Coinbase was founded by Brian Armstrong, Fred Ehrsam, and Ben Reeves. Armstrong was previously a chief engineer at Airbnb, while Ehrsam was a trader in Goldman Sachs, a renowned investment bank. In 2012, both started working in Y Combinator, a business incubator, their first joint project, buying and selling bitcoins through wire transfer, being complete by the fall of the same year.
Currently, Coinbase is a crypto platform packed with various features and working in various industries. With Coinbase.com website and the respective crypto wallet, one can buy, store, and sell cryptocurrencies. There are also exchanges for both institutional and retail investors, Coinbase Prime and Coinbase Pro, both providing fund insurance. For online stores, Coinbase offers a crypto payment solution.
Coinbase partnered with Circle to found Centre, a company that created USD Coin (USDC). In late March 2021, VISA launched a trial project to integrate USDC into its payment ecosystem.
Since its inception, i.e. over nine years, Coinbase has raised $500M from such large companies as Andreessen Horowitz, Ribbit Capital, and Union Square Ventures. The company is growing at a very high pace, with the earnings amounting to $483M in 2019 and to as much as $1.10B in 2020. In Q1 2021 alone, the earnings reached an incredible number of $1.80B.
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