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Coinbase online payment system

Coinbase
https://coinbase.com/

Updated on October 11, 2012
Views: 13029 | Clicks: 284


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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 January 22, 2022
Proof of alignment

What we’ve already done to align ourselves with our customers, and what we’re doing next.

By Paul Grewal, Chief Legal Officer

Summary

Coinbase is committed to providing a fair, transparent and equal experience across our suite of trading products. We take a number of steps to ensure this, including:

  • We do not coordinate asset listing decisions with anyone not directly involved with our review and listing process. This includes members of our management team that do not sit on our asset listing committee (the majority of Coinbase’s leadership team does not sit on our listing committee), our Board of Directors, venture capitalists, or outside investors.
  • Coinbase Ventures has never sold tokens from investments that it has made, and is staffed by a separate team with no influence over which assets may be supported on Coinbase platforms.
  • We have no control over, or proprietary information about, the plans of early digital asset backers, including their buying or selling activities for assets we list.
  • We are continually looking into additional mechanisms to align ourselves even further with our customers, starting with enabling users to track Coinbase’s own portfolio of digital assets for informational purposes.

In Detail

Coinbase’s goal is to provide a fair and efficient marketplace. As mentioned during our launch of Asset Hub, our goal is to list every compliant asset possible. In our ideal world, Coinbase would simply list every asset that met the requisite legal and cybersecurity standards, while giving our customers as much information as possible to make educated investment decisions. Being listed on our exchange would not be considered an endorsement; it would simply be an indication that the asset had met our listing standards.

The issue is that because an asset listing can be time consuming both from a technical and legal perspective, it is still scarce; because it is scarce, it is considered valuable; because it is valuable, it is considered by some to be an endorsement. This is similar to the dynamic that ensued around Twitter verification, where what was initially simply an anti-impersonation measure inadvertently became a status symbol.

As part of our commitment to transparency, we want to shed further light on how our current listing process works, as well as sharing additional information on the steps we take to ensure that our listing and ventures teams are kept completely independent, and, finally, offer some insight into how we think about the crypto assets we share on our corporate balance sheet.

First, as we’ve discussed before, here’s how we operate.

Asset Listing

  • Coinbase makes listing decisions through a formal process run by a special committee called the Digital Asset Listing Group, which follows regular procedures, which are documented in formal policies, and which applicable regulators must review and approve.
  • The Digital Asset Listing Group votes on what assets can be listed, informed by a rigorous vetting/review process that evaluates assets for compliance, legal, and information security concerns.
  • The voting group does not include Coinbase CEO Brian Armstrong or other Coinbase Global Board members.
An example of our disclosure statement
  • The vote is not impacted by whether Coinbase Ventures or our investors have a stake in the asset, and Coinbase Ventures is transparent in disclosing our interests in projects.
  • Coinbase has a conflict of interest policy that prevents board members or Coinbase employees from being involved in a listing decision where they have a financial interest.
  • The majority of assets that the Digital Asset Listing Group reviews are submitted directly by asset issuers through our Asset Hub portal.
  • This process is strict, and the majority of assets submitted for evaluation are rejected.

Employee Trading

  • Coinbase restricts all employees from trading the tokens it is considering for listing to make sure no one at Coinbase is front running assets, even if they don’t work on our asset listings team.

Early Backer Trading

  • Coinbase does not coordinate listing decisions or timing with early backers of a project (including VCs) or in assets being reviewed.
  • We have no control over or proprietary visibility into the plans of early token backers (VCs, founding team, etc.) on their selling activities.
  • Because trading typically occurs across many exchanges (not just Coinbase), and because large holders and even asset issuers are often unknown, we do not have the ability to play a role in any lock-up type mechanisms.

Coinbase Ventures

  • Coinbase Ventures has never sold tokens from investments that it has made, nor does it have any influence over which assets are supported on Coinbase platforms.
  • We are long term hodlers of our investments. It may make sense to liquidate some of our holdings in the future, but we do not presently have any plans to.
  • Our Ventures and Listings teams operate completely independently of each other, with no overlap in personnel or shared information.

