History of Coinbase in Timeline

Coinbase is a leading American technology company operating a cryptocurrency exchange. Founded in 2012 by Brian Armstrong, it serves over 100 million users and is the largest U.S.-based crypto exchange, and the world's biggest bitcoin custodian as of 2024. Coinbase operates in over 100 countries and manages more than $400 billion in assets, including over 12% of all bitcoin.

June 2012: Coinbase Founding

In June 2012, Coinbase was founded by Brian Armstrong, who joined the Y Combinator program and got $150,000 in funding. Fred Ehrsam later joined as co-founder. Ben Reeves was supposed to be part of the founding team but parted ways before funding.

October 2012: Launch of Bitcoin Buy/Sell Services

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

2012: Coinbase Founded

In 2012, Coinbase was founded by Brian Armstrong as an American technology company, operating a cryptocurrency exchange and managing digital assets.

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: Coinbase Global, Inc. Incorporation

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 and changed the name to Global Digital Asset Exchange (GDAX).

March 2017: Licensing 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: Potential Impacted Date for Overcharged Customers

Customers who purchased cryptocurrency on their exchange between January 22 and February 11, 2018, could have been affected by overcharges due to a change in merchant category codes (MCC) by banks and card issuers.

February 16, 2018: Coinbase Admits Overcharging Customers

On February 16, 2018, Coinbase admitted that some customers were overcharged due to a change in merchant category codes (MCC) by banks and card issuers which meant cryptocurrency payments were processed as "cash advances", resulting in customers being charged cash advance fees. At first, Visa blamed Coinbase, but later clarified that "This issue was not caused by Coinbase". Customers who purchased cryptocurrency on their exchange between January 22 and February 11, 2018, could have been affected.

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

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

March 2018: Increase in Customer Complaints Against Coinbase

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 Consumer Financial Protection Bureau data, with more than 400 categorized as "money was not available when promised".

March 26, 2018: Intention to Add Support for ERC-20 Tokens

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

April 5, 2018: Formation of Coinbase Ventures

On April 5, 2018, Coinbase announced the formation of an early-stage venture fund, Coinbase Ventures, focusing on investment into blockchain- and cryptocurrency-related companies.

2018: Coinbase's Global Revenue in 2018

In 2018, Coinbase U.K. CEO Zeeshan Feroz stated that the company's non-U.S. operations accounted for nearly one-third of the company's overall revenue. Reuters estimated that the company's global revenue totalled "around US$520 million" in 2018.

2018: Gender and Racial Pay Disparities

In 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. This was reported in The New York Times in December 2020.

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. Revenue Growth

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 chief operating officer

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

2019: Coinbase Reports Loss in 2019

In 2019, Coinbase reported a loss, after which it reported a net income of US$322 million in 2020. Out of the US$782 billion worth of assets on the crypto market, some $90 billion worth were held on the Coinbase platform.

May 2020: Shift to Remote Work and Acquisition of Tagomi

In May 2020, Coinbase announced a shift to fully remote work due to the COVID-19 pandemic and also acquired the digital asset trading firm Tagomi for US$75 to $100 million.

October 2020: Voluntary Agreement Between Coinbase and FCA

In October 2020, a voluntary agreement was brokered between Coinbase and the British regulator Financial Conduct Authority (FCA), where Coinbase had agreed to not accept new users that the regulator considered high-risk.

2020: Coinbase's Net Revenue and Income in 2020

In 2020, Coinbase reported a net revenue of US$1.14 billion, up from US$483 million the previous year. The company also reported a net income of US$322 million after posting a loss in 2019.

March 2021: Coinbase Settles Regulatory Claims for US$6.5 Million

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: Review by Office of Foreign Assets Control and Business Presence in India

In March 2021, Coinbase fell under review by the Office of Foreign Assets Control and announced establishing a business presence in India with plans to open an office in Hyderabad.

April 14, 2021: Coinbase Becomes a Public Company

On April 14, 2021, Coinbase went public on the Nasdaq via a direct stock listing and closed its first day of trading at US$328.28 per share. That same month, the company announced that they were eliminating salary and equity negotiations during recruiting.

April 2021: Increase in First-Quarter Revenue

In April 2021, Coinbase reported a nine-fold increase in first-quarter revenue, reaching US$1.8 billion, up from US$190.6 million the previous year, attributed to the rise in bitcoin price.

