Coinbase shuts critics, all set to open office in Portland

Coinbase – a leading U.S. cryptocurrency exchange and wallet provider announced on June 28 that they’re opening a new office in Portland, United States. Coinbase was founded in 2012 and boasts of having more than 20 million users, with $150 billion assets traded. Currently, users trade Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), and will soon be able to trade Ethereum Classic (ETC). The statement related to the news office was released on their blog. They mentioned that the exchange has considered different cities before finally deciding Portland.

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It was chosen for its “incredibly talented, innovative open-source and blockchain communities.” The report suggests that the Coinbase exchange took the office on a seven-year lease. The renovations will start in the coming weeks. As per the blog post, the U.S. cryptocurrency exchange will be adding up to 100 new jobs to the Portland economy this year and will possibly add more as the company grows.

Criticisms Coinbase faced

Coinbase has been subjected to heavy criticism recently due to its failed customer service across the board. According to a report by Cointelegraph, some documents acquired by Mashable through a five-month Freedom of Information Act (FOIA) process comprised of 134 pages of complaints that users of the exchange filed. Users complained of difficulties in accessing funds, being locked out of access, the problem in transferring funds between accounts and not receiving due funds. Mashable even wrote that the filings form a “troubling pattern”. It shows that the users are attributing their losses and mismanagement by Coinbase.

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Despite all the criticisms and shortcomings, the company announced recently that it has plans to expand their Japan markets by opening a new office. The exchange also added that there will be a suite of products to facilitate institutional investments. They’ll even apply for a license with the country’s financial regulator, the Financial Services Agency (FSA), within a year.

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