Coinbase Q2 2018: All that’s achieved from the horse’s mouth itself
Coinbase CEO and co-founder Brian Armstrong has sent a note to his team about the cryptocurrency exchange firm’s accomplishments in Q2 2018. He shared the same with the customers and crypto world a day later. In the note posted on the Coinbase’s Medium blog, Brian spoke about the acquisitions, investments, business units among other important aspects that the San Francisco-headquartered company achieved in the quarter.
Crypto exchange platform Coinbase brings on board new members
The 35-year-old Coinbase leader revealed that the cryptocurrency exchange firm added new team members to scale-up operations. He listed the new positions: VP of Financial Planning & Analysis; Head of Data Engineering; Head of Business Development; Head of Business Operations; Head of Business Analytics. Also, 59 persons were recruited in product and engineering teams.
— Brian Armstrong (@brian_armstrong) 26 July 2018
Coinbase acquisitions in second quarter (Q2)
Coinbase acquired four companies: Earn.com, Cipher Browser, Paradex, and Keystone. The crypto exchange founded in 2012 has big plans ahead of combining the knowledge of all the companies acquired. If anyone’s wondering if trading on Coinbase is safe, worry not, as all the deposits are insured. The firm currently brokerages exchanges in Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], and Litecoin [LTC].
The company played a crucial role in helping cryptocurrency-backed businesses obtain legal permits for operations in the states of Wyoming and North Carolina. Brian Armstrong mentioned in the note that Coinbase might re-start its business in Wyoming soon.
Investments to speed up innovation
The San Francisco company has made some significant investments to accelerate innovation. Brian claims the company is way ahead of schedule with Coinbase Ventures. The firms they have invested so far: OpenSea, Celo, Compound, TruStory, Elph, Reserve, Rarebits, Relevant, Spacemesh, Etherscan, Fuel Games, and Unlock Protocol.
New business units launched, existing ones adapted
Coinbase CEO Brian Armstrong informed the customers that the company launched Coinbase Index Fund and Coinbase Custody in a bid to serve investors of every kind – from casual to professional and institutional.
Further, GDAX is evolved into two separate offerings – Coinbase Pro, for active users, and Coinbase Prime, for institutional investors.
One of the primary reasons behind Coinbase’ success story the way it keeps pace with the regulations in different states and countries it operates in. It
Coinbase empowers support team, opens offices in Chicago, Portland
Brian underscores that the team worked hard to resolve the backlog in support tickets and improved response time. He said the support team was hiked by over 150 percent, which thereby reduced the average time for first response to less than 10 hours.
Further, new offices were opened in Chicago and Portland. The New York workspace is also soon moving into a permanent office.
Brian Armstrong finally concluded:
We’re on the right path, doing the right work. I hope you’ll take a moment this weekend to reflect on the past quarter and all that we’ve accomplished.