Coinbase is taking a new approach to innovation, according to an announcement from its chief product officer Surojit Chatterjee. In a Medium post published today, Chatterjee said the exchange would dedicate 10% of its resources to supporting "disruptive innovation bets."
The plan is titled "Project 10 Percent" and refers to Coinbase's work philosophy, according to Chatterjee. "The '10 Percent' refers to the amount of resources we’re dedicating to supporting these big bets in line with our philosophy that 70% of our time should be focused on core work, 20% on strategic bets, and 10% on innovative experimentation."
Coinbase is aiming for projects that create "step-function change" in users, metrics or capabilities of the platform.
Some of the bets will fail, Chatterjee wrote. "If they all succeed, we weren’t thinking big enough," said Chatterjee. "But the ones that do succeed should have a 10x impact and fundamentally move the crypto industry forward."