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|Headquarters||San Francisco, California, United States|
|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. 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. Coinbase has received US$31 million in capital investments, nearly one-third of the total publicly disclosed investment in Bitcoin companies to date.
Coinbase has been called the PayPal of Bitcoin, because it aims to make it easier for non-technical users to send and receive payments. 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." It has been noted for being one of the more professional and stable bitcoin exchanges, although it has been criticized by users for canceled and delayed orders and unresponsive customer support.
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.
In May 2013, Coinbase reported that it was processing $15 million in bitcoin transactions per month.
In December 2013, Coinbase announced they had more than 650,000 users.
In February 2014, Coinbase announced they have 1 million consumer wallets. For comparison, there were less than 13,000 wallets at the start of 2013.
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