History of Coinbase in Timeline

Coinbase is a leading cryptocurrency exchange founded in 2012 by Brian Armstrong and Fred Ehrsam. As of 2024, it stands as the largest U.S.-based exchange and a major Bitcoin custodian globally, serving over 100 million users across more than 100 countries. Coinbase holds substantial assets, including a significant percentage of the world's Bitcoin and staked Ether, solidifying its position as a key player in the cryptocurrency market.

June 2012: Coinbase Founding and Y Combinator Program

In June 2012, Brian Armstrong founded Coinbase and enrolled in the Y Combinator startup incubator program, receiving a US$150,000 cash infusion. Fred Ehrsam later joined as a co-founder.

October 2012: Launch of Bitcoin Buying and Selling Services

In October 2012, Coinbase launched services to buy and sell bitcoins through bank transfers.

2012: Coinbase Founded

In 2012, Brian Armstrong and Fred Ehrsam founded Coinbase Global, Inc., an American cryptocurrency exchange.

May 2013: Series A Investment

In May 2013, Coinbase received a US$5 million Series A investment led by Fred Wilson from Union Square Ventures.

January 2014: Incorporation as Coinbase Global, Inc.

In January 2014, Coinbase Global, Inc. was incorporated in Delaware as a holding company for Coinbase and its subsidiaries.

January 2015: Investment and Launch of Coinbase Exchange

In January 2015, Coinbase received a US$75 million investment and launched Coinbase Exchange, a U.S.-based bitcoin exchange for professional traders.

May 2016: Rebranding of Coinbase Exchange

In May 2016, Coinbase rebranded the Coinbase Exchange, changing the name to Global Digital Asset Exchange (GDAX).

March 2017: Licensing to trade in Ethereum and Litecoin

In March 2017, Coinbase was licensed to trade in Ethereum and Litecoin from the New York State Department of Financial Services (DFS).

February 11, 2018: Banks and Card Issuers Change Merchant Category Code for Cryptocurrency Purchases

Customers who purchased cryptocurrency on the Coinbase exchange between January 22 and February 11, 2018, could have been affected by changes to the merchant category code (MCC), causing them to be overcharged.

February 16, 2018: Coinbase Admits Customers Overcharged for Cryptocurrency Purchases

On February 16, 2018, Coinbase admitted that some customers were overcharged in error for credit and debit purchases of cryptocurrencies. At first, Visa blamed Coinbase, but later it was clarified that the issue was not caused by Coinbase.

February 23, 2018: Disclosure of Customer Data to IRS

On February 23, 2018, Coinbase informed approximately 13,000 affected customers that the company would provide their taxpayer ID, name, birth date, address, and historical transaction records from 2013 to 2015 to the IRS.

March 2018: Customer Complaints Against Coinbase Jumped

In March 2018, it was reported that the number of monthly customer complaints against Coinbase jumped more than 100 percent in January of that year, to 889, citing official Consumer Financial Protection Bureau data, with more than 400 of those categorized as "money was not available when promised".

March 26, 2018: Intention to support Ethereum ERC-20 tokens

On March 26, 2018, Coinbase announced their intention to add support for Ethereum ERC-20 tokens.

April 5, 2018: Formation of Coinbase Ventures

On April 5, 2018, Coinbase announced that it had formed an early-stage venture fund, Coinbase Ventures, focusing on investment into blockchain- and cryptocurrency-related companies.

2018: Coinbase Receives F Rating by Better Business Bureau

From 2018 to 2023, the company received an "F" rating from the bureau due to poor customer service.

2018: Gender and Racial Pay Disparities

In 2018, it was reported that women at Coinbase were paid an average of eight percent less than men at comparable jobs, and Black employees were paid seven percent less than those in similar roles.

2018: Coinbase Global Revenue Estimated at Around US$520 Million

In April 2019, Reuters estimated that Coinbase's global revenue totalled "around US$520 million" in 2018.

January 2019: Halt of Ethereum Classic Trading

In January 2019, Coinbase stopped all trading on Ethereum Classic due to a suspicion of an attack on the network.