December 2021: Coinbase Freezes Cryptocurrency GYEN

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

2021: Coinbase Reports User and Revenue Growth 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. Coinbase also reported a net revenue of US$1.14 billion in 2020, up from US$483 million the previous year.

February 2022: Super Bowl Commercial

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

April 2022: Operations in India and UPI Suspension

In April 2022, Coinbase began operations in India using Unified Payments Interface (UPI), but had to suspend UPI after a statement from the National Payments Corporation of India. Users in India can still trade between different cryptocurrencies.

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

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

May 2022: Coinbase Addresses Bankruptcy Risk and Reports Net Loss

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". The company also reported a net loss of US$1.1 billion in the second quarter of 2022, which was a record for Coinbase.

June 14, 2022: Coinbase Announces Layoffs

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

July 22, 2022: Former Coinbase Employee Charged with Insider Trading

On July 22, 2022, a former Coinbase product manager, Ishan Wahi, along with Nikhil Wahi and Sameer Ramani, was charged in the first-ever insider trading case in cryptocurrency by prosecutors. Ishan Wahi allegedly shared information about upcoming token listings with Nikhil Wahi and Ramani, who then acted upon that information to make trades for an illicit profit 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 other portfolio assets and facilitate trading on Coinbase's exchange.

Loading Video...

October 2022: Coinbase Partners with Google Cloud Platform

In October 2022, Coinbase partnered with Google Cloud Platform to allow customers to pay for cloud services with cryptocurrencies supported by Coinbase Commerce. Coinbase also agreed to move its data 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 and incurring restructuring expenses of up to US$163 million. CEO Brian Armstrong cited the possibility of "further contagion" following the collapse of the FTX exchange and stated that Coinbase would be "shutting down several projects where we have a lower probability of success".

January 2023: Coinbase Faces Penalties from NYDFS and DNB

In January 2023, Coinbase agreed to pay a US$50 million penalty to the New York State Department of Financial Services (NYDFS) over allegations that the cryptocurrency exchange broke anti-money laundering laws and was also required to invest an additional US$50 million in its compliance program. That same month, the Dutch Central Bank (DNB) fined Coinbase €3.3 million for failing to obtain the correct registration in the Netherlands before offering services.

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

On February 7, 2023, Ishan Wahi, initially pleaded not guilty but then entered a guilty plea for his involvement in the 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 the SEC's intent 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

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. Ramani remains at large.

June 2023: SEC Sues Coinbase

In June 2023, the SEC announced that it was suing Coinbase, alleging that the company had been acting as an unregistered broker, exchange and clearing agency since 2019, and 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 Date of Onboarding of High-Risk Customers

Between October 2020 and October 2023, Coinbase unintentionally onboarded customers who were classified as high-risk, representing 0.34% of all customers on-boarded. This was a breach of the voluntary agreement brokered between Coinbase and the British regulator Financial Conduct Authority (FCA) in October 2020.

2023: Coinbase Trade Anonymity and Cryptocurrency Offerings in 2023

As of 2023, while Coinbase offers over 250 different cryptocurrencies to U.S. customers, it does not trade Monero and other cryptocurrencies with enhanced anonymity protection due to KYC requirements in accordance with anti-money laundering regulations. Registered users are required to provide their taxpayer identification, and the transactions are reported to the IRS.

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) after the former's breach of the voluntary agreement brokered between the two in October 2020. The breaches increased the risk that criminals could use Coinbase to launder the proceeds of crime.

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), enabling users of third-party apps to fund crypto purchases directly through Apple’s payment service. The supported cryptocurrencies included bitcoin, ether, Dogecoin and others present on the crypto exchange.

2024: Coinbase User Base and Bitcoin Custody

As of 2024, Coinbase has over 100 million users, and is the leading U.S. based crypto exchange as well as the world's biggest bitcoin custodian, holding over US$400 billion in assets, including more than 12% of all bitcoin in existence.

2024: Coinbase Manages $404 Billion in Digital Assets

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

February 2025: SEC Dismisses Lawsuit Against Coinbase

In February 2025, the SEC dismissed its lawsuit against Coinbase, bringing an end to the legal battle between the two.

2025: Coinbase Holds Over 12% of All Bitcoin

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 Operates Largest U.S. 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.