History of Coinbase in Timeline

Coinbase is a major American technology company operating the largest U.S.-based cryptocurrency exchange. Founded in 2012 by Brian Armstrong, it boasts 108 million users and manages over $400 billion in assets. Coinbase is also the world's largest Bitcoin custodian, holding 12% of the total Bitcoin supply, solidifying its prominent position in the cryptocurrency market.

June 2012: Coinbase Founding

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

October 2012: Coinbase Launches Bitcoin Buying and Selling Services

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

2012: Coinbase Founded

In 2012, Brian Armstrong founded Coinbase, which became the largest U.S.-based cryptocurrency exchange.

May 2013: Coinbase Receives 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: Coinbase Global, Inc. Incorporated

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

January 2015: Coinbase Receives $75 Million Investment and Launches 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: Coinbase Exchange Rebrands to Global Digital Asset Exchange (GDAX)

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

March 2017: Coinbase Obtains BitLicense and Licensed to Trade Ethereum and Litecoin

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

February 11, 2018: Affected Purchase Date Range

Customers who purchased cryptocurrency on Coinbase exchange between January 22 and February 11, 2018, could have been affected with overcharges due to changes in merchant category codes (MCC) by banks and card issuers, leading to cryptocurrency purchases being processed as "cash advances" with associated fees.

February 16, 2018: Coinbase Admits Overcharging Customers

On February 16, 2018, Coinbase admitted that some customers were overcharged due to changes in merchant category codes (MCC) by banks and card issuers, leading to cryptocurrency purchases being processed as "cash advances" with associated fees. Visa initially blamed Coinbase, but later clarified that the issue was not caused by Coinbase.

February 23, 2018: Coinbase to Provide Customer Data to IRS

On February 23, 2018, Coinbase announced it would provide the taxpayer ID, name, birth date, address, and historical transaction records from 2013 to 2015 of approximately 13,000 affected customers to the IRS within 21 days.

March 2018: Increase in Customer Complaints

In March 2018, it was reported that monthly customer complaints against Coinbase increased by over 100% in January 2018, with a significant portion categorized as "money was not available when promised." The company subsequently increased its customer service staff.

March 26, 2018: Coinbase Announces Intention to Support ERC-20 Tokens

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

April 5, 2018: Coinbase Forms 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 U.K. Revenue details

In April 2019, a U.K. corporate filing revealed 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.

2018: Gender and Race Pay Disparity

In December 2020, The New York Times reported that, based on data up to 2018, women at Coinbase were paid an average of eight percent less than men, and Black employees were paid seven percent less than those in similar roles.

January 2019: Coinbase Stops Trading on Ethereum Classic

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

April 2019: Coinbase U.K.'s Revenue Growth

In April 2019, a U.K. corporate filing revealed 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, previously VP of Corporate and Business Development, was promoted to the role of president and chief operating officer.

2019: Coinbase's Previous year Net Income

In 2021, Coinbase's SEC filing reported a net income of US$322 million in 2020, recovering from a loss in 2019.

2019: SEC alleges unregistered broker activity since 2019

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

May 2020: Coinbase Shifts to Remote Work and Acquires Tagomi

In May 2020, Coinbase announced it was shifting completely to remote work and acquired New York-based digital asset trading firm Tagomi for between US$75 and $100 million.

October 2020: Voluntary Agreement between Coinbase and FCA

In July 2024, it was revealed that Coinbase's U.K. branch was fined £3.5 million by the FCA for breaching a voluntary agreement from October 2020, by onboarding high-risk customers, increasing the risk of money laundering.

2020: Coinbase's Revenue and Net Income

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

March 2021: Coinbase Settles Regulatory Claims

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

March 2021: OFAC Review and Expansion to India

In March 2021, Coinbase fell under review by the Office of Foreign Assets Control, and announced establishing a business presence in India, hiring for IT services and planning a physical office in Hyderabad.

April 14, 2021: Coinbase Goes Public on Nasdaq

On April 14, 2021, Coinbase became a public company on the Nasdaq exchange via a direct stock listing, closing at US$328.28 per share on its first day of trading. Before the listing, Nasdaq set a reference price of US$250 a share, giving the company an estimated value of US$47 billion.

April 2021: Coinbase Reports Revenue Increase Before Direct Listing

In April 2021, Coinbase reported a nine-fold increase in first-quarter revenue, to US$1.8 billion, up from US$190.6 million the previous year, ahead of its direct listing.

December 2021: Coinbase Freezes Cryptocurrency GYEN

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

2021: Coinbase's User Base and Financials in SEC Filing

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: Coinbase Airs Super Bowl Commercial

In February 2022, Coinbase aired a 60-second commercial during Super Bowl LVI featuring a QR code, which was effective according to Adweek.

April 2022: Coinbase Operations in India

Coinbase began operations in India in April 2022, initially using Unified Payments Interface, but suspended most of its business after a statement by the National Payments Corporation of India.

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

In May 2022, Coinbase-backed Mara raised US$$23 million to build an African crypto Exchange.

May 2022: Disclosure of Bankruptcy Risk and Customer Assets

In a May 2022 Form 10-Q filing, Coinbase stated that custodially held crypto assets could be subject to bankruptcy proceedings, potentially treating customers as general unsecured creditors.

