History of Coinbase in Timeline

Coinbase is a leading American cryptocurrency exchange founded in 2012 by Brian Armstrong and Fred Ehrsam. Boasting over 100 million users, it stands as the largest U.S.-based exchange and a major global Bitcoin custodian. Operating in over 100 countries, Coinbase holds substantial assets, including significant percentages of the total Bitcoin and staked Ether in existence. It plays a vital role in the cryptocurrency market by providing a platform for buying, selling, and storing digital assets.

June 2012: Founded and Received Y Combinator Funding

In June 2012, Coinbase was founded by Brian Armstrong and received US$150,000 from Y Combinator. Fred Ehrsam later joined as a co-founder.

October 2012: Launched Bitcoin buying/selling services

In October 2012, Coinbase launched its services for buying and selling bitcoins through bank transfers.

2012: Founded in 2012

In 2012, Coinbase was founded by Brian Armstrong and Fred Ehrsam.

May 2013: Received 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: Incorporated 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: Received Investment and Launched 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 rebranded as GDAX

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

March 2017: Obtained BitLicense

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: Customers Affected by Overcharges

Customers who purchased cryptocurrency on their exchange between January 22 and February 11, 2018, could have been affected by overcharges due to changes 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 in error for credit and debit purchases of cryptocurrencies due to changes in merchant category codes (MCC) by banks and card issuers.

February 23, 2018: Provided 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 official Consumer Financial Protection Bureau data. The company was subsequently increasing its customer service staff to reduce wait times.

March 26, 2018: Announced support for ERC-20 tokens

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

April 5, 2018: Formed Coinbase Ventures

On April 5, 2018, Coinbase announced the formation of an early-stage venture fund, Coinbase Ventures, to invest in blockchain- and cryptocurrency-related companies.

2018: Coinbase Receives "F" Rating from Better Business Bureau in 2018

From 2018 to 2023, Coinbase received an "F" rating from the Better Business Bureau due to poor customer service. Common customer complaints included being locked out of their accounts and difficulty reaching support.

2018: Gender and Racial Pay Disparity

In 2018, The New York Times reported that 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.

2018: Coinbase's Global Revenue in 2018

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

January 2019: Stopped 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 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

In May 2019, Emilie Choi was promoted to the role of president and chief operating officer.

2019: Coinbase Reports Net Loss in 2019

In 2021, Coinbase reported a net income of US$322 million after posting a loss in 2019. Out of the US$782 billion worth of assets on the crypto market, some US$90 billion worth were held on the Coinbase platform.

2019: Coinbase Allegedly Operating as Unregistered Entity Since 2019

In June 2023, the SEC alleged that Coinbase 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.

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. Also in May, the company announced the acquisition of New York-based digital asset trading firm Tagomi.

October 2020: Voluntary agreement brokered between Coinbase and FCA

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

2020: Coinbase Net Revenue in 2020

In 2021, Coinbase 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: Review by Office of Foreign Assets Control and Expansion in India

In March 2021, Coinbase fell under review by the Office of Foreign Assets Control. The company also announced establishing a business presence in India and hiring employees for IT services, including engineering, software development and customer support operations.

April 14, 2021: Became a public company 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.

April 2021: Reported Nine-Fold Increase in First-Quarter Revenue

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

December 2021: Coinbase Freezes GYEN Cryptocurrency

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 as a Remote-First Company

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

2021: Coinbase Reports Verified Users and Partners in 2021

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 and Blocked Russian Addresses

In February 2022, Coinbase's Super Bowl LVI commercial with a QR code proved effective. Also in February, Coinbase blocked 25,000 cryptocurrency wallet addresses related to Russia in response to the invasion of Ukraine.

April 2022: Suspended UPI for Rupee Conversion in India

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

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

In May 2022, Mara, which is backed by Coinbase, raised US$23 million with the intention of building an African crypto exchange.

May 2022: Coinbase Warns of Bankruptcy Risks

In a May 2022 Form 10-Q filing, Coinbase stated that in the event of bankruptcy, crypto assets held in custody on behalf of customers could be subject to bankruptcy proceedings and such customers could be treated as 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 a global downturn in cryptocurrencies and related services.

July 22, 2022: 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, 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. 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, which allows 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.

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October 2022: Coinbase Partners with Google Cloud Platform

In October 2022, Coinbase entered into a partnership with Google Cloud Platform that would allow its customers to pay for cloud services with 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. 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 faced a US$50 million penalty from the New York State Department of Financial Services for allegedly violating anti-money laundering laws. They were also required to invest an additional US$50 million in their compliance program. The Dutch Central Bank (DNB) also fined Coinbase €3.3 million for not obtaining proper registration in the Netherlands.

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

Ishan Wahi originally pleaded not guilty but entered a guilty plea on February 7, 2023 in the insider trading case.

February 2023: Coinbase Launches 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

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

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, it was reported that Coinbase had 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 for unintentional onboarding of high-risk customers

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.

2023: Coinbase's Cryptocurrency Trading Restrictions in 2023

As of 2023, Coinbase offers more than 250 different cryptocurrencies to U.S. customers, but 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 "F" Rating from Better Business Bureau until 2023

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

In July 2024, the U.K. branch of Coinbase was fined £3.5 million by the Financial Conduct Authority (FCA) for breaching a voluntary agreement made in October 2020. The FCA stated the breaches increased the risk of criminals using Coinbase for money laundering.

December 2024: Coinbase Adds Apple Pay Support

In December 2024, Coinbase added Apple Pay support to its Onramp platform (formerly known as Coinbase Pay), which allows 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: Largest U.S. based cryptocurrency exchange

As of 2024, Coinbase is the largest U.S. based cryptocurrency exchange and the world's biggest bitcoin custodian, with over 100 million users and holding nearly US$516 billion in assets.

2024: Coinbase Manages $404 Billion in Digital Assets

In its 2024 annual report, Coinbase stated 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 Claims Largest Node Operator Status

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 to Acquire 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 Estimates Attack Cost at $400 Million

On May 15, 2025, Coinbase announced it expected the data breach attack would cost the company up to $400 million. It was 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 and instead offered a $20 million reward for information leading to the attackers' conviction, stating that "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 Construction

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.

November 2025: Coinbase Rebrands Wallet as Base App

In November 2025, Coinbase rebranded its Coinbase Wallet as Base app, described as combining social media, messaging, trading, and payments on its Ethereum layer-2 network, Base. The same month, Coinbase announced it would expand its offerings to include prediction markets through a partnership with Kalshi.

2025: Coinbase as Largest Bitcoin Custodian in 2025

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 from Better Business Bureau in 2025

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, while offering cryptocurrency products and services.

2025: Coinbase's Market Position in 2025

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 for 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."

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