Coinbase, a virtual money exchange from California had witnessed its best performance in the previous quarter. It launched various products in the last quarter of the previous year.
Lightspeed Venture Partner’s Semil Shah called the company as ‘The Breakout Company of 2017’. The company has recently completed its 12 Days at Coinbase. The company has launched a few new features such as instant withdrawals through PayPal, and Coinbase Earn. Coinbase Earn is an upgraded version of Earn.com.
CoinBase purchased Earn.com in April 2018 for $120 million. The exchange has been doing many interesting and notable things lately. It has undertaken the safe migration of more than $5 Billion to an upgraded cold storage system.
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Coinbase has successfully raised $300 million E round Series having a total worth of 8 Billion dollars. This action has made it one of the most valued and worthy startups with the ecosystem, in the crypto industry. This action was managed by many reputes fund and capital companies like Tiger Global Management, Y Combinator Continuity, Andreessen Horowitz, and a few others like Polychain Capital.
Coinbase has invested in multiple companies and startups. It has an investment facility named Coinbase Ventures. Some of the notable investments done by this arm are Abacus Protocol, API Nomics, Securitize and Starkware. All these investments are complementing CoinBase’s previous investments like an investment made in a stablecoin project named Reserve and Unlock Protocol. Unlock Protocol is built on the Ethereum blockchain to control the access on the blockchain. Coinbase had also purchased Cipher Browser.
Coinbase has been improving its operations and business; one of the most interesting development at this exchange could be the rollout of the ‘USDC’- collateralized stablecoin. USDC is a stable coin; each unit of USDC is valued the same as the value of one dollar. It does not fluctuate as per the market. USDC has achieved a value worth $250 million after a couple of months of issuing it. A number of major and reliable exchanges are supporting this stablecoin.
Coinbase has also introduced ten new crypto assets within the products offered by the exchange itself- BAT, LOOM, CVC, ZRX, DAI are a few of them.
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One of the aims of Coinbase is to build an open financial network across the world. In line with this objective, Coinbasse has started providing its services in six new European countries like Iceland, Andorra, Isle of Man, Gibraltar, Guernsey, and Lithuania. People from these countries can now trade in crypto using Coinbase platform.
