Coinbase

Coinbase

Coinbase is a digital asset exchange company headquartered in San Francisco, California. It operates exchanges of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

About

Coinbase was founded in June 2012 by Brian Armstrong (CEO) and Fred Ehrsam. It enrolled in the 2012 Summer Y Combinator startup incubator program. In October 2012, the company launched a marketplace to buy and sell Bitcoin through bank transfers. Coinbase allows Bitcoin, Bitcoin Cash, Ethereum, and Litecoin trading on their platform. As of 2020, the company has more than 1,000 employees and more than 35 million users.

Products

The company's platform offers various products to those looking to trade cryptocurrencies for individuals and businesses.

Coinbase

Its main product with the same name as the company is the platform where users can buy, sell, and use cryptocurrencies.

Wallet

The wallet product that is used for storing cryptocurrencies. It also allows for transfers of cryptocurrencies between users.

USD Coin

USD coin users can exchange United States dollars (USD) for a cryptocurrency with a stable price equal to that of a USD.

Earn

Earn gives users the opportunity to educate themselves about cryptocurrencies through videos and quizzes. Users can receive crypto in their Coinbase wallet upon completion of the company's quizzes.

Pro

For advanced traders, Coinbase offers a Pro account that includes an API, insurance protection, and fees that scale to transaction volume. Most Coinbase accounts can be upgraded to a Pro account; however, some activities are limited based on the geographic area a user resides in.

For businesses

  • Commerce. A no-fee platform for business to accept cryptocurrencies as payments. It has integrations with popular e-commerce platforms Woocommerce and Shopify.
  • Custody. Operating as a separate entity of Coinbase, the Custody services supports asset holding for institutional investors. It also integrates with Coinbase Pro. It is NYDFS-regulated.
  • Ventures. Coinbase invests in startups and entrepreneurs, particularly those with a focus on stablecoin-based ideas for "the unbanked" as well as "wealth preservation, global payments, financial services for crypto companies, [and ]developer tools," among other areas of interest.

Timeline

May 17, 2019

Coinbase Custody reported $1 billion in crypto under management and 70 participating institutions.

October 30, 2018

Coinbase raises $300 million in a funding round led by Tiger Global Management, valuing the firm at more than $8 billion.

May 23, 2018

Coinbase acquires Paradex

Coinbase plans to use Paradex' cryptocurrency trading platform to allow its customers to trade hundreds of cryptocurrency tokens. The terms of the acquisition were not disclosed.

April 16, 2018

Coinbase acquires Earn.com, hires Balaji Srinivasan as CTO

The price of the deal is not initially made public upon announcement of the acquisition, however a Coindesk report suggested a potential deal of over $100 million. Coinbase also hires Earn.com CEO Balaji Srinivasan as their first CTO.

December 7, 2017

Coinbase reaches #1 on the iOS app store

Due to increasing demand for trading cryptocurrencies, Coinbase reached the top spot in the United States iOS app store.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Coinbase series E funding round
Series E round
300,000,000
October 30, 2018
Tiger Global Management
Coinbase Series A round
Series A round
6,109,590
May 7, 2013
FundersClub
Coinbase funding round, August 2017
Series D round
100,000,000
August 2017
Institutional Venture Partners
Coinbase seed round
Seed round
600,000
September 12, 2012
Alexis Ohanian
Coinbase Series B round
Series B round
25,000,000
December 12, 2013
Andreessen Horowitz (a16z)
Coinbase Series C round, January 2015
Series C round
75,000,000
January 20, 2015
Union Square Ventures
Coinbase Seed round, September 2012
Seed round
600,000
September 12, 2012
Y Combinator
Coinbase Private equity, December 2018
Private equity
22,000,000
December 21, 2018
Chainfund Capital
Coinbase Series C round Funding Round 2016
Series C round
10,500,000
July 7, 2016
Sozo Ventures
Coinbase Venture round, February 2018
Venture round
February 1, 2018
Bracket Capital
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Products

Product
Description
Launch date
Website
Industry
Coinbase Commerce

Coinbase Commerce is a product from Coinbase Inc. allowing merchants to integrate cryptocurrency payments into their website.

Coinbase Wallet

Coinbase Wallet, formerly Toshi, is a mobile phone application allowing users to browse Ethereum decentralized applications (dApp).

Bitcoin
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People

Name
Role
LinkedIn

Adam Draper

Investor

Adam White

Employee

Adrian Macneil

Employee

Aiden Lloyd

Employee

Alex Ianus

Employee

Alexandra Dela Torre

Employee

Alexis Ohanian

Investor

Alvin Lee

Employee

Andy Dunn

Investor

Annika Sohlström

Employee

Anthony Shephard

Employee

Antonio Juliano

Employee

Ashley Putnam

Employee

Aurora Harshner

Employee

Barry Kwok

Employee

Bart Stephens

Investor

Ben Jennings

Employee

Bobby Goodlatte

Investor

Boris Silver

Investor

Bradley J Larson

Employee

Brett Gilbert

Employee

Brian Armstrong

Founder

Brian Cartmell

Investor

Brian Watson

Investor

Catherine Waite

Employee

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Further reading

Title
Author
Link
Type
Date

Coinbase Strategy Teardown: How Coinbase Grew Into The King Midas Of Crypto Doing $1B In Revenue

