Tuesday, June 25, 2019

Brian Armstrong: Coinbase Is Meeting the Demands Of Customers

The fourth quarter of 2018 appears to be the best for Coinbase so far. This quarter saw the unveiling of lots of products by the company to its users. The 12 days of Coinbase has come to an end, and some new features came out of it such as instant PayPal withdrawals and Coinbase Earn.

The $300 Million Fundraise

An improvised cold storage solution was used to receive the secure transfer of more than $5 billion. In addition to this, Coinbase secured, during a fundraiser, a $300 million series E round at an $8 billion valuation, which puts it on the list of crypto startups that are most valued worldwide. Tiger Global Management was the leader of the round with the likes of Polychain Capital, Andreessen Horowitz, and Y combinator Continuity and lots more, as participants.

Coinbase Investments

A lot of startups have received funding from Coinbase Ventures, the company’s investment arm. Abacus Protocol, API Nomics, Securitize and Starkware include some of the startups the company invested in.

Another thing Coinbase has done is the launching of USDC, a collateralized stablecoin. The USDC coin isn’t affected during volatility which has increased the confidence of traders in the coin. Each of the coins symbolizes one US dollar. The USDC coin has been massively accepted, recording a $250 million issuance within months. The USDC token is now listed on major crypto exchanges such as Kucoin, Bitfinex, Poloniex, Binance, Korbit, etc.

Some of the new crypto assets that were introduced by Coinbase are CVC, ZRX, LOOM, BAT, DAI, MANA, DNT, GNT, ZIL, MKR.

More Countries Now Supported

Coinbase has a goal of becoming a global financial system, and it has moved closer to achieving that goal by supporting six European countries namely Lithuania, Andorra, Isle of Man, Gibraltar, Iceland, and Guernsey. At the moment, these countries cannot access Coinbase Pro and Prime, but they will be able to buy and sell cryptocurrency on coinbase.com through the use of both the Android and iOS applications.

Coinbase has also obtained an operational license under the Banking Law of the state of New York which currently makes it a qualified custodian.

Coinbase experienced significant growth in 2018 and with this growth, both in its human and financial capital, the company is now better equipped to move forward.

CEO Brian Armstrong addressed a letter to the employees of Coinbase which contained the following:

“Our goal is to maintain the trusted experience our customers have come to expect while adding the assets our customers have come to demand. This quarter, we added more assets than in our entire prior history as a company, and expanded our services to more people in different countries. […]

I continue to be so impressed by the ability of this team to execute on aggressive timelines, all while solving problems that have never been solved before. This was a year of scaling Coinbase up to meet the demand of the market and efficiently executing to serve our customers.”

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