Coinbase Takes A Look Back At Its Accomplishments in Q2 2018
In a recent Coinbase Blog, the crypto exchange’s team took a moment to travel back in time to appreciate how far they have gotten in just the second quarter of 2018. A complete breakdown has been provided in terms of the members who’ve onboarded the team, its acquisitions, investments, products and much more.
— Brian Armstrong (@brian_armstrong) July 26, 2018
Here is what the Coinbase team had cherished in their post:
New Members Onboard the Coinbase Team
Several positions have allegedly been filled up in Q2, as an effort to get closer to the firm’s set goals. Members include the VP of financial planning & analysis, and several heads of data engineering, business development, business operations, and business analytics to name of a total of 59 members.
New Coinbase Acquisitions
Coinbase has acquired four different companies which include Earn.com, Cipher Browser, Paradex and Keystone. The first is a firm that helps users earn bitcoin, which is said to be done by simply replying to emails and completing tasks. Second, Cipher Brower is an ethereum wallet and DApp browser. Next, is Paradex, a firm that emphasizes on a peer-to-peer system that values speed and reliability. Lastly, Keystone, a Chicago-based investment firm.
Investments as Part of Coinbase Ventures
Coinbase Ventures was established as way to contribute to the development of startup crypto and blockchain firms. Coinbase’s investments have thus far made a difference to the following firms in Q2 2018 alone: OpenSea, Celo, Compound, TruStory, Elph, Reserve, Relevant, Spacemesh, Etherscan, Fuel Games, and Unlock Protocol
Launches of Coinbase Products
In an attempt to enhance user profile on the crypto exchange, Coinbase has launched two products, namely the Coinbase Index Fund and Coinbase Custody. The former allows users to hold a basket of digital assets, which is said to be free of performance fees and ensures that one’s assets are fully secured. The latter was created specifically for institutional investors who are hesitant of the market’s consistent instability.
Adapting Businesses to Fit Coinbase
Coinbase’s continuous drive in ensuring that users of all levels and risk related comfort levels are now offered two different offerings, which have supposedly come right out of GDAX. The first, called Coinbase Pro, was established for active and daily traders, while Coinbase Prime supports the likes of institutional investors.
The team involved has valued the immense support it has gained in Q2 2018, adding that the firm was effective in traveling at an appropriate pace through its roadmap. In particular, the fact that it complied by States regulation along with other countries is what is said to have aided the crypto exchange flourish. An intricate statement was also shared in relation to the approval of its Keystone acquisition, along within getting hold of the required licenses.
To sum it all up, Q2 2018 marks yet another praise worthy quarter for Coinbase, as it grew its
“support team by over 150%, decreased our average time to first response to <10 hours for 95% of incoming volume today […] We are able to resolve issues faster and decreased the backlog by 95%”
The post concludes with Coinbase’s new offices in Chicago and Portland, with the hints that the New York Office will soon be open for business!