extension should be paired with broader reforms to curb health spending and reduce overall borrowing. In her view, lawmakers are missing a chance to redesign ACA support in a way that lowers premiums while also improving the long‑term budget outlook.

The debate over ACA subsidies recently contributed to a government funding standoff, and CRFB argued that the new Senate bill reflects a political compromise that prioritizes short‑term relief over long‑term fiscal responsibility.

“After a pointless government shutdown over this issue, it is beyond disappointing that this is the preferred solution to such an important issue,” MacGuineas wrote.

The off-year elections cast the government shutdown and cost-of-living arguments in a different light. Democrats made stunning gains and almost flipped a deep-red district in Tennessee as politicians from the far left and center coalesced around “affordability.”

Senate Minority Leader Chuck Schumer is reportedly smelling blood in the water and doubling down on the theme heading into the pivotal midterm elections of 2026. President Donald Trump is scheduled to visit Pennsylvania soon to discuss pocketbook anxieties. But he is repeating predecessor Joe Biden’s habit of dismissing inflation, despite widespread evidence to the contrary.

“We fixed inflation, and we fixed almost everything,” Trump said in a Tuesday cabinet meeting, in which he also dismissed affordability as a “hoax” pushed by Democrats.​

Lawmakers on both sides of the aisle now face a politically fraught choice: allow premiums to jump sharply—including in swing states like Pennsylvania where ACA enrollees face double‑digit increases—or pass an expensive subsidy extension that would, as CRFB calculates, explode the deficit without addressing underlying health care costs.



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Netflix–Warner Bros. deal sets up $72 billion antitrust test

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Netflix Inc. has won the heated takeover battle for Warner Bros. Discovery Inc. Now it must convince global antitrust regulators that the deal won’t give it an illegal advantage in the streaming market. 

The $72 billion tie-up joins the world’s dominant paid streaming service with one of Hollywood’s most iconic movie studios. It would reshape the market for online video content by combining the No. 1 streaming player with the No. 4 service HBO Max and its blockbuster hits such as Game Of ThronesFriends, and the DC Universe comics characters franchise.  

That could raise red flags for global antitrust regulators over concerns that Netflix would have too much control over the streaming market. The company faces a lengthy Justice Department review and a possible US lawsuit seeking to block the deal if it doesn’t adopt some remedies to get it cleared, analysts said.

“Netflix will have an uphill climb unless it agrees to divest HBO Max as well as additional behavioral commitments — particularly on licensing content,” said Bloomberg Intelligence analyst Jennifer Rie. “The streaming overlap is significant,” she added, saying the argument that “the market should be viewed more broadly is a tough one to win.”

By choosing Netflix, Warner Bros. has jilted another bidder, Paramount Skydance Corp., a move that risks touching off a political battle in Washington. Paramount is backed by the world’s second-richest man, Larry Ellison, and his son, David Ellison, and the company has touted their longstanding close ties to President Donald Trump. Their acquisition of Paramount, which closed in August, has won public praise from Trump. 

Comcast Corp. also made a bid for Warner Bros., looking to merge it with its NBCUniversal division.

The Justice Department’s antitrust division, which would review the transaction in the US, could argue that the deal is illegal on its face because the combined market share would put Netflix well over a 30% threshold.

The White House, the Justice Department and Comcast didn’t immediately respond to requests for comment. 

US lawmakers from both parties, including Republican Representative Darrell Issa and Democratic Senator Elizabeth Warren have already faulted the transaction — which would create a global streaming giant with 450 million users — as harmful to consumers.

“This deal looks like an anti-monopoly nightmare,” Warren said after the Netflix announcement. Utah Senator Mike Lee, a Republican, said in a social media post earlier this week that a Warner Bros.-Netflix tie-up would raise more serious competition questions “than any transaction I’ve seen in about a decade.”

European Union regulators are also likely to subject the Netflix proposal to an intensive review amid pressure from legislators. In the UK, the deal has already drawn scrutiny before the announcement, with House of Lords member Baroness Luciana Berger pressing the government on how the transaction would impact competition and consumer prices.

The combined company could raise prices and broadly impact “culture, film, cinemas and theater releases,”said Andreas Schwab, a leading member of the European Parliament on competition issues, after the announcement.

Paramount has sought to frame the Netflix deal as a non-starter. “The simple truth is that a deal with Netflix as the buyer likely will never close, due to antitrust and regulatory challenges in the United States and in most jurisdictions abroad,” Paramount’s antitrust lawyers wrote to their counterparts at Warner Bros. on Dec. 1.

Appealing directly to Trump could help Netflix avoid intense antitrust scrutiny, New Street Research’s Blair Levin wrote in a note on Friday. Levin said it’s possible that Trump could come to see the benefit of switching from a pro-Paramount position to a pro-Netflix position. “And if he does so, we believe the DOJ will follow suit,” Levin wrote.

Netflix co-Chief Executive Officer Ted Sarandos had dinner with Trump at the president’s Mar-a-Lago resort in Florida last December, a move other CEOs made after the election in order to win over the administration. In a call with investors Friday morning, Sarandos said that he’s “highly confident in the regulatory process,” contending the deal favors consumers, workers and innovation. 

“Our plans here are to work really closely with all the appropriate governments and regulators, but really confident that we’re going to get all the necessary approvals that we need,” he said.

Netflix will likely argue to regulators that other video services such as Google’s YouTube and ByteDance Ltd.’s TikTok should be included in any analysis of the market, which would dramatically shrink the company’s perceived dominance.

The US Federal Communications Commission, which regulates the transfer of broadcast-TV licenses, isn’t expected to play a role in the deal, as neither hold such licenses. Warner Bros. plans to spin off its cable TV division, which includes channels such as CNN, TBS and TNT, before the sale.

Even if antitrust reviews just focus on streaming, Netflix believes it will ultimately prevail, pointing to Amazon.com Inc.’s Prime and Walt Disney Co. as other major competitors, according to people familiar with the company’s thinking. 

Netflix is expected to argue that more than 75% of HBO Max subscribers already subscribe to Netflix, making them complementary offerings rather than competitors, said the people, who asked not to be named discussing confidential deliberations. The company is expected to make the case that reducing its content costs through owning Warner Bros., eliminating redundant back-end technology and bundling Netflix with Max will yield lower prices.



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