Coinbase has formally submitted an S-1 registration form to the US Securities and Exchange Commission, announcing that it will conduct a public listing, and plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “COIN”.
Author: Pan Zhixiong
In 2018, the unicorn Coinbase, which was valued at 8 billion U.S. dollars, has actually been fully deployed in the cryptocurrency field very early. Its business includes not only the crypto asset exchanges Coinbase and Coinbase Pro, but also venture capital Coinbase Ventures, wallet Coinbase Wallet, institutional custody business Coinbase Custody, education platform Coinbase Earn, and asset management service Coinbase Asset Management.
Moreover, all of Coinbase’s business is premised on compliance. Not only does it have an alternative trading system license from the US Securities and Exchange Commission, but also a BitLicense and trust license issued by the State of New York, as well as the state’s capital transfer permits, etc., covering a wide range .
Not only that, Coinbase has also brought a lot of talents to the entire cryptocurrency and blockchain industry, and has established various companies, large and small. For example, early member Adam White joined Bakkt , and Coinbase co-founder Fred Ehrsam founded the investment Fund Paradigm, as well as dydx, 1Confirmation, District0x, etc.
Coinbase was established in June 2012. At that time, the Bitcoin network was only online for more than 3 years, and there were only a few exchanges such as Mt.Gox and Bitstamp.
The following will take you back to the presentation slides they showed investors during the seed round of fundraising in 2012. After that, they received a total of $600,000 in financing from Founders Fund and other institutions that year.
At that time, Coinbase’s Slogan was ” your custodial bitcoin wallet “, and the website design may be a popular style at the time. At the time, the word Hosted was used to refer to the meaning of hosting, but now it might be more appropriate to use custody.
Bitcoin is a new digital currency. Its characteristics are: instant, international, no transfer fees.
- Instant: Refers to the fast transfer speed. Although the confirmation speed of 6 blocks in 60 minutes is not fast, it is much faster than international remittance.
- Internationalization: Anyone, anywhere, only needs a mobile phone to transfer money.
- No transfer fees: At the Bitcoin price of about $10 at the time, it was almost equivalent to no fees.
The growth of the Bitcoin network, about $2 million in Bitcoin transfers per day. Today , the total daily transfer of Bitcoin exceeds 1 billion U.S. dollars. 500 times!
Keywords that early adopters may care about: international payments, virtual goods, games, developing countries, peer-to-peer, microtransactions, remittances, e-commerce. Unexpectedly, Coinbase realized so early on and positioned Bitcoin as a vision to help “developing countries” access the banking system.
The current Bitcoin wallet is too difficult to use . The official wallet either has a poor experience, and some functions may only be executed through the command line interface. And Coinbase provides a better experience for web and mobile.
Coinbase is a hosted Bitcoin wallet .
An analogy, if iTunes is synonymous with mp3, then Coinbase hopes to become synonymous with Bitcoin . Moreover, the word Coinbase itself comes from the concept of Bitcoin, specifically referring to the transfer of rewards to themselves after miners dig Bitcoin.
Daily registration data trends of Coinbase users. From August 10 to August 17, the daily increase was about 20%, and the number of single-day registrations on August 17 was close to 4000 .
The Bitcoin transaction volume trend of the Coinbase platform, the total transaction volume in the first 5 weeks was 65,000 US dollars .
This is the distribution of deal orders within 2 minutes. In fact, the meaning of this page is not very clear.
Now it seems that this Pitch Deck may be a bit rudimentary. After all, it was 9 years ago. At that time, iOS had not entered the era of flattening. Cryptocurrency was also a small negligible market, even the term blockchain. Just appeared . However, the visions and scenarios mentioned in this slide, such as improving user experience, becoming an infrastructure, and supporting international remittances, remain at the core of Coinbase to this day.
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