Estadosecidades.com – Coinbase is the exchange of digital currencies with focus on cryptocurrency. Founded by Brian Armstrong, a former engineer at Airbnb, and Fred Ehrsam, a trader Goldman Sachs, back in June 2012.
It didn’t take long for the company to grow – the company received an investment of $ 30 million from a variety of sources, including venture capital firms, and in 2014, more than one million users are using Coinbase. In the same year, Coinbase acquired Blockr and Kippt and partnered with companies such as Dell, Expedia, and Time Inc., just to name a few, allowing them to accept Bitcoin payments.
While Coinbase originally only allow users to buy and sell Bitcoin, after the company obtained the BitLicense from the DFS in 2017, support to trade Ethereum, Litecoin, and various other cryptocurrency added.
The company is fully regulated and licensed to operate in more than 40 states in the US. In addition to allowing transactions and storage of Bitcoin in 190 countries around the world, Coinbase also allows users from 32 countries to exchange cryptocurrency like Bitcoin Cash and Ethereum Classic with fiat currency.
For whom Coinbase?
Coinbase is considered as a platform where the course by investors crypto beginners and experienced traders.
This is because the company has positioned itself as a safe harbor – unlike many of its competitors, he never hacked.
It should also be noted that the company pursues compliance with existing regulations without compromise, placing it on the right side of the law at a time when the industry desperately needs more stringent regulation.
- Trade crypto through the trading platform of the advanced
- Making a custodial account for your institution
- Storage wallet which is easy to use for retail investors
- Investment in USDC; stablecoin backed by the U.S. government
But, for the most part, have access to all the way this is a trivial problem. Simple interface, high liquidity, and secure access to a lot of altcoin is what attracts millions of traders from around the world to the platform.
Coinbase continues to lower the barrier to entry for both crypto, which, to this day, is seen as a sector that is convoluted by most. On the other hand, while the company operates as a provider of traditional financial services, its primary mission is to help forge the financial system open – vision that many fans of crypto actively pursue.
It is not difficult to see why newcomers and trading professionals prefer to use Coinbase
Coinbase Regulation and security for customers
Coinbase is the one of the exchange of crypto leading by 10+ million users around the world and take some security measures to ensure that each user’s data is safe.
The risk of collapse makes a critical security from the point of view of companies – Coinbase learn the lessons of the bitcoin exchange Error Mt. Gox. Mt. Gox collapsed in 2014 due to a breach of security and leakage of the database that causes the company to lose $ 500 million fund of its users of the hacking.
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Coinbase proud of the fact that it has never been breached before, and the fact that it encourages the millions of new traders to choose Coinbase than other companies. But it is important to note that while Coinbase itself has never been hacked, users of Coinbase has hacked their account before.
This incident just recapping the importance of storing cryptocurrency in a wallet on personal rather than leaving it in the platform.
Coinbase stores 98% of customer funds offline using the hard drive. Backup paper is also made, make Coinbase one of the exchange of the safest that You can use. Cold storage is almost impossible accessed by the hacker because the hard drive that stored the funds are disconnected from the internet.
T again, cold storage then dispersed to secure a safe deposit box in all over the world. This does not give You a reason to hesitate using the platform to invest and trade in crypto.
Coinbase also enforces the use of two-step verification, and every user on the platform should be set up. Only after You enter the code You receive in your phone, You can access your account or make transactions.
The website of the company also follows the industry practices. All traffic is encrypted, and the wallet and keys in the website is also encrypted. One of the greatest things that encourage traders new crypto to Coinbase is their insurance. While most of the cryptocurrency stored in a safe deposit box, cold storage, the rest is insured by Lloyd’s of London.
It is important to remember that protect the wallet Coinbase You is Your responsibility. If You lose access to Your wallet because Your login credentials compromised, the company will not reimburse the funds. This is why the company makes two-step verification mandatory for all users.