Coinbase, digital currency exchange headquartered in San Francisco, has estimated the results of its work in the second quarter of 2018.
— Brian Armstrong (@brian_armstrong) July 26, 2018
The review of the exchange’s performance included members who’ve joined the Coinbase team, acquisitions of the exchange, investments, business units that were launched, and much more.
During the second quarter, Coinbase brought on the VP of financial planning & analysis, heads of such departments as Data Engineering, Business Development, Business Operations, Business Analytics, and 59 Product and Engineering team members.
Coinbase managed to aquire four different companies to combine the best of their teams. The blog post reads:
“We acquired four companies (Earn.com, Cipher Browser, Paradex, and Keystone) in one quarter! We’re at the beginning of imagining what might be possible when we combine all of the brilliance of these teams with all the opportunity ahead of Coinbase.”
The companies Coinbase has invested in are numerous: OpenSea, Celo, Compound, TruStory, Elph, Reserve, Rarebits, and many others. To contribute to the development of these crypto startups, Coinbase Ventures has been created.
The exchange successfully launched the Coinbase Index Fund and Coinbase Custody as part of broadening the portfolio of its products and serving any kind of investor — casual, professional, institutional . Coinbase Index Fund gives investors exposure to all assets listed on the exchange, weighted by market capitalization. Coinbase Custody is aimed at making digital currency investment accessible to every eligible financial institution and hedge fund in the world.
During the second quarter of this year, Coinbase has also adapted its existing business units. The post states:
“To meet the needs of our different customer bases, we evolved GDAX into two separate offerings: Coinbase Pro, for active traders, and Coinbase Prime, for institutional investors.”
The exchange further mentioned support it had received from the US regulation authorities:
“This quarter, we successfully kept pace with the regulation in the states and countries in which we operate, continuing on our journey of striving to be the most trusted, and most compliant in our space. We took the first steps on our path towards supporting trading in crypto securities. FINRA — the Financial Industry Regulatory Authority — approved our acquisition of Keystone Capital Corp. and Venovate Marketplace Inc., including the entities’ broker-dealer and alternative trading system licenses. Additionally, Digital Wealth LLC notified the SEC of the change of ownership. Coinbase also spearheaded policy work in North Carolina and Wyoming to successfully update laws to allow for efficient operation of cryptocurrency businesses in those places. We expect to re-open our business for Wyoming customers in the coming weeks.”
Moreover, Coinbase is proud of having opened new offices in Chicago and Portland.
Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. Five more currencies are expected to be supported by the exchange. Coinbase is also the first crypto industry organisation in the USA to launch its own political action committee (PAC).