What is Coinbase? A Beginner's Guide to the Leading Crypto Exchange

 

Coinbase Exchange holds the second position in terms of trading volume among cryptocurrency exchanges in the United States of America. As of early 2023, Coinbase has over 89 million verified users across more than 100 countries. 

1.What is the History of Coinbase?

Who Founded Coinbase? 

Brian Armstrong, a former Airbnb engineer, founded Coinbase in June 2012. He received a US$150,000 cash infusion through the Y Combinator startup incubator program. Later, Fred Ehrsam, a former Goldman Sachs trader, joined as a co-founder after noticing Armstrong’s posts on Reddit.

Early Years

In October 2012, Coinbase launched services to buy and sell bitcoins through bank transfers. The company’s name is inspired by “coinbase transactions,” which introduce cryptocurrency into circulation in proof-of-work cryptocurrencies.

Series A Investment 

In May 2013, Coinbase secured a US$5 million Series A investment led by Fred Wilson from Union Square Ventures.

Growth and Expansion

Over the years, Coinbase expanded its offerings, becoming the largest cryptocurrency exchange in the United States by trading volume. It now serves users in over 100 countries and offers more than 250 different cryptocurrencies to U.S. customers.

Remote-First Transition in 2020: In response to the COVID-19 pandemic, Coinbase announced it would shift operations to remote-first, closing its San Francisco headquarters.

2. What Are the Advantages of Using Coinbase? 

1.Extensive Cryptocurrency Selection

Coinbase provides access to over 200 cryptocurrencies, allowing users to diversify their portfolios.

2. Simple and Advanced Trading 

Whether you’re a beginner or an experienced trader, Coinbase caters to both. Its user-friendly design makes it easy to get started, while advanced tools are available for seasoned investors.

3. Earn Free Crypto

Coinbase offers opportunities to earn free cryptocurrencies through staking or educational content. It’s a great way to learn and accumulate digital assets.

4. Educational Content

Coinbase provides helpful educational resources, making it ideal for those new to crypto. Learning about cryptocurrencies is essential, and Coinbase supports that journey.

5. Top-Rated Mobile App

The Coinbase mobile app is intuitive, well-designed, and highly rated. It allows you to manage your crypto investments on the go.

6. Crypto Rewards

Coinbase occasionally offers promotions and rewards to its users, such as sign-up bonuses or referral programs.

7. Coinbase Debit Card

Users can link their Coinbase accounts to a debit card, enabling seamless spending of cryptocurrencies in real-world transactions.