April 2019: Coinbase's Non-U.S. Revenue Grew 20 Percent

In April 2019, a U.K. corporate filing stated that Coinbase's non-U.S. revenue grew 20 percent to €153 million (US$173 million) in 2018 resulting in a net profit of €6.6 million.

May 2019: Emilie Choi Promoted to President and COO

In May 2019, Emilie Choi, who was previously appointed as Vice President of Corporate and Business Development in March 2018, was promoted to the role of president and chief operating officer.

2019: Coinbase Reports Net Loss

In 2021, Coinbase reported a net income of US$322 million after posting a loss in 2019.

2019: SEC Alleges Coinbase Acted as Unregistered Broker

In June 2023, the SEC alleged that since 2019 Coinbase had been acting as an unregistered broker, exchange and clearing agency.

May 2020: Shift to Remote Work and Acquisition of Tagomi

In May 2020, Coinbase announced it was shifting completely to remote work due to the COVID-19 pandemic and announced the acquisition of New York-based digital asset trading firm Tagomi.

October 2020: Voluntary agreement brokered with FCA

In October 2020, Coinbase brokered a voluntary agreement with the British regulator Financial Conduct Authority (FCA) agreeing not to accept new users that the regulator considered high-risk. This agreement was later breached leading to a fine in July 2024.

2020: Coinbase Reports Net Revenue of US$1.14 Billion

In 2021, Coinbase reported net revenue of US$1.14 billion in 2020, up from US$483 million the previous year.

March 2021: Coinbase Agrees to Pay US$6.5 Million to Settle Regulatory Claims

In March 2021, Coinbase agreed to pay US$6.5 million to settle regulatory claims that it had reported misleading information about its trading volumes.

March 2021: OFAC Review and Business Presence in India

In March 2021, Coinbase fell under review by the Office of Foreign Assets Control. Also in March, Coinbase announced it was establishing a business presence in India and hiring employees for IT services.

April 14, 2021: Coinbase Goes Public

On April 14, 2021, Coinbase became a public company on the Nasdaq exchange via a direct stock listing and closed at US$328.28 per share on its first day of trading.

April 2021: Revenue Increase

In April 2021, Coinbase reported a nine-fold increase in first-quarter revenue, to US$1.8 billion.

December 2021: Coinbase Froze Cryptocurrency GYEN

In December 2021, CNBC reported that Coinbase froze the cryptocurrency GYEN due to a sudden price spike, resulting in many traders losing money.

2021: Coinbase Operated as Remote-First Company

From 2021 to 2025, Coinbase operated as a remote-first company and has no physical headquarters.

2021: Coinbase Reports 43 Million Verified Users

In 2021, as part of its SEC filing to go public, Coinbase reported 43 million verified users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries.

February 2022: Super Bowl Commercial

In February 2022, Coinbase's 60-second commercial during Super Bowl LVI involved a QR code to direct viewers to the company's webpage and was effective.

April 2022: Operations in India and UPI Suspension

In April 2022, Coinbase began operations in India but was forced to suspend most of its business after a statement released by the National Payments Corporation of India.

May 2022: Coinbase-Backed Mara Raises US$23 Million

In May 2022, Mara, which is backed by Coinbase, raised US$23 million to build an African crypto exchange.

May 2022: Coinbase States Custodially Held Crypto Assets May Be Subject to Bankruptcy Proceedings

In a May 2022 Form 10-Q filing, Coinbase stated that "because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors".

June 14, 2022: Coinbase Announces Layoffs

On June 14, 2022, Coinbase announced it would be laying off approximately 18% of its workforce, which is about 1,100 full-time jobs, amid the global downturn in cryptocurrencies and related services.

July 22, 2022: Former Coinbase Product Manager Charged with Insider Trading

On July 22, 2022, a former Coinbase product manager, Ishan Wahi, along with Nikhil Wahi (Ishan's brother) and Sameer Ramani (a friend), was charged in the first-ever insider trading case in cryptocurrency by prosecutors for the Southern District of New York and the Securities and Exchange Commission. According to the complaint filed in SEC v. Wahi, Ishan Wahi allegedly shared information that certain tokens were about to be listed by Coinbase with Nikhil Wahi and Ramani, who then allegedly acted upon that information to make trades for an alleged illicit profit over US$1.5 million.

