Coinbase

Coinbase is a NASDAQ-listed (COIN) cryptocurrency exchange platform. In terms of trading volume, Coinbase is the largest cryptocurrency exchange in the US. Coinbase was founded in the year 2012 by Brian Armstrong and Fred Ehrsam. The crypto exchange platform is easy to use and is known for its simple interface and limited transaction types. The company claims to have approximately 103 million verified users, 14,500 institutions, and 245,000 ecosystem partners in over 100 countries.

Coinbase Wallet

Coinbase provides its users with a digital wallet also. The Coinbase crypto wallet stores all your crypto and NFTs in one place, provides unlimited access to decentralized applications, and shields your digital assets with industry-leading security. The platform is seen as one of the most liquid-regulated crypto spot exchanges in the world.

Acquisition of LMX Labs

With the acquisition of LMX Labs, a CFTC-regulated derivatives exchange, Coinbase has introduced Coinbase Derivatives to its offering. Coinbase intends to provide transparent futures markets as a way to access the crypto-economy. The crypto exchange platform supports 179 cryptocurrencies, and the types of transactions it supports include Buy, sell, send, receive, and exchange.

As compared to Binance, Coinbase provides more features for U.S. residents and fewer options for global traders. The exchange supports fiat currencies, like USD, euro (EUR), and British pound sterling (GBP).

In March 2018, Coinbase announced its decision to add support for ERC-20 tokens. In 2021, the company came under the scanner of the Office of Foreign Assets Control (OFAC), on concerns that the business might have provided their blockchain service to blacklisted individuals/companies. Last year, the company acquired an Indian startup Agara, an AI-powered support platform for an estimated value of $40–50 million. Coinbase reported a record net loss of $1.1 billion in the second quarter of 2022.

Trending

SEC to review XRP ETFs Between October 18–25.

SEC to Decide on Six Spot XRP ETF Applications in October

Ethereum coins symbolizing price drop and market volatility trends.

Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows

XRP utility expands as Axelar’s mXRP vault hits $22M deposits, fueling demand through yield and DeFi strategies.

XRP News: mXRP Vault Surpasses $22M as Investors Capitalize on Staking Rewards

About author
Disclaimer

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Share on

Follow on Twitter

Share on

Follow on Twitter