On 26th July, Brian Armstrong, the Co-founder and CEO of the leading cryptocurrency exchange platform Coinbase released a note on the quarterly accomplishments of the team. In the note, the Coinbase leader has spoken about its acquisitions, investments, business units and other important aspects.
Armstrong described his company as the most reliable and compliant in the cryptocurrency space. According to him, this is due to Coinbase’s fairly high pace in being in tune with the state and country regulations, no matter where Coinbase operates from.
Firstly, the trading platform took an initiative in offering a trade in digital securities. The approval of Coinbase’s acquisition of Venovate Marketplace Inc. and Keystone Capital Corp. by the Financial Industry Regulatory Authority [FINRA] was a big achievement for the platform. The authority also granted Coinbase to possess licenses for entities’ broker-dealer and other trading systems.
Coinbase has also been a major voice in shaping the policy in Wyoming and North Carolina. This was in regards to the legal modification to permit operations in cryptocurrency-backed businesses in these areas. The CEO also informed in the note that Coinbase might re-start its business in Wyoming soon, to serve its customer base there.
In the past quarter, Coinbase has acquired a total of four companies, namely, Keystone, Cipher Browser, Earn.com and Paradex. Armstrong conveyed to his team and community:
“We’re at the beginning of imagining what might be possible when we combine all of the brilliance of these teams with all the opportunity ahead of Coinbase.”
Regarding the investments made by Coinbase in the second quarter, Armstrong believes that the company is raced-off ahead of the schedule already, with Coinbase Ventures. He credited the multiple teams working on the projects for the fast-paced achievements.
The companies that Coinbase has invested in so far are OpenSea, Compound, Elph, Reserve, Etherscan, Rarebits, TruStory, Relevant, Unlock Protocol, Spacemesh, Fuel Games and Celo.
The launch of new business units
Coinbase Custody and Coinbase Index Fund were launched recently. This was done to diversify and expand Coinbase’s portfolio in terms of products and institutional, professional and casual services to the investors. The leader stated that there is much excitement on both of these units and are seeing immense success readily.
Adaptation of existing business units
GDAX, which is the trading platform used by Coinbase for its customer base, evolved and had been separated into two different services: Coinbase Prime and Coinbase Pro. Prime offers services to institutional investors whereas the Pro version is for active traders to use. This was done in order to provide Coinbase services to a diverse customer base.
Building a strong foundation
The team successfully addressed any backlogs in support tickets. This had vastly increased the response of Coinbase’s support team making it a lot busier in the second quarter. An increase of over 150% was observed. In other words, the response time on an average saw a decrease of fewer than 10 hours for 95% of incoming volume.
New Coinbase offices were established
The Markets team held the opening of one of the offices in Chicago. Several other teams had also been the part of the new opening of an office in Portland. Moreover, Coinbase’s office in New York will now have a permanent address.
Lastly, Armstrong ended the note by saying:
“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.”
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