Despite rejecting most of Coinbase’s attempts to dismiss the entire case, the judge found the SEC’s arguments insufficient in proving that the company functions as a ‘broker’ by providing Wallet to customers.
Coinbase is a digital currency exchange and wallet service.
Coinbase is an online platform that allows merchants, consumers, and traders to transact with digital currency. It allows its users to create their own bitcoin wallets and start buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and tools that support many highly-trafficked websites on the internet.
Coinbase was launched in 2012 with a mission to create an open financial system for the world. It is operated from San Francisco, California. The company raised over $100M in funding from world’s leading investors including DFJ Growth, Andreessen Horowitz, Union Square Ventures, Ribbit Capital and NYSE.
Despite rejecting most of Coinbase’s attempts to dismiss the entire case, the judge found the SEC’s arguments insufficient in proving that the company functions as a ‘broker’ by providing Wallet to customers.
Aerodrome, a decentralized exchange, was instrumental in helping Coinbase’s Base Layer 2 network cross $1 billion in Total Value Locked (TVL), marking an enormous milestone for the network.
This shift of USDC stablecoin to Base will provide faster settlement times and reduced transaction fees for Coinbase.com users.