Coinbase

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Coinbase is a wallet for storing, spending, buying and accepting bitcoin, ethereum and litecoin. 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 GDAX, Coinbase's digital currency 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]

In January 2018 Coinbase teamed up with Trading Technologies to give TT's clients access to GDAX so that they can trade futures and spot bitcoin side by side on TT's platform. The service is expected to begin in March 2018.[7] The companies said the new tools would increase the reach of GDAX’s platform.

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.[8]

Key People

References