August 2022: Coinbase Partners with BlackRock

In August 2022, Coinbase announced a partnership with BlackRock. This venture allows BlackRock clients to use their Aladdin investment management system to oversee their exposure to bitcoin along with other portfolio assets, and facilitates trading on Coinbase's exchange.

Loading Video...

October 2022: Coinbase Partners with Google Cloud Platform

In October 2022, Coinbase partnered with Google Cloud Platform, enabling Google Cloud customers to pay for cloud services using cryptocurrencies supported by Coinbase Commerce. Coinbase also agreed to transfer its data-related applications from Amazon Web Services to Google Cloud.

January 10, 2023: Coinbase Announces Layoffs of 950 Employees

On January 10, 2023, Coinbase announced it would be laying off around 950 employees, incurring restructuring expenses of up to US$163 million. Brian Armstrong cited the possibility of "further contagion" following the collapse of the FTX exchange and stated Coinbase would be "shutting down several projects where we have a lower probability of success".

January 2023: Coinbase faces penalties and fines

In January 2023, Coinbase agreed to pay a US$50 million penalty to the New York State Department of Financial Services for allegedly violating anti-money laundering laws and was required to invest an additional US$50 million in its compliance program. Also that month, the Dutch Central Bank fined Coinbase €3.3 million for failing to obtain the correct registration in the Netherlands.

February 7, 2023: Ishan Wahi Pleads Guilty in Insider Trading Case

On February 7, 2023, Ishan Wahi originally pleaded not guilty but entered a guilty plea for his involvement in the Coinbase insider trading case.

February 2023: Coinbase Launches Layer 2 Blockchain on Ethereum

In February 2023, Coinbase launched its own layer 2 blockchain on Ethereum, based on MIT-licensed OP Stack of layer-2 blockchain Optimism.

March 2023: Coinbase Receives Wells Notice from SEC

On 22 March 2023, Coinbase received a Wells notice from the U.S. Securities and Exchange Commission (SEC) signalling that the SEC intended to begin an enforcement action over Coinbase's staking products. Coinbase responded by calling the investigation "cursory", and stated that it would continue to operate as usual.

April 2023: Coinbase Bermuda Licensed to Operate Cryptocurrencies

In April 2023, Coinbase announced that its Coinbase Bermuda division had been licensed to operate cryptocurrencies in Bermuda.

May 9, 2023: Ishan Wahi Sentenced to Prison in Insider Trading Case

On May 9, 2023, Ishan Wahi was sentenced to two years in prison and ordered to forfeit various crypto assets that he received in connection with the insider trading scheme.

June 2023: SEC Sues Coinbase

In June 2023, the SEC said it was suing Coinbase, alleging that the company had been acting as an unregistered broker, exchange and clearing agency since 2019, requesting that the company be "permanently restrained and enjoined" from doing so. The SEC also alleged that Coinbase never registered its staking service as required by U.S. securities laws.

July 2023: Coinbase Leases Office Space in Mountain View

In July 2023, Coinbase was reported to have leased 40,000 sq.ft. of office space in Mountain View, California. This followed the company's prior closing of its San Francisco headquarters amid its transformation to become a remote-first and headquarterless company.

October 2023: End of period of high-risk customer onboarding

Between October 2020 and October 2023, Coinbase unintentionally onboarded a number of customers who were classified as high-risk, representing 0.34% of all customers onboarded during that time. This issue was later addressed in July 2024 when the FCA fined Coinbase's U.K. branch for breaching the voluntary agreement.

2023: Coinbase Trades Are Not Anonymous

Although cryptocurrencies can assure anonymous trade in principle, Coinbase trades are not anonymous. Registered users are required to provide their taxpayer identification, and the transactions are reported to the IRS. Also, even though Coinbase offers more than 250 different cryptocurrencies to U.S. customers as of 2023, it does not trade Monero and other cryptocurrencies with enhanced anonymity protection due to the know your customer (KYC) requirements in accordance with anti–money laundering regulations.

