One of the biggest bitcoin startups just took ‘bitcoin’ out of its Twitter bio

For the last four years, a heavily funded startup called Coinbase has been all about the digital currency bitcoin. And its Twitter bio said it all: “The easiest way to buy bitcoin.”

But earlier this week, that tagline changed. “Our mission is to create an open financial system for the world,” it now reads.

That swap of a few words is significant. It underscores the crisis recently facing the bitcoin movement and the rapid rise of a potential competitor network called Ethereum.

Coinbase co-founder Fred Ehrsam laid out this inflection point in a long blog post yesterday. He talked up why he was excited about Ethereum, which is less than a year old, and why Coinbase is now supporting it.

“While Ethereum is less battle tested,” he wrote, “it is moving faster, has better leadership and has more developer mindshare. First mover advantage is challenging to overcome, but at current pace, it’s conceivable.”

A spokesman confirmed to Recode the reason for the change. “Coinbase is supporting Ethereum, so moving from ‘bitcoin company’ to digital asset company.”

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.