Coinbase

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Coinbase
Coinbase Logo 2013.png
Headquarters San Francisco, California, United States
Website Official website
Launched June 20, 2012

Coinbase is a Bitcoin exchange headquartered in San Francisco California. Users of Coinbase can buy and sell bitcoins for US dollars at the current market rate using their United States bank account for a fee of about 1% of the value of the transaction.[1] The company also offers an online "wallet" service for storing, sending, and receiving bitcoins, merchant services that enable businesses to accept bitcoin payments online, and fee-free micropayments between Coinbase accounts.[2] Coinbase has received US$31 million in capital investments, nearly one-third of the total publicly disclosed investment in Bitcoin companies to date.[3]

Coinbase has been called the PayPal of Bitcoin, because it aims to make it easier for non-technical users to send and receive payments.[4] Jeff John Roberts at Bloomberg Businessweek wrote that using Coinbase was the "easiest on-ramp to the Bitcoin world", but also noted he had to provide bank details, setup two-factor authentication on a mobile phone and wait three days."[5] It has been noted for being one of the more professional and stable bitcoin exchanges,[6] although it has been criticized by users for canceled and delayed orders and unresponsive customer support.[7]

Breaches of individual Coinbase accounts have been reported, and users are recommended to enable two-factor authentication on their account.[8]

Coinbase has declined to provide payment processing services for U.S. marijuana businesses on the grounds that federal law prohibits it even if state laws do not.[9]

In May 2013, Coinbase reported that it was processing $15 million in bitcoin transactions per month.[10]

In December 2013, Coinbase received a US$25 million investment, the largest ever for a Bitcoin company, from the prominent Silicon Valley venture capital firm Andreessen Horowitz.[11]

On December 15, it was named as one of the Hottest Startups of 2013 by Forbes.[12]

In December 2013, Coinbase announced they had more than 650,000 users.[13]

In December 2013, Coinbase became the bitcoin processor for Overstock.com.[14]

In January 2014, personal finance app Mint added integration with Coinbase, enabling its users to track their bitcoin purchases alongside their other expenses.[15]

In February 2014, Coinbase announced they have 1 million consumer wallets.[16] For comparison, there were less than 13,000 wallets at the start of 2013.

References[edit]

  1. ^ Fowler, Geoffrey A. (2014-02-18). "Bitcoin experiment in everyday life". The Wall Street Journal. Retrieved 2014-02-25. 
  2. ^ David Meyer (2013-08-06). "Can Bitcoin enable the fabled micropayments revolution? Coinbase thinks it’s worth a shot". GigaOM.
  3. ^ Garrick Hileman (2014-02-24). "Following the Money: Geographic Dispersion of VC Bitcoin Investment". CoinDesk. Retrieved 2014-02-25. 
  4. ^ Tricia Duryee (2012-06-29). "Betting on Bitcoin: Coinbase wants to be the PayPal of Internet-only currency". All Things Digital.
  5. ^ Jeff John Roberts (2013-07-18). "Bitcoin's Open-Air Trading Floor". Bloomberg Businessweek.
  6. ^ Alexia Tsotsis (2013-05-27). "Coinbase leads charge in Bitcoin’s consumerization". TechCrunch.
  7. ^ Ranvier, Justus (2013-07-16). "Coinbase: Instant purchases, delayed support". Bitcoin Magazine. Retrieved 2014-02-25. 
  8. ^ Lowensohn, Josh (2014-02-07). "A string of thefts hit Bitcoin's most reputable wallet service". The Verge. Retrieved 2014-02-25. 
  9. ^ Hill, Kashmir (2014-02-10). "Marijuana shop's plan to accept Bitcoin goes up in smoke". Forbes. Retrieved 2014-02-25. 
  10. ^ "Coinbase now processing $15M per month in Bitcoin buys and sells". The Coinbase Blog. Coinbase. 2013-05-06. 
  11. ^ Alex Williams (2013-12-12). "Coinbase Raises $25M Led By Andreessen Horowitz To Build Its Bitcoin Wallet And Merchant Services". TechCrunch. Retrieved 2013-12-13. 
  12. ^ Robehmed, Natalie (2013-12-16). "Hottest Startups of 2013". Forbes. 
  13. ^ Nermin Hajdarbegovic (2013-12-19). "Coinbase passes 650,000 users in less than a year". CoinDesk. Retrieved 2014-01-10. 
  14. ^ Burns, Matt (2013-12-21). "Overstock.com partners with Coinbase and starts accepting bitcoins as payment". TechCrunch. Retrieved 2014-01-10. 
  15. ^ D'Onfro, Jillian (2014-01-30). "Popular budgeting app Mint adds Bitcoin support with Coinbase". Business Insider. Retrieved 2014-02-25. 
  16. ^ "A Major Coinbase Milestone: 1 Million Consumer Wallets". The Coinbase Blog. 2014-02-27. Retrieved 2014-02-27.