History of Coinbase in Timeline

Coinbase is a leading American cryptocurrency exchange platform founded in 2012 by Brian Armstrong and Fred Ehrsam. With over 100 million users, it is the largest U.S.-based crypto exchange and a major Bitcoin custodian globally as of 2024. Operating in over 100 countries, Coinbase manages over $400 billion in assets, representing a significant portion of the total Bitcoin and staked Ether in existence. It plays a crucial role in the cryptocurrency market, offering a platform for buying, selling, and storing digital assets.

June 2012: Coinbase Founded and Receives Funding

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

October 2012: Coinbase Launches 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, which would become 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 Investment and Launches Coinbase Exchange

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

May 2016: Coinbase Exchange Rebranded to GDAX

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

March 2017: Coinbase Obtains License to Trade in 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: Coinbase Customers Overcharged Due to Incorrect Merchant Category Code

On February 16, 2018, Coinbase admitted that some customers were overcharged in error for credit and debit purchases of cryptocurrencies. Customers who purchased cryptocurrency on their exchange between January 22 and February 11, 2018, could have been affected.

February 16, 2018: Coinbase Customers Overcharged Due to Incorrect Merchant Category Code

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 the latest statement from Visa and Worldpay clarifies: "This issue was not caused by Coinbase".

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

On February 23, 2018, Coinbase informed approximately 13,000 customers that it 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 Jump

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, with more than 400 of those categorized as "money was not available when promised". The company was subsequently increasing its customer service staff to reduce wait times.

March 26, 2018: Coinbase Announces Support for Ethereum ERC-20 Tokens

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

April 5, 2018: Coinbase Forms Coinbase Ventures

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

2018: Coinbase Received an "F" Rating by the Better Business Bureau

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

2018: Coinbase's Global Revenue Estimated at US$520 Million

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. Reuters estimated that the company's global revenue totalled "around US$520 million" in 2018.

January 2019: Coinbase Stops Ethereum Classic Trading

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

April 2019: Coinbase's Non-U.S. Revenue Grows

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, a former LinkedIn executive, was promoted to the role of president and chief operating officer.

2019: Coinbase Posts a Loss

In 2021, as part of its SEC filing to go public, Coinbase reported a net income of US$322 million after posting a loss in 2019.

2019: SEC Alleges Coinbase Acted as Unregistered Broker Since 2019

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.

May 2020: Coinbase Shifts to Remote Work and Acquires Tagomi

In May 2020, Coinbase announced it was shifting completely to remote work due to the COVID-19 pandemic and acquired New York-based digital asset trading firm Tagomi for between US$75 and US$100 million.

October 2020: Coinbase enters voluntary agreement with FCA

In October 2020, Coinbase entered a voluntary agreement with the British regulator Financial Conduct Authority (FCA), agreeing not to accept new users considered high-risk.

2020: Coinbase Reports Net Revenue

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. It also 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 that it had reported misleading information about its trading volumes.

March 2021: Coinbase Under Review and Establishes Presence in India

In March 2021, Coinbase fell under review by the Office of Foreign Assets Control and announced it was establishing a business presence in India, hiring employees for IT services and planning to open 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 its first day of trading at US$328.28 per share. The company also eliminated salary and equity negotiations during recruiting to address salary disparities.

April 2021: Coinbase Reports Nine-Fold Increase in Revenue

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

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 many traders losing money.

2021: Coinbase operated as a remote-first company

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

2021: Coinbase Reports Verified Users, Institutions, and Partners

February 2022: Coinbase's Super Bowl Commercial and Actions Regarding Russia

In February 2022, Coinbase aired a 60-second commercial during Super Bowl LVI. In the following month, in response to the 2022 Russian invasion of Ukraine, Coinbase blocked 25,000 cryptocurrency wallet addresses related to Russia.

April 2022: Coinbase Begins Operations in India

In April 2022, Coinbase began operations in India, initially relying on Unified Payments Interface (UPI) for rupee to cryptocurrency conversions. However, after a statement from the National Payments Corporation of India, Coinbase suspended most of its business in 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: Coinbase States Crypto Assets Could 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 was laying off approximately 18% of its workforce, which is about 1,100 full-time jobs, amidst the global downturn in cryptocurrencies and 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. Ishan Wahi allegedly shared information about upcoming token listings with Nikhil Wahi and Ramani, who then allegedly used 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, allowing BlackRock clients to use their Aladdin investment management system to oversee their exposure to bitcoin along with other portfolio assets, and to facilitate trading on Coinbase's exchange.

October 2022: Coinbase Partners with Google Cloud Platform

In October 2022, Coinbase partnered with Google Cloud Platform, enabling 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, incurring restructuring expenses of up to US$163 million. Citing the possibility of "further contagion" following the collapse of the FTX exchange, Brian Armstrong said 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 faced a US$50 million penalty from the New York State Department of Financial Services (NYDFS) 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 (DNB) fined Coinbase €3.3 million for not obtaining proper registration in the Netherlands before offering services.

February 7, 2023: Ishan Wahi Pleads Guilty

On January 10, 2023, Nikhil Wahi was sentenced to ten months in prison after he admitted to making trades based on confidential information from Coinbase. Ishan Wahi originally pleaded not guilty but entered a guilty plea on February 7, 2023.

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, the company announced that its Coinbase Bermuda division had been licensed to operate cryptocurrencies in Bermuda.

May 9, 2023: Ishan Wahi Sentenced to Two Years in Prison

On January 10, 2023, Nikhil Wahi was sentenced to ten months in prison after he admitted to making trades based on confidential information from Coinbase. 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 scheme.

June 2023: SEC Sues Coinbase

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: Coinbase reveals unintended onboarding of high-risk customers.

Between October 2020 and October 2023, Coinbase unintentionally onboarded a number of customers who were classified as high-risk and represented 0.34% of all customers on-boarded. This was revealed following the July 2024 fine from the British regulator Financial Conduct Authority (FCA).

2023: Coinbase Does Not Trade Enhanced Anonymity Cryptocurrencies

As of 2023, Coinbase offers more than 250 different cryptocurrencies to U.S. customers, 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 Received an "F" Rating by the 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 for breaching agreement

In July 2024, Coinbase's U.K. branch was fined £3.5 million by the Financial Conduct Authority (FCA) for breaching a voluntary agreement established in October 2020, where Coinbase agreed not to accept new users deemed high-risk. The FCA stated that breaches increased the risk of criminals using Coinbase for money laundering.

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 becomes world's biggest bitcoin custodian

As of 2024, Coinbase is the world's biggest bitcoin custodian, has over 100 million users, and holds over $400 billion in assets, including nearly 12 percent of all bitcoin in existence and 11 percent of all staked Ether.

2024: Coinbase Manages Digital Assets Worth US$404 Billion

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 is Largest Node Operator on Ethereum

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. The acquisition is the largest of its kind in the cryptocurrency industry.

May 15, 2025: Coinbase Announces Cost Expectation from Cyber Attack

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

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 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.

2025: Coinbase is World's 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 Maintains an "A+" Rating by the Better Business Bureau

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

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."

2025: Office Re-opening

In 2025, Coinbase re-opened an office in San Francisco, which was the location of its original headquarters. Prior to this, the company claimed to operate as a remote-first company with no physical headquarters.