2023: Coinbase Receives F Rating by Better Business Bureau

From 2018 to 2023, the company received an "F" rating from the bureau due to poor customer service.

July 2024: Coinbase's U.K. branch fined by FCA

In July 2024, Coinbase's U.K. branch was fined £3.5 million by the British regulator Financial Conduct Authority (FCA) for breaching a voluntary agreement from October 2020. The FCA stated that the breaches increased the risk of criminals using Coinbase to launder money.

December 2024: Coinbase Adds Apple Pay Support to Onramp Platform

In December 2024, Coinbase added Apple Pay support to its Onramp platform (formerly known as Coinbase Pay), allowing users of third-party apps to fund their crypto purchases directly through Apple's payment service. The supported cryptocurrencies included bitcoin, ether, Dogecoin and others present on the crypto exchange.

2024: Coinbase Userbase and Bitcoin Custody

As of 2024, Coinbase has over 100 million users and is the largest U.S.-based cryptocurrency exchange, as well as the world's biggest bitcoin custodian.

2024: Coinbase Manages US$404 Billion in Digital Assets

In its 2024 annual report, Coinbase said it was managing digital assets worth US$404 billion on its platform.

February 2025: SEC Dismisses Lawsuit Against Coinbase

In February 2025, following the election of Donald Trump, the SEC dismissed its lawsuit against Coinbase, putting an end to a legal battle between the two.

March 2025: Coinbase Largest Node Operator on Ethereum Network

In March 2025, Coinbase said it was the largest node operator on the Ethereum network, controlling 11.42% of all staked Ether (ETH).

May 8, 2025: Coinbase Acquires Deribit

On May 8, 2025, Coinbase announced the acquisition of Deribit, a Dubai-based cryptocurrency derivatives exchange, for $700 million in cash and $2.2 billion worth of Coinbase stock.

May 15, 2025: Coinbase Announces Expected Cost of Data Breach

On May 15, 2025, Coinbase announced it expected the attack would cost the company up to $400 million. Wired reported that Coinbase would reimburse customers up to $400 million.

May 2025: Coinbase Discloses Extortion Attempt and Data Breach

In May 2025, Coinbase disclosed an extortion attempt where cybercriminals bribed rogue overseas support agents to steal customer data for social engineering attacks. The stolen data included personal and account information, but no passwords, private keys, or funds. Coinbase refused to pay the $20 million ransom that was asked and instead offered a $20 million reward for information leading to the attackers' conviction. The company said "less than 1 per cent" of its data was impacted.

May 19, 2025: Coinbase Included in S&P 500 Index

Coinbase was included in the S&P 500 index on May 19, 2025.

June 2025: Coinbase Establishes Office in Charlotte

In June 2025, Coinbase initiated establishing an office in Charlotte for its compliance and customer support teams. The company also maintained offices in San Francisco and New York, and employed nearly 4,000 people with roughly 95% working remotely.

October 2025: Coinbase Funds White House Ballroom Project

In October 2025, eight months after the SEC lawsuit was dismissed under the Trump administration, Coinbase was one of the donors who funded the White House's East Wing demolition, and planned building of a ballroom. That same month, the company reported it was holding digital assets worth $516 billion on its platform.

2025: Coinbase Largest Custodian of Bitcoin

As of 2025, Coinbase is the world's largest custodian of bitcoin, holding over 12% of all bitcoin in existence. It also holds over 11% of all staked Ether and other digital assets like solana.

2025: Coinbase Receives A+ Rating by Better Business Bureau

As of 2025, Coinbase maintains an "A+" rating by the Better Business Bureau.

2025: Remote-First Company

As of 2025, Coinbase operates as a remote-first company with no physical headquarters.

2025: Coinbase Operates Largest U.S. Based Cryptocurrency Exchange

As of 2025, Coinbase operates the largest U.S. based cryptocurrency exchange with over 108 million customers. It offers products for retail and institutional cryptocurrency investors, and other users including merchants and small businesses.

2025: Coinbase Leases Office Space in San Francisco

In 2025, Coinbase leased a large office space in San Francisco to serve as a physical headquarters and operations hub. The company also announced a large office opening in Charlotte, North Carolina to serve as its "Center of Excellence."