Coinbase Becomes The First Bitcoin Startup Unicorn

Coinbase Is Taking Major Strides To Garner Numero Uno Position In Cryptocurrency Space

From being founded in 2012, Coinbase has come a long way to become a premier cryptocurrency company on a global platform. Although popularised by its Exchange and Hybrid Wallet Service, Coinbase is toiling hard to enter the institutional exchange and retail service sector. According to the company, 9.2 million customers have 30.4 million wallets on the platform so far.

This immensely successful cryptocurrency brokerage is the first of its kind to gain the title of Unicorn ,in Bitcoin sector, which refers to the statistical rarity of a venture which reaches the brim of utter perfection.

Coinbase, the biggest Bitcoin Exchange in the world has recently raise USD$100 Million in a Series D funding round, which now values the company at USD$1.6 Billion. The round was led by IVP, with participation from Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Drapper Associates.

The company revealed on last Thursday,10 August, that its new funding scheme will assist in its continuous scaling . The main focus of the company will be on increasing the size of its customer support teams and engineering for overall improvement in end-to-end customer experience, investing in its Ethereum app browser named Toshi platform to provide universal access of financial services and inaugurate a GDAX exchange office to help professionals trade in digital assets in New York City.

Co-founder and CEO Brian Armstrf ong has pointed out the unprecedented growth of the company by sharing growth statistics like $25 billion USD exchanged in the current fiscal which is five times the cumulative figure from 2012 to 2016. After the mammoth addition of $100 million, to its previous $116.5 million raised via venture capital funding, Coinbase has taken the seat of being the most well-funded start up in Blockchain and Bitcoin space.

But just as growth continues, negativity also creeps in. Coinbase has been at the receiving end of numerous customer complaints arising out of its poor support mechanism. However Mr. Armstrong blames the big scale customer signing in for the system downtime.

With big plans in store for years to come, Coinbase has started taking baby steps towards its path to success by hiring a scaling consultant. The growing customer issues will be looked after next in its third quarter. The company plans to hire additional staff unless the customer complaints get reduced to below six hours and less than two hours for investors having considerably large balances. High balance accounts will also experience phone support system from third quarter onwards. Fourth quarter will be accompanied by additional security features like Yubikey support.

Things have been proceeding at a rather fast pace in Coinbase headquarters with its recent liaison with Fidelity Investments which will help investors take stock of their digital currency holdings in the company’s website.

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