Coinbase Global, Inc., branded Coinbase, is a leading cryptocurrency exchange and digital wallet that has been providing its services to traders and investors since 2012. With its headquarters located in San Francisco, Coinbase has established itself as one of the largest and most trusted players in the crypto market.
Coinbase.com offers a simple and user-friendly platform that enables its users to buy, sell, and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. The exchange supports a wide range of fiat currencies, including the US dollar, euro, and British pound, making it easy for anyone to access the world of cryptocurrency.
One of the key features of Coinbase is its commitment to security. The platform uses state-of-the-art security measures to protect its users’ assets, including multi-signature technology, encryption, and secure storage. Coinbase also has a highly responsive customer support team that is available 24/7 to assist its users with any questions or issues they may encounter.
In addition to its trading capabilities, Coinbase also offers a range of other financial services, including lending and borrowing, staking, and savings. The platform enables users to earn interest on their assets, lend and borrow funds, and access a range of investment opportunities.
Coinbase offers products for both retail and institutional cryptocurrency investors, as well as other related cryptocurrency products.
Coinbase ‘s products for retail traders include:
- Coinbase, an app used to buy, store and trade different cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin
- Coinbase Pro, a professional asset trading platform for trading digital assets
- Coinbase Wallet, an app that allows customers to access decentralized crypto apps (dapps) using a dapp browser
- Coinbase NFT, a marketplace where NFT collectors can buy and sell their pieces to one another
Products for institutional traders include:
- Coinbase Prime, a trading platform for institutional customers
- Coinbase Custody, specialist level services for institutions that hold bitcoin and other cryptocurrencies with Coinbase
Other cryptocurrency-related products include:
- USD Coin, a digital stablecoin that lets customers put up U.S. dollars in exchange for a cryptocurrency that has the same value but can be traded more quickly
- Coinbase Card, a debit Visa card that allows customers to spend cryptocurrency
- Coinbase Commerce, a payment service for merchants
- Coinbase Earn, a cryptocurrency learning platform that rewards users with small amounts of altcoins for watching videos and taking quizzes to learn about them
The company develops an application programming interface (API) for developers and merchants to build applications and accept payments in digital currencies.
Coinbase has a mobile app for both iOS and Android.
In conclusion, Coinbase is a leading cryptocurrency exchange and digital wallet that offers a simple and secure platform for its users to access the world of cryptocurrency. With its commitment to security, comprehensive financial services, and responsive customer support, Coinbase is a trusted and reliable platform for individuals and businesses alike.
In 2014, the company grew to one million users, acquired the blockchain explorer service Blockr and the web bookmarking company Kippt, secured insurance covering the value of bitcoin stored on their servers and launched the vault system for secure bitcoin storage. Throughout 2014, the company also partnered with Overstock, Dell, Expedia, Dish Network, and Time Inc. allowing those firms to accept bitcoin payments. In the same year, company also added bitcoin payment processing capabilities to the traditional payment companies Stripe, Braintree, and PayPal.
In January 2015, the company received a US$75 million investment, led by Draper Fisher Jurvetson, the New York Stock Exchange, USAA, and several banks. Later in January, the company launched a U.S.-based bitcoin exchange for professional traders called Coinbase Exchange. In September, Coinbase began to offer services in Canada and Singapore.
In May 2016, the company rebranded the Coinbase Exchange, changing the name to Global Digital Asset Exchange (GDAX). In July, they added retail support for Ether. Also in July, they announced they would halt services in August after the closure of Canadian online payments service provider Vogogo.
In January and then March 2017, Coinbase obtained the BitLicense and licensed to trade in Ethereum and Litecoin from the New York State Department of Financial Services (DFS). On December 19, Coinbase listed Bitcoin Cash, and the Coinbase platform experienced price abnormalities that led to an insider trading investigation.
On April 5, 2018, Coinbase announced that it had formed an early-stage venture fund, Coinbase Ventures, focusing on investment into blockchain- and cryptocurrency-related companies. On May 16, Coinbase Ventures announced its first investment in Compound Labs, a start-up building Ethereum smart contracts similar to money markets. On May 23, GDAX was rebranded as Coinbase Pro. Also in May, Coinbase launched Prime, a platform dedicated to institutional customers. In August, Amazon cloud executive Tim Wagner joined Coinbase as vice president of engineering. In September, Coinbase, along with Circle and Bitcoin miner company Bitmain, was part of a consortium called Centre that launched a digital coin called USD Coin, pegged to the U.S. dollar.
On April 14, 2021, Coinbase became a public company on the Nasdaq exchange via a direct stock listing. Before the listing, Nasdaq set a reference price of US$250 a share, giving the company an estimated value of US$47 billion. At the end of its first day of trading, Coinbase closed at US$328.28 per share. In June, Coinbase added Dogecoin to its tradable assets for Coinbase Pro users.
In November 2021, Coinbase made its first acquisition in India by purchasing AI-powered support platform Agara for an estimated US$40–50 million. The company stated that it would utilize Agara’s technology to automate its customer experience tools.
In response to the 2022 Russian invasion of Ukraine, Coinbase blocked 25,000 cryptocurrency wallet addresses related to Russia, believing them to have engaged in illicit activity.
Coinbase began operations in India in April 2022. The company initially relied on Unified Payments Interface to allow users to convert rupees to cryptocurrencies, but ceased using UPI after a statement released by the National Payments Corporation of India indicating it was “not aware of any crypto exchange using UPI”. This statement forced Coinbase to suspend most of its business in India. Users in India cannot convert rupees into cryptocurrency but can trade between different cryptocurrencies.
On June 14, 2022, the company announced it would be laying off approximately 18 percent of its workforce, about 1,100 full-time jobs, amid the global downturn in cryptocurrencies and services.
In August 2022, Coinbase announced a partnership with BlackRock, a venture which allows BlackRock clients to use their Aladdin investment management system to oversee their exposure to Bitcoin along with other portfolio assets, and to facilitate trading on Coinbase’s exchange.
Coinbase reported a net loss of US$1.1 billion in the second quarter of 2022, a record for the company. In October 2022, Coinbase entered into a partnership with Google Cloud Platform that would allow the latter’s customers to pay for cloud services with cryptocurrencies supported by Coinbase Commerce. Coinbase also agreed to transfer its data-related applications from Amazon Web Services to Google Cloud.
Coinbase exposure to FTX’s bankruptcy is US$15 million.
On January 10, 2023, Coinbase announced it would be laying off around 950 employees, incurring restructuring expenses of up to US$163 million. Citing the possibility of “further contagion” following the collapse of the FTX exchange, Brian Armstrong said Coinbase would be “shutting down several projects where we have a lower probability of success.”
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