Web

January 25, 2018

Coinbase: The Heart of the Bitcoin Frenzy

Nathaniel Popper

Web

December 7, 2017

Documentaries, videos and podcasts

Title
Date
Link

The Coinbase Mission, Vision & Strategy

July 31, 2019

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Alex Wilhelm
July 25, 2020
TechCrunch
Welcome to The TechCrunch Exchange! I'm incredibly excited that this newsletter is finally in your hands. There's so much to chat about, dissect and grok. We're going to be very busy.
BBC News
July 21, 2020
BBC News
Currency exchange Coinbase says it prevented about $280,000 of bitcoin reaching hackers.
JD Alois
July 10, 2020
Crowdfund Insider
Click HERE to find out ⭐ Coinbase Reportedly Planning IPO, Crypto Industry Comments on Possibility of First Digital Asset Exchange to Go Public in the US. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Alex Wilhelm
July 9, 2020
TechCrunch
Coinbase is the latest mega-startup that may approach the public markets. The digital currency exchange company could follow Palantir, which is also nearing its IPO, after the secretive data-focused unicorn announced that it had filed privately. Earlier today Reuters reported that Coinbase, a popular American-based cryptocurrency trading platform, could pursue a public debut later this [...]
Omar Faridi
July 9, 2020
Crowdfund Insider
For the first time ever, Ethereum address with 100,000 USDC stablecoins gets blacklisted following orders from law enforcement.
Samantha Hurst
July 7, 2020
Crowdfund Insider
Click HERE to find out ⭐ BitPay App Update: Now Supports Segwit, Dark Mode, & Manage Coinbase Wallet Capability. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Frederic Lardinois
July 1, 2020
TechCrunch
When the inventor of AWS Lambda, Tim Wagner, and the former head of blockchain at AWS, Shruthi Rao, co-found a startup, it's probably worth paying attention. Vendia, as the new venture is called, combines the best of serverless and blockchain to help build a truly multi-cloud serverless platform for better data and code sharing. Today, [...]
Omar Faridi
June 23, 2020
Crowdfund Insider
Thailand Fintech SYNQA, parent of blockchain startup OmiseGo, secures $80 million from Siam Commercial Bank, Toyota Financial, others.
Omar Faridi
June 11, 2020
Crowdfund Insider
Coinbase might add Bancor, DigiByte, other assets, as 22,000 more BTC is reportedly leaving exchange per day than being deposited.
Omar Faridi
June 3, 2020
Crowdfund Insider
Crypto Rating Council argues that XRP, Tron (TRX), and Polkadot's DOT token might potentially be classified as securities.
Omar Faridi
June 1, 2020
Crowdfund Insider
Cryptocurrency exchange Coinbase adds Maker (MKR) governance token, will support MKR-BTC, MKR-USD trading, but no ETH.
Omar Faridi
May 29, 2020
Crowdfund Insider
Coinbase introduces Tezos (XTZ) staking to earn rewards by passively holding crypto on the exchange in the UK, and certain EU countries.
Samantha Hurst
May 27, 2020
Crowdfund Insider
Click HERE to find out ⭐ Coinbase Set to Acquire Institutional Crypto Brokerage Tagomi. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Omar Faridi
May 25, 2020
Crowdfund Insider
Insider trading? OmiseGo (OMG) msurges 200% just 15 Minutes after Coinbase listing, but then crashes immediately.
Omar Faridi
May 21, 2020
Crowdfund Insider
San Francisco-based crypto exchange Coinbase to move to a remote-first work policy, due to COVID-19 outbreak.
JD Alois
May 19, 2020
Crowdfund Insider
Click HERE to find out ⭐ Binance.US CEO Catherine Coley: Speed & Fees Will Help Us Compete. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
JD Alois
May 12, 2020
Crowdfund Insider
Click HERE to find out ⭐ JPMorgan is Now Providing Banking Services to Coinbase, Gemini - Report. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Josh Constine
March 11, 2020
TechCrunch
Some Libra Association members like Andreessen Horowitz and Coinbase are double-dipping, backing a competing cryptocurrency developer platform. Launching today with over 50 partners, non-profit The Celo Foundation's 'Alliance For Prosperity' offers a way for developers to build decentralized mobile apps that are based on Celo's blockchain platform and USD stablecoin. The open-source Celo platform is [...]
Josh Constine
January 29, 2020
TechCrunch
"We're trying to shift cryptocurrency from this speculative asset class to driving real world utility" Coinbase CEO Brian Armstrong tells me. How? Through commerce and micropayments. But now Coinbase has the who to build it. Today the startup announces it's hired away former Head Of Product for Indian ecommerce giant Flipkart and Google Shopping VP of [...]
Ingrid Lunden
November 21, 2019
TechCrunch
Software will eat the world, as the saying goes, but in doing so, some developers are likely to get a little indigestion. That is to say, building products requires working with disparate and distributed teams, and while developers may have an ever-growing array of algorithms, APIs and technology at their disposal to do this, ironically [...]
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References

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