Coinbase's decision to list Subsquid (SQD), Celestia (TIA), XYO (XYO), and Bittensor (TAO) for New York residents isn't just another headline about crypto. It’s a potential game-changer, particularly for the underserved communities that have long been an afterthought of traditional finance. Think about it: access. That's the key word here.

New York's Forgotten Digital Divide?

We’re all familiar with the digital divide when it comes to lack of access to the internet, but there’s a financial digital divide as well. How many potential investors from low-income communities are excluded from the financial benefits of being able to be almost anywhere at once? How many other immigrant communities are effectively locked out of financial services because they don’t speak English or don’t have the right paperwork?

Coinbase’s move, though a clear strategic business decision, could unknowingly start to break down this divide. These altcoins offer a high-risk, high-reward investment option. They unlock for anyone the ability to invest in a fast-growing market that had previously been inaccessible. Our protagonist, a single mother from the Bronx, chooses to spend a small part of her stimulus payment on Celestia. Adrienne shares their sentiment—she’s made up her mind to save for her child’s future. It’s a long shot, sure, but it’s a shot she wouldn’t have had prior.

Now, don’t get me wrong, I’m not claiming that Coinbase is the Red Cross. They're a business. Yet not all business-driven decisions are incompatible with social good.

Blockchain's Power: More Than Hype?

Let's be real: the crypto world is full of hype and empty promises. But under all the commotion, there’s a potentially world-changing technology that could democratize finance as we know it. Consider the potential of these altcoins:

  • Subsquid (SQD): Data access is power. Could SQD facilitate more transparent and accessible data solutions for local businesses in underserved communities?
  • Celestia (TIA): Modular blockchain networks could allow for the creation of customized financial tools tailored to the specific needs of these communities.
  • XYO (XYO): Location-based data verification could be used to improve transparency and efficiency in local supply chains, supporting small businesses and creating jobs.
  • Bittensor (TAO): Decentralized AI could unlock new opportunities for education and skills development, empowering individuals to compete in the digital economy.

These are just hypotheticals, of course. They paint a hopeful picture of the ways in which blockchain technology can be used for social good.

We need to be cautious. The crypto market is extremely volatile, and these altcoins are some of the most dangerous investments right now. We need to shield vulnerable populations from being specifically preyed upon by scammers. Second, it’s extremely important that they not spend beyond what they can afford to lose.

Empowerment, Not Just Investment.

This isn't just about making money. It's about empowerment. It’s not just about providing people with money, but rather the right resources and information so they can take charge of their financial futures. It’s all part of a broader effort to promote financial literacy and build a more inclusive financial system.

Here are a few ideas:

  • Partnerships with Local Organizations: Coinbase could partner with community organizations to provide financial literacy training and resources.
  • Targeted Outreach: Coinbase could launch targeted outreach campaigns to educate underserved communities about the risks and opportunities of cryptocurrency investing.
  • Support for BIPOC-Owned Crypto Businesses: Coinbase could invest in and support BIPOC-owned crypto businesses, creating jobs and opportunities within these communities.

The promise of Coinbase’s move to raise up New York’s underemployed communities has the potential to be more than just semantic. It takes a deliberate focus to make sure that these communities are not further marginalized in the process. We must do so with carefulness, education, and a dedication to advancing social justice. We shouldn’t let the potential of blockchain technology go the way of so many other tools and create new forms of inequality.

It’s a smart business move and much needed. We hope this decision will prove to be a powerful tool for New Yorkers to build a more equitable financial future. It’s a privilege, and we have to expect, demand, and hold them accountable. Are you prepared to hold them accountable to make sure that they do so?