Coinbase is the brand name for the company Coinbase Global, Inc., which is registered in the
United States. It is a cryptocurrency exchange platform where investors can buy and sell a wide
range of digital currencies, including Bitcoin, Ethereum, and Cardano. Coinbase allows trading
in more than 42 different cryptocurrencies.
The company was established in 2012 by Brian Armstrong and Fred Ehrsam. It provides
subscribers with several products and services to facilitate the online trading of
cryptocurrencies. Users can also contact Coinbase in case of any problems that they may face
through Twitter, email, or the coinbase support number.
The Basics of Cryptocurrency
A cryptocurrency is essentially a digital currency that bearers can use to buy services and
products. Through solid encryption, cryptocurrencies can be used to make online transactions
that are safe and secure. Cryptocurrencies, or crypto as they are also known, operate using
blockchain software that records and manages transactions across a distributed network of
Bitcoin was the first cryptocurrency coined in 2008 by a person or persons calling themselves
Satoshi Nakamoto. Since then, numerous other cryptocurrencies have been coined, including
Ethereum, Cardano, and Tether. In addition, many online companies have created their own
digital currency resulting in hundreds of different such currencies being available.
There are several online platforms where people can trade these digital currencies. Coinbase is
the largest of these platforms, but it faces fierce competition from Binance, Uphold, and BlockFi.
How it All Started for Coinbase
In June 2012, Brian Armstrong enlisted in the Y Combinator startup incubator program and
managed to get $150,000 for investment in his new business. Shortly afterward, Fred Ehrsam,
an ex-Goldman Sachs employee, also joined Armstrong as co-founder of Coinbase. One of
Blockchain.info’s founders, Ben Reeves, was initially planning to be the third founder of
Coinbase but Armstrong and he had different ideas about the operations of the Coinbase wallet.
This disagreement led him to revise his initial decision to join Coinbase, leaving Armstrong and
Ehrsham as the co-founders of Coinbase.
The following year, in May 2013, Coinbase received another investment of $5 million from Union
Square Ventures – a capital ventures company, allowing them to expand their business further.
In addition, investor confidence continued to be high as other venture capital firms invested an
additional $25 million into the business. Ribbit Capital, Union Square Ventures (USV), and
Andreessen Horowitz funded this investment, foreseeing a bright future for Coinbase.
The Continuing Success Story
By 2014, over 1 million people had subscribed as users on Coinbase. Investor confidence
continued to skyrocket as several banks invested $75 million in early 2015. By 2017 the
company had obtained a license to trade in Litecoin and Ethereum, increasing the number of
cryptocurrencies that users could trade in.
Due to the Coronavirus Epidemic, Coinbase announced in May 2020 that it would be closing its
physical offices and would become a purely remote company. But in March 2021, the company
announced that it would be opening a physical office in Hyderabad, India.
The Current Situation
Today the Coinbase user community numbers more than 43 million. These users belong to
more than 100 different nations. The net revenue of the company in 2020 was $1.14 million.
Users can trade their cryptocurrency in 32 countries, and the coinbase wallet is usable in 190
The recent ban on cryptocurrency trading in China has had a substantial negative impact on
Coinbase. Still, it’s too soon to determine exactly how much damage has been done to the
What Coinbase Offers to Users
Over the years, Coinbase has expanded the range of services they offer to customers. Initially,
they only permitted trading in the Bitcoin currency, but once other currencies met the condition
of decentralization, they too became available to trade on the platform.
When the company opened back in 2012, it only offered users the option to send currency or
receive currency. By 2014, the user base had begun to expand exponentially, and Coinbase
allowed users to invest in different currencies and profit when their value rose. This business
model of slowly making more and more services available to users has proved to be
unimaginably successful for the company.
Coinbase continued with this strategy, and in late 2017 users could also store and distribute
their cryptocurrency assets. After this, Coinbase began to partner with other businesses, and by
2020 their users could spend their cryptocurrency to buy tangible goods. Today, loans can also
be taken by users from Coinbase if they meet the company’s requirements.
Customer service is an area where Coinbase was initially lacking, but recently they have made
an effort to work on this weakness. Now customers who have any queries or face any problems
can get in touch with the Coinbase customer service department, sending them an email,
tweeting them, or by calling the coinbase support number.
Some Problems You Need To Be Aware Of
Despite its spectacular success, Coinbase has been facing a number of complaints from some
users. One frequent complaint that has cropped up frequently is that some users are sometimes
unable to withdraw currency from their accounts. To remedy this situation, Coinbase allows
customers to communicate with them through Twitter, email, and phone.
Another sadly frequent occurrence is when a user’s account is compromised. In such a
situation, a user needs to call the Coinbase support number, and an automated voice program
will ask them for their personal details in order to close their account or change their password.