Coinbase: 5 Fun Facts About The Popular Cryptocurrency Exchange
Originally founded in June of 2012, the San Fransico based digital currency exchange known as Coinbase has gone on to become a major success story. In 2017 alone the crypto-corporation reportedly made more than $1 billion in revenue.
However, it should be noted that Coinbase isn’t just a trading platform – it is also its own digital currency wallet. In other words, it’s a place where crypto investors can both buy and store their digital tokens with relative ease. The fact that purchasing and storing crypto on Coinbase is fairly simple has made the exchange quite popular among newer cryptocurrency investors. Of course, there are also plenty of experienced traders who use the platform on the regular.
Fortunately, both Coinbase newbies and grizzled crypto veterans alike are in luck, as these five fun facts about this ever-evolving platform are for all audiences:
1. Coinbase Commerce Was Recently Released
Earlier this year, the company announced the launch of their new service, Coinbase Commerce. For those unfamiliar, this relatively new resource allows merchants throughout the world to accept digital currencies that are offered on the Coinbase platform.
As the Medium press release explains,
“Coinbase Commerce is a new service that enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. Our mission at Coinbase is to create an open financial system, so we’ve designed this solution to serve merchants worldwide. Unlike previous merchant products we’ve offered, Coinbase Commerce is not a hosted service, so merchants have full control of their own digital currency.”
Coinbase Commerce can be directly integrated into a merchants check outflow or added as an option on e-commerce platforms – making it easier for shoppers to purchase items using digital currency.
2. Ethereum Classic Is Now Available On The Platform
At press time, Coinbase offers five different types of digital currencies for users to purchase. Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are a few of the crypto tokens available on the platform.
In December of 2017, Coinbase decided to add Bitcoin Cash (BCH) to their lineup. In addition, to round things out, the exchange also began offering Ethereum Classic last August.
Furthermore, a recent CNBC article suggested that Coinbase is considering listing five additional altcoins on the platform. According to the report, Cardano, Basic Attention Token, Ox, Stellar Lumens, and Zcash are among the tokens currently being considered.
3. Coinbase Manages Over 20 Million Accounts
Despite the fact that Coinbase has only been around since 2012, the platform already manages over 20 million user accounts.
As The Chicago Tribune’s Brian Fung points out, 20 million is “almost as many as Fidelity Investments, twice as many as Charles Schwab and about as many accounts as Vanguard has investors.”
However, Fung also clarifies, “Coinbase is, however, a much smaller player in terms of assets under management; it stores $20 billion worth of virtual currencies, compared with the nearly $7 trillion in assets held by Fidelity.”
Assets aside, the fact that Coinbase is being compared to long-established investment firms is already an accomplishment.
4. Coinbase Was Co-Founded By A Former Airbnb Employee
Coinbase was co-founded by Brian Armstrong and Fred Ehrsam.
Brian Armstrong holds several degrees including a Masters in Computer Science from Rice University. Armstrong, who also happens to be Coinbase’s CEO, previously worked as a developer for IBM and a consultant at Deloitte. In addition, the Chief Executive Officer was a software engineer for Airbnb from 2011-2012 – doing his part to ensure that folks were able to find a great deal on short-term lodging.
Armstrong’s fellow co-founder, Fred Ehrsam, also has a pretty impressive resume. Ehrsam holds a B.S. in Computer Science (with a minor in economics) from Duke University. After graduating, he worked for Goldman Sachs on the foreign exchange trading desk and at BlackRock as a portfolio analyst. In 2017, the Coinbase co-founder transitioned away from the company’s day-to-day operations and decided to focus on building blockchain-based apps.
5. They Are Opening A Chicago Office
While their main HQ will still be in San Fransico, Coinbase recently announced they would soon be opening an additional office in Chicago.
This new engineering office is will hold around 30 team members and is expected to open later this year.
When discussing why the company chose “The Windy City”, Coinbase’s Head of Engineering, Derek Groothuis stated, “ A big part of bringing this to Chicago is the technical talent available in the city. Chicago has a really strong technical community, particularly in the financial world, across a pretty broad range of different financial companies and activities.”