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Coinbase online payment system

Coinbase
https://coinbase.com/

Updated on October 11, 2012
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General Information

 

 

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Instant Payments

Payments arrive at the speed of an email (just a few seconds) and are confirmed within the hour. No more waiting three business days for checks.

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Low Transaction Fees

Coinbase charges just 0.5% when you buy or sell bitcoin via bank account transfer. After that all bitcoin-to-bitcoin transactions are free.

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Pay By Phone

Our website works great on modern smartphones (iPhone, Android, etc). Just visit coinbase.com from your mobile browser.

 

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Simple Transfers

Use your bank account to purchase bitcoins. Transactions are processed within two to three business days. (coming soon)

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Merchant Tools

Easily create "buy now" or donate buttons. We also offer full shopping cart integration. (coming soon)

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Widespread Adoption

About $2 million a day (USD) is already being transacted in bitcoin. It's quickly becoming an international currency.

Currencies

Bitcoin

Countries of use

USA

Users

private and business

Fees

0.5% when you buy or sell bitcoin via bank account transfer

Recent news

Posted on July 1, 2020
Coinbase Custody selected by 21Shares for Bitcoin ETP

Today we’re proud to announce that 21Shares AG has chosen Coinbase Custody to store its digital assets for its Bitcoin ETP. 21Shares AG is listing its 21Shares Bitcoin ETP (ISIN: CH0454664001 — WKN A2T64E) on the Deutsche Börse’s Xetra electronic venue on Thursday July 2nd 2020. Coinbase Custody will serve as custodian for the underlying assets of their Bitcoin ETP.

21Shares selected Coinbase Custody after reviewing our institutional-grade offline storage solution, which includes world-class security, regulatory compliance and insurance coverage. Coinbase is committed to serving a wide spectrum of institutional clients and we are excited to be the chosen custodian for the 21Shares Bitcoin ETP, Europe’s first physically-backed bitcoin ETP.

Hany Rashwan, CEO at 21Shares AG, says, “21Shares is delighted to bring this historic product to Europe. We are honored to give investors access to the best performing asset class of the last decade and we believe the next ten years as well, through our simple, transparent, and regulated crypto ETP product suite.”

Coinbase Custody is the world’s largest and most trusted crypto custodian. To learn more about Coinbase Custody click here.


Coinbase Custody selected by 21Shares for Bitcoin ETP was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on June 25, 2020
Compound (COMP) is now available on Coinbase Earn

Earn COMP while learning how to borrow crypto and earn interest with Compound

Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision to life, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.

Coinbase Earn is a trusted source where customers all around the world can educate themselves about new developments in crypto and earn assets as rewards. Starting today, Coinbase customers can start earning Compound (COMP) by watching lessons and completing quizzes about the Compound protocol and its governance token COMP.

Compound (COMP) is an Ethereum token that governs the autonomous Compound protocol. The protocol allows anyone to borrow and lend Ethereum tokens through a decentralized market. Lenders earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

The ability to earn crypto assets has become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education.

Since the launch of Coinbase Earn in 2018, we’ve announced nine different assets, including 0x, Basic Attention Token, Zcash, Stellar Lumens, EOS, Dai, Tezos, Orchid and now Compound. In less than a year, asset issuers offered over $100M in crypto to distribute to our customers, and we have launched Earn internationally. As we expand globally, millions of people are gaining access to a trusted, secure, and legal bridge to the crypto economy — even if they don’t have a credit card or bank account with which to buy crypto.

Check out all Coinbase Earn campaigns through our homepage or access them directly through the Coinbase mobile app.

You can sign up for a Coinbase account here and download the iOS or Android app to start earning crypto today.

Coinbase receives a servicing fee from the participating asset issuer. Consideration for Coinbase Earn is wholly independent of our digital asset framework for new listings. Click here for our Earn FAQ and terms.


Compound (COMP) is now available on Coinbase Earn was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on June 25, 2020
Compound (COMP) is now available on Coinbase

Starting today, Coinbase supports Compound (COMP) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state.

Compound (COMP)
Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We published a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see COMP here), as well as a new section of the Coinbase website to answer common questions about crypto.

You can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store COMP today.

Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.


Compound (COMP) is now available on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on June 18, 2020
Scaling connections with Ruby and MongoDB

By Michael de Hoog

Coinbase was launched 8 years ago as a Ruby on Rails app using MongoDB as its primary data store. Today, the primary paved-road language at Coinbase is Golang, but we continue to run and maintain the original Rails monolith, deployed at large scale with data stored across many MongoDB clusters.

This blog post outlines some scaling issues connecting from a Rails app to MongoDB, and how a recent change to our database connection management solved some of these issues.

