In the same year, company also added bitcoin payment processing capabilities to the traditional payment companies Stripe, Braintree, and PayPal. allowing those firms to accept bitcoin payments. Throughout 2014, the company also partnered with Overstock, Dell, Expedia, Dish Network, and Time Inc. 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. Olaf Carlson-Wee, a graduate from Vassar College, was hired as the first employee in the same year. In December the same year, the company received a US$25 million investment, from the venture capital firms Andreessen Horowitz, Union Square Ventures (USV), and Ribbit Capital. In May 2013, the company received a US$5 million Series A investment led by Fred Wilson from the venture capital firm Union Square Ventures. 8 In October 2012, the company launched the services to buy and sell bitcoins through bank transfers. The company is named after coinbase transactions, which are special transactions that introduce cryptocurrency into circulation in proof of work cryptocurrencies. British programmer and co-founder Ben Reeves was originally supposed to be part of the Coinbase founding team but parted ways with Armstrong just before the Y Combinator funding event, due to their different stands on how the Coinbase wallet should operate. Fred Ehrsam, a former Goldman Sachs trader, later joined as a co-founder after noticing Armstrong's posts on Reddit. Armstrong enrolled in the Y Combinator startup incubator program and received a US$150,000 cash infusion. History 2012–2019: founding and early yearsĬoinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer. In May 2020, Coinbase announced it would shut its San Francisco, California headquarters and change operations to remote-first, part of a wave of several major tech companies closing headquarters in San Francisco in the wake of the COVID-19 pandemic. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam. It is the largest cryptocurrency exchange in the United States by trading volume. Coinbase is a distributed company all employees operate via remote work. ^ Legal address at Corporation Trust CenterĬoinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform.
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