Coinbase

From MarketsWiki
Jump to: navigation, search
CQG logo.png
Coinbase
Headquarters San Francisco, California
Key People Brian Armstrong, CEO
Products Bitcoin wallet and processor

Coinbase is a wallet for storing, spending, buying and accepting bitcoins. It also acts as a bitcoin processor for many merchants and businesses (example; Expedia, Overstock.com, Dell), and is among the top Bitcoin exchanges. Coinbase became the blockchain industry’s first “unicorn” after it raised $100 million in August of 2017, valuing the company at $1.6 billion.

The San Francisco-based company was founded by founded by Brian Armstrong and Fred Ehrsam, a former Goldman Sachs trader. It was incorporated in 2012. Coinbase is available in 32 countries. [1] [2]

History

The company received $5 million in funding from the venture capital firm Union Square Ventures in May of 2013[3] and $25 million from the venture capital firms Andreessen Horowitz, Union Square Ventures and Ribbit Capital in December 2013.[4]

In August 2017, Coinbase introduced Toshi, its first mobile application for Ethereum, as the first external application outside of the main Coinbase wallet, trading platform, and the GDAX exchange.[5]

Coinbase experienced an outage in December of 2017 when the platform went down under the weight of heavy traffic, leaving many of its more than 10 million customers unable to access their funds.[6]

Products and Services

The company provides an API that enables users to generate bitcoin wallets and addresses, buy/sell and send/receive bitcoin, securely store bitcoin, retrieve real-time or historical price information, receive notifications when payments arrive, and accept and request bitcoin payments as a merchant. Its platform also ensures the secure storage of bitcoins offline and distributes bitcoins geographically in safe deposit boxes and vaults worldwide.[7]

Key People

References

  1. A Look at the Most Popular Bitcoin Exchanges. Investopedia.
  2. Coinbase. Coinbase.
  3. Coinbase Nabs $5m in Biggest Funding for Bitcoin Startup. WSJ blog.
  4. Coinbase Raises $25M Led By Andreessen Horowitz To Build Its Bitcoin Wallet And Merchant Services. TechCrunch.
  5. Coinbase CEO Owns More Ether Than Bitcoin. Coin Journal.
  6. Bitcoin fever exposes crypto-market frailties. Reuters.
  7. Company Overview of Coinbase, Inc.. Bloomberg.