Decoding the underlying principles of Coinbase for its immense success in the field.
Cryptocurrency exchanges provide the users with a common place for the exchange of cryptocurrencies with each other or any other with any other Fiat currencies. In the recent years, the number of cryptocurrency exchanges have burgeoned and hence made it even more difficult for the users by making a choice. Nevertheless, the choice of a cryptocurrency exchange for a particular user depends solely on his requirements and geographical location. We even have witnessed some incompetent exchanges which have been taken down automatically due to the revenue losses that it had incurred. On the other hand, there are a few promising and reliable exchanges where one can blindly store their cryptocurrency assets.
Coinbase was founded by Brian Armstrong and Fred Ehrsam in June 2012. The non-governmental firm has stood the test of time effectively as it is witnessed to be one of the best cryptocurrencies in the world. The exchange mainly operates in Asia which is one of the biggest economies of the world. Let’s dive into the details which made the cryptocurrency exchange this popular and reliable.
Situated in the city of San Francisco, California the exchange controls its functioning in over 32 different countries around the world. Blockchain.info co-founder Ben Reeves also was originally a part of the team members of Coinbase but parted his ways due to the difference in opinion regarding the Coinbase Crypto wallet. The Crypto exchange offers one stop shop solution for all the Crypto requirements. The company was launched only with an initial service of buying and selling Bitcoins through their bank accounts.
The success of any project highly depends on the effectiveness and consistency of the team members. The team members at Coinbase are labelled to outperform their competitors since its inception. Some of the key members of the organization are.
- Brian Armstrong (CEO & Co-Founder)
- Asiff S Hirji (President & COO)
- Alesia Jeanne Haas (CFO)
- Balaji S Srinivasan (CTO)
The cryptocurrency exchange has managed to raise almost $225.3M in a series of 8 investments.
The cryptocurrency exchange Levies 1% transaction fees on all the transaction. Also, a $0.15 charge is added for all the bank transfers. This model helps them in gaining huge amounts of profits apart from the additional investments that they gain. The interactive user interface that the exchange provides, is an icing on the cake since most of the cryptocurrency enthusiast can’t decipher the complex price charts. The plans for the exchange was initiated way back in 2011 itself, which give it the first movers advantage in the industry. Coinbase has the most satisfied customers due to its high-security compliances. They are well known to safeguard the interests of their customers.
1. Brian Armstrong
Having been worked at companies like IBM, Deloitte, Touche, and Airbnb, Armstrong has always taken the initiative in developing smart solutions in the industries along with the stock market. He was born in 1983 in San Jose, California and during his school days was accepting small offers to develop websites in his school neighbourhood. In the year 2003, he co-founded UniversityTutor.com which was a platform used by the tutors and students to find each other based on various factors. It helped them in deciding on a common meeting place with great convenience. He stayed as the CEO of this startup until 2012. In 2011, he had started to work with Airbnb and left it just after a year to initiate Coinbase.
2. Fred Ehrsam
Obtained his degree in Computer Science from the Duke University, he had earlier been working for Goldman Sachs as a trader in the securities division. He has also imparted his service as Portfolio Analytics at BlackRock.
In order to provide an effective customer service throughout the world, its offices are highly equipped with the latest technology and ambience. There are offices at four different locations.
- San Francisco (Headquarters) the United States
- Chicago, United States
- New York, United States
- London, United Kingdom
According to reports from glassdoor.com, Coinbase doesn’t provide a comfortable environment for its customers. Some workers even complain that they were suppressed if they disagree with some decisions. Precisely as most of the experienced experts have left the organization. But the organization still manages to be at the topmost positions in the crypto space.