Coinbase

Coinbase is a leading cryptocurrency exchange platform founded in 2012 by Brian Armstrong and Fred Ehrsam. As of 2024, it offers trading services for over 200 cryptocurrencies, including popular coins like Bitcoin, Ethereum, and Dogecoin. Coinbase provides both simple and advanced trading options through its main platform and Coinbase Advanced (formerly Coinbase Pro), catering to retail and institutional investors alike. The company's primary revenue streams come from transaction fees and subscriptions. Coinbase also offers additional services such as cryptocurrency staking, a self-custody digital wallet, an NFT marketplace, and educational content through its "learn and earn" program. In April 2021, Coinbase became a publicly traded company on the Nasdaq under the ticker COIN. The platform emphasizes security, storing 98% of customer assets offline in cold storage and carrying crime insurance to protect against potential breaches. Coinbase has developed institutional offerings like Coinbase Prime, which provides advanced trading tools and custody solutions for large-scale crypto transactions. In June 2023, Coinbase launched Base, its own Layer 2 blockchain network built on Ethereum, to facilitate faster and cheaper transactions.

Key customers and partnerships

Coinbase has established itself as a trusted partner for both individual and institutional clients. In January 2024, the company played a significant role in the launch of spot Bitcoin ETFs, serving as a custody partner for many of the newly approved funds. By April 2024, these ETFs had collectively brought in over USD 50 billion in assets. In July 2024, Coinbase secured a notable partnership with the US Department of Justice, with the US Marshals Service selecting Coinbase Prime to handle custody and trading services for forfeited digital assets. This USD 32.5 million contract demonstrates the company's growing acceptance by government institutions. Coinbase has also formed strategic alliances in the payments sector, partnering with Stripe in June 2024 to enhance fiat-to-crypto onboarding and enable USDC payments across 150 countries. Additionally, the company has collaborated with tech giants like Meta, integrating NFT support for Instagram through the Coinbase Wallet.