Global VM Lock

At Coinbase we run our Ruby applications using CRuby (aka Ruby MRI). CRuby uses a Global VM Lock (GVL) to synchronize threads so that only a single thread can execute at once. This means a single Ruby process can only ever use a single CPU core at once, whether it runs a single thread or 100 threads.

Coinbase.com runs on machines with a large number of CPU cores. To fully utilize these cores, we spin up many CRuby processes, using a load-balancing parent process that allocates work across these child processes. In the application layer, it’s hard to share database connections between these processes, so instead each process has its own MongoDB connection pool that is shared by that process’ threads. This means each machine has 10–20K of outgoing connections to our MongoDB clusters.

Blue-green deploys

Maintaining product velocity is essential at Coinbase. We deploy to production hundreds of times a day across our fleet. In the general case we use blue-green deployments, spinning up a new set of instances for each deploy, waiting for these instances to report healthy, before shutting down the instances from the previous deploy.

This blue-green deploy approach means we have 2x the count of server instances during these deploys. It also means 2x the count of connections to MongoDB.

Connection storms

The large count of connections from each instance, combined with the amount of instances being created during deploys, leads to our application opening tens of thousands of connections to each MongoDB cluster. Deploying during high traffic periods, when our application is auto-scaled up to handle incoming traffic, we would see spikes of almost 60K connections in a single minute, or 1K per second.

Hoping to reduce some of this connection load on the database, in March we modified our deployment topology, introducing a routing layer designed to transfer this load from the `mongod` core database process to a `mongos` shard router process. Unfortunately the connections were similarly affecting the `mongos` process and didn’t resolve the problem.

We experienced various failure modes from these connection counts, including an unfortunate interaction where the Ruby driver could cause a connection storm on an already degraded database (this has since been fixed). This was seen during a prolonged incident in April, as described in this Post Mortem, where we saw connection attempts above MongoDB’s 128K maximum to a single host.

MongoDB connection attempts to a single cluster, grouped by replica set member

Proxying connections

The vast amount of connections from our Rails application is the root problem; we had to focus on reducing these. Analyzing the total time spent querying MongoDB demonstrated these connections went mostly unused; the application could serve the same amount of traffic with 5% of the current connection count. The obvious solution was some form of external connection pooling, similar to PgBouncer for PostgreSQL. While there was prior art, there was no currently supported solution for connection pooling for MongoDB.

We decided to prototype our own MongoDB connection proxy, which we call `mongobetween`. The requirements were simple: small + fast, with minimal complexity and state management. We wanted to avoid having to introduce a new layer in Rails, and didn’t want to reimplement MongoDB’s wire protocol.

`mongobetween` is written in Golang, and is designed to run as a sidecar alongside any application having trouble managing its own MongoDB connection count. It multiplexes the connections from the application across a small connection pool managed by the Golang MongoDB driver. It manages a small amount of state: a MongoDB cursorID -> server map, which it stores in an in-memory LRU cache.

Results

Since rolling out the connection proxy, we’ve dramatically reduced the overall count of outgoing connections to MongoDB, by around 20x. Deploy connection spikes which used to hit 30K now hit 1.5K connections. The application steady state, which used to require 10K connections per MongoDB router, now only needs 200–300 connections total:

MongoDB connections drop significantly May 21st after deploying the proxy

Open source

Today we’re announcing that we are open-sourcing the MongoDB connection proxy at github.com/coinbase/mongobetween. We would love to hear from you if you are experiencing similar MongoDB connection storm issues and would like to chat about our solution. If you’re interested in working on challenging availability problems and building the future of the cryptoeconomy, come join us.

This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

All images provided herein are by Coinbase. All trademarks are property of their respective owners.


Scaling connections with Ruby and MongoDB was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase
Posted on June 18, 2020
Compound (COMP) is launching on Coinbase Pro

On Tuesday, June 23, COMP began trading on Coinbase Pro.

On Monday, June 22, we began accepting inbound transfers of COMP to Coinbase Pro. Trading began the following day, June 23.

Once sufficient supply of COMP is established on the platform, trading on our COMP-USD and COMP-BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met.

Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

Please note that COMP is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

The Stages of the COMP Launch

There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:

  1. Transfer-only. Starting on Monday, June 22, customers will be able to transfer COMP into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Trading will begin on or after 9AM Pacific Time (PT) the following day, if liquidity conditions are met.
  2. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
  3. Limit-only. In the third stage, limit orders will start matching, but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
  4. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading COMP on Coinbase Pro, visit our support page.

Please note Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.

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This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

All images provided herein are by Coinbase.


Compound (COMP) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read more on Coinbase

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