June 14, 2022: Coinbase Announces Layoffs

On June 14, 2022, Coinbase announced it would be laying off approximately 18 percent of its workforce, about 1,100 full-time jobs, due to the global downturn in cryptocurrencies.

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

On July 22, 2022, Ishan Wahi, a former Coinbase product manager, along with Nikhil Wahi and Sameer Ramani, were charged with insider trading related to information about upcoming token listings, allegedly resulting in illicit profits of over US$1.5 million.

August 2022: Coinbase Partners with BlackRock

In August 2022, Coinbase announced a partnership with BlackRock, allowing BlackRock clients to use their Aladdin investment management system to oversee their exposure to bitcoin and facilitate trading on Coinbase's exchange.

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October 2022: Partnership with Google Cloud Platform

In October 2022, Coinbase partnered with Google Cloud Platform, enabling Google Cloud customers to pay for services with cryptocurrencies via Coinbase Commerce. Coinbase also planned to migrate its data applications from Amazon Web Services to Google Cloud.

January 10, 2023: Coinbase Announces Layoffs

On January 10, 2023, Coinbase announced it would lay off approximately 950 employees and incur restructuring expenses of up to $163 million. CEO Brian Armstrong cited concerns about potential "further contagion" after the FTX exchange collapse, leading to the decision to shut down projects with a lower probability of success.

January 2023: Coinbase Fined for AML Violations

In January 2023, Coinbase agreed to pay a US$50 million penalty to the NYDFS for allegedly violating anti-money laundering laws and was required to invest an additional US$50 million in its compliance program. Also, the Dutch Central Bank (DNB) fined Coinbase €3.3 million for failing to obtain proper registration in the Netherlands.

February 7, 2023: Ishan Wahi Pleads Guilty

Ishan Wahi, initially pleading not guilty, entered a guilty plea on February 7, 2023, in the Coinbase insider trading case.

February 2023: Launch of Layer 2 Blockchain

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

In March 2023, Coinbase received a Wells notice from the SEC, indicating potential enforcement action over its staking products. Coinbase responded by calling the investigation "cursory" and stated it would continue operating normally.

April 2023: Coinbase Bermuda Receives License

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

May 9, 2023: Ishan Wahi Sentenced

On May 9, 2023, Ishan Wahi was sentenced to two years in prison and ordered to forfeit crypto assets in connection with the Coinbase insider trading scheme. Nikhil Wahi was sentenced earlier, and Sameer Ramani remains at large.

June 2023: SEC Sues Coinbase

In June 2023, the SEC sued Coinbase, alleging that it had been operating as an unregistered broker, exchange, and clearing agency since 2019, seeking to restrain the company from continuing these activities. The SEC also claimed Coinbase did not register its staking service as required by U.S. securities laws.

July 2023: Coinbase Leases Office Space in Mountain View

In July 2023, Coinbase leased 40,000 sq. ft. of office space in Mountain View, California, after closing its San Francisco headquarters, transitioning to a remote-first and headquarterless model.

October 2023: End of on-boarding high-risk customers period

Coinbase in 2024 stated that the affected customers represented 0.34% of onboarded customers between October 2020 and October 2023 after its breach of the voluntary agreement from October 2020, by onboarding high-risk customers, increasing the risk of money laundering.

2023: Coinbase's Cryptocurrency Offerings and Anonymity

As of 2023, while Coinbase offers over 250 cryptocurrencies to U.S. customers, it does not trade Monero or other cryptocurrencies with enhanced anonymity due to KYC requirements under anti-money laundering regulations. Coinbase trades are not anonymous because registered users must provide their taxpayer identification, and transactions are reported to the IRS.

July 2024: Coinbase U.K. Fined by FCA

In July 2024, Coinbase's U.K. branch was fined £3.5 million by the FCA for breaching a voluntary agreement from October 2020, by onboarding high-risk customers, increasing the risk of money laundering. Coinbase stated that the affected customers represented 0.34% of onboarded customers between October 2020 and October 2023.

December 2024: Coinbase Adds Apple Pay Support

In December 2024, Coinbase integrated Apple Pay into its Onramp platform (formerly Coinbase Pay), enabling users of third-party applications to directly fund crypto purchases using Apple's payment service. Supported cryptocurrencies included bitcoin, ether, and Dogecoin.

2024: Coinbase User and Asset Update

As of 2024, Coinbase has 108 million users and manages over US$400 billion in assets, holding 12% of the total Bitcoin supply.

2024: Digital Assets Managed by Coinbase

In Coinbase's 2024 annual report, the company stated that by the end of the year, it was managing digital assets worth US$404 billion on its platform.

February 2025: SEC Lawsuit Dismissed

In February 2025, the SEC dismissed its lawsuit against Coinbase, concluding the legal dispute between the two entities.

2025: Coinbase's Bitcoin Holdings

As of 2025, Coinbase is the world's largest custodian of bitcoin, holding over 12% of all bitcoin in existence, along with other digital assets like ethereum and solana.

2025: Coinbase is the 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, as well as other users.