It plans a direct listing, in which no new shares are issued.Īs Coinbase has grown, it has fielded customer complaints. It turned a $322 million profit last year, while its revenue more than doubled to $1.27 billion. Today, Coinbase has 43 million customers, according to its offering prospectus. The company would take a fee each time a customer placed an order. Armstrong created Coinbase as a “currency exchange” - essentially, a place where people could buy, sell and transfer cryptocurrencies through what is known as a digital wallet. At the time, Bitcoin and other cryptocurrencies had just started emerging as a way to decentralize finance by allowing people to send money to one another across the globe without the need for a bank.īut trading Bitcoin without help from an institution proved tricky.
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The company said it educated its users on how to keep their accounts secure.Ĭoinbase was founded in 2012 by Brian Armstrong, who is the chief executive, and others. It said 0.004 percent of its users had experienced “account takeovers” in the past year, where someone breached their devices and then gained access to their Coinbase accounts. In a statement, Casper Sorensen, Coinbase’s vice president for customer experience, said the company was grappling with a “24/7 crypto economy, which, combined with a substantial increase in demand, has created a unique set of customer experience challenges.” To address those, the company said, it added 2,000 customer support employees in recent months and decreased wait times for help.Ĭoinbase added that it had never been hacked. But he added that if the company wanted to be “the Goldman Sachs of crypto,” it “needs to maintain quality customer support.” The price of Bitcoin, the best-known digital currency, has broken records since November.Ĭoinbase’s going public is “seminal” for the cryptocurrency industry, said David Silver, a lawyer who represents digital currency investors. Its listing would also underline how cryptocurrencies have surged in popularity in the pandemic. No major cryptocurrency company has gone public before, and some investors have speculated that Coinbase could be valued at as much as $100 billion. That raises questions for Coinbase at a crucial moment. As Coinbase prepares to go public in the next few weeks, cementing its status as one of the world’s biggest cryptocurrency enterprises, its users’ experiences show how the company sometimes still struggles to address basic customer service complaints. His cautionary tale is one of dozens from Coinbase customers around the world who say that their accounts were plundered by attackers or that they were locked out of their life savings without warning or reason - and that the company failed to detect the issues and did little to help. So in January, he sued Coinbase, accusing the company of negligent security measures and failing to protect his money. Pierre, 47, a lawyer and onetime Coinbase employee, began urging his former colleagues to investigate the episode and to compensate him for the missing cryptocurrencies, which would be worth more than $400,000 today. “And within a couple of minutes, it was all taken away from me.” “I was thinking about retirement, family, having money for those rainy days,” he said. Pierre said he was shocked because he had expected Coinbase’s security to detect suspicious activity and stop the theft.
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The company later told him that an “attacker” had reset his password and drained his account. Worried his phone was being hacked, he quickly checked his most valued app: Coinbase, a cryptocurrency company where he had stored digital coins worth $100,000.
Michael Pierre was sitting in his Brooklyn apartment last summer when he received a text on his iPhone from an unknown number, then immediately lost service.
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