Innovative Use Digest #8: Making the most of Coinbase + Rally

In this week’s Innovative Use digest, I wanted to focus on how to start maximizing use of Coinbase for Creator Coins. (Digest #7 is here.)

Per our recent announcement of $RLY being listed on Coinbase.com, this is a good time for creators and your communities to learn about and use Coinbase for both buying and selling Creator Coins.

What is Coinbase and why use it with Rally?

Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and $RLY. Coinbase has an easy to use website and smartphone app, and works seamlessly with Rally.io. The interface does not require any crypto expertise — If you’ve used PayPal, you can use Coinbase.

NOTE: The information in this blog refers to the website Coinbase.com and the Coinbase app, and not Coinbase Wallet, which is a separate product by Coinbase.

One of the major benefits of purchasing Creator Coin using cryptocurrency is that there is no purchase limit. Coinbase makes it super simple to use crypto to purchase Creator Coin.

Once you have your Coinbase account set up, you can connect your bank account and safely purchase crypto. From there, it is incredibly easy to connect your Rally.io wallet and use Coinbase to purchase Creator Coin directly from a coin page, and also to transfer funds out of Rally and ultimately into your currency of choice.

Creating a Coinbase Account

Your first step is to create a Coinbase account. There are a few steps to complete, so you should give roughly 20–30 minutes to complete the setup.

Note that Coinbase deploys flow controls around deposits and withdrawals. In simple terms, flow controls are processing rules that govern how soon you can access funds in your account.

Completing the Rally KYC Process with our Partner PTI

If you want to send $RLY from Rally.io to Coinbase (or any other compatible wallet/platform), you will need to complete the Know Your Customer (KYC) process. This is a required financial regulatory process.

If you have not started the process already, any Rally.io user can start the KYC process by following the prompts in the Trade > Bridge Out feature on Rally.io. Click here to read our Wiki article on this process.

Bridging Out $RLY to Coinbase and Converting to Cash

When you go through the steps of moving $RLY out of Rally, it is known as “bridging out.” Before you can Bridge Out, your account must be at least 7 days old and you will need to complete a Know Your Customer (KYC) verification process, which can take an additional 2–3 business days. There are some locations where bridge out is currently prohibited.

(This assumes your KYC application has been approved.) If you want to sell a Creator Coin to cash, and send that cash to your bank account via Coinbase:

1. On Rally.io, use the Trade > Convert feature to exchange any Creator Coin you hold for $RLY. This transaction will be listed as a “Sell” transaction.
2. Use the Trade > Bridge Out feature to bridge out $RLY to Coinbase. Follow the steps in the Receive section of this Coinbase help article to learn how to generate a proper receive address for $RLY into your Coinbase account.
3. Once $RLY is in your Coinbase account, you can sell the $RLY to cash by following this Coinbase help article.
4. You can then withdraw the cash to your bank account within Coinbase.

Buying Creator Coin with Cryptocurrency from Coinbase

Coinbase makes it easy to buy and receive a variety of cryptocurrencies. As noted above, there is no limit on how much of a given cryptocurrency you can use to buy a Creator Coin in a single transaction.

Assuming you or a community member owns another cryptocurrency such as Bitcoin (BTC), Ethereum (ETH), or other crypto (shoutout to the DOGE coin holders) in Coinbase, you can use the Buy > Cryptocurrency feature on Rally.io to exchange that cryptocurrency for a Creator Coin!

Make sure to click the Pay with Coinbase option in the purchase flow to access your Coinbase account to complete the purchase.

Make sure to click Continue at the following prompt within the Pay with Coinbase purchase flow.

NOTE: The options below the Pay with Coinbase button are a different process than connecting to your Coinbase.com account.

If you have any comments or questions on your Coinbase experience, let us know in our Discord!