In May 2013, the company received a US$5 million Series investment led by Fred from the venture capital firm Union Square Ventures. In December 2013, the company received a US$25 million investment, from the venture capital firms Andreessen Horowitz, Union Square (USV) and Ribbit Capital.
In 2014, the company grew to one million users, acquired the explorer service Blockr and the web bookmarking company Kippt, secured insurance covering the value of bitcoin stored on their servers, and launched the vault system for secure bitcoin storage. Throughout 2014, the company also formed partnerships tock, Dell, Expedia, Dish Network, Time Inc. with Overs to power accepting bitcoin payments. The company also added bitcoin payment processing capabilities to the traditional payment companies Stripe, Braintree, and Pay Pal.
In January 2015, the company received a US$75 million investment, led by Draper, the New York Stock Exchange, USAA, and several banks, "apparently the first time any traditional financial institutions have taken direct stakes in a bitcoin enterprise. Later in January, the company launched a U.S.-based bitcoin exchange for professional traders called Coinbase Exchange.
In May 2015 there was controversy around reports on that Coinbase had asked a user to describe how they were spending their bitcoin; the Daily Dot reported on the matter, and received a statement from stating: "We don’t comment on specific cases, however, Coinbase is required to monitor activity on its platform in accordance with the Bank Secrecy Act and other regulation governing all money services business (MSB).”; the Daily Dot noted that CoinDesk is obligated to comply with the Bank Secrecy Act, which prevents money laundering, in order to operate as an exchange.
Coinbase began to offer services in Canada in 2015, but in July 2016, Coinbase announced it would halt services in August after the closure of their Canadian online payments service provider Vogogo.
On 29 March 2016, Coinbase was listed by UK-based company Richtopia at number 2 in the list of The 100 Most Influential Blockchain Organisations.
In May 2016, the company rebranded the Coinbase Exchange, changing the name to the Global Digital Asset Exchange (GDAX) and offering Ether, the value token of Ethereum, for trade on its professional trading exchange service. In July 2016, they extended the support to their "Coinbase" retail exchange by adding Ether Eas only the second digital currency offered to retail customers.
On January 17, 2017, Coinbase obtained the from the New York State Department of Financial Services (DFS), which authorizes the company continuing virtual currency business operations in New York.
On March 2017, Coinbase received from New York State Department of Financial Services (DFS) the approval to offer trading of Ethereum and Litecoin currencies in New York.
On October 12, 2017, Coinbase announced instant, ethereum and litecoin purchases for users using a U.S. bank account. Previously, users purchasing through a bank account had to wait several days before receiving digital funds.
One November 29, 2017, Coinbase was "ordered to report 14,355 users to the IRS... all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year.
On December 09, 2017 the coinbase app became the #1 app in the Apple App Store (iOS).
Article source name : Wikipedia