Corporate Balance Sheet Holdings

  • Coinbase holds on our balance sheet the majority of the assets that we support on our platforms, which helps ensure that our interests are aligned with those of our customers.
  • Like our Coinbase Ventures investments, we are also hodling these assets with a long term view, with no present plans to sell.
  • Though it’s impractical to hold large positions of some lower liquidity assets, we aim to have some corporate exposure across the breadth of our supported assets.

Provable Alignment

With that said, we are always looking at new ways to more clearly show alignment with our customers. While the Coinbase Ventures portfolio is already public, and we’ve also published our material crypto assets held in our 10-Q, we plan to make our holdings even more transparent.

Soon we’ll share more information publicly, with the goal of making our holdings even more obvious, by showing (a) which assets are currently held by Coinbase and (b) which assets were backed by Coinbase Ventures, whether they are currently listed or not.

Now, we don’t claim that our portfolio is the best. Nor do we advise that you buy it. But by making it even more clear in the user interface as to which assets are Coinbase-held and Coinbase-backed, you can decide whether or not to align yourself with Coinbase’s crypto holdings. You can also choose to pursue a completely different strategy. And that is our goal: to provide a fair and efficient marketplace where the participants decide.


Proof of alignment 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 January 18, 2022
Update to asset listing announcements

One of the most common requests we receive from customers is to be able to trade more assets on our platform. As we continue to add assets to our exchange and platforms we have decided that we will no longer post individual blog posts and will only use Twitter to announce new asset listings.

Please make sure to follow @CoinbaseAssets for new asset announcements for Coinbase.com, iOS and Android apps, as well as Advanced Trading, Coinbase Pro, Coinbase Prime, Coinbase Custody and any new geo-fencing restrictions that may be lifted.

Please also make sure to follow @CoinbaseExch for new asset announcements for Coinbase Exchange and to be alerted as order books will launch in phases, auction mode then limit-only or full trading mode. 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.

To see a list of supported assets on Coinbase check out our new Asset Directory.

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Please note: Coinbase Ventures may be an investor in the crypto projects we offer, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investment or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.

Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

All images provided herein are by Coinbase.

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Update to asset listing announcements 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 January 18, 2022
Coinbase and Mastercard partner to revolutionize NFT purchase experience

By Prakash Hariramani, Senior Director, Product

Our mission at Coinbase is to increase economic freedom in the world. By enabling more people to join the creator economy and profit from their work, NFTs (Non-Fungible Tokens) have an important role to play in this mission. However, the experience of purchasing an NFT remains complex for many users.

Coinbase wants to simplify the user experience to allow more people to join the NFTs community. Just as we helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs.

That’s why we’re working with Mastercard to classify NFTs as “digital goods”, allowing a broader group of consumers to purchase NFTs. And, coming soon we’ll “unlock” a new way to pay using Mastercard cards.

Coinbase recently announced Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier. Thanks to our work with Mastercard, we’ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem through Mastercard’s scale and global network.

We applaud Mastercard’s leadership on this issue to make it as easy as possible to buy an NFT and make sure it’s the best consumer experience. The NFT revolution is just beginning.

To learn more, please visit Mastercard’s Newsroom for a blog post and Q&A on our NFT strategy.


Coinbase and Mastercard partner to revolutionize NFT purchase experience 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 January 14, 2022
Incident Post Mortem: November 19, 2021

Summary

On November 19, 2021, Coinbase learned that it had erroneously credited some customers transacting in GYEN and POWR either 100x or 1/100th the amount they purchased. Coinbase promptly disabled trading in POWR and GYEN, worked around the clock to resolve the underlying technical issue, and then made adjustments in customer accounts to reflect the amount of GYEN and POWR that customers actually purchased. This incident affected approximately 0.0072% of Coinbase’s total verified users.

What happened?

On November 19 at approximately 4:00 p.m. EST, Coinbase updated an internal data source related to POWR and GYEN precision. The update was tested through our standard automated testing and deployment monitoring procedures. However, the testing didn’t detect that the update would propagate at various speeds through a number of internal systems and would result in customers being credited either 100x or 1/100th the amount of GYEN or POWR they purchased.

The data rollout error was identified through our position risk monitoring systems shortly after the November 19 4:00 p.m. EST update. At 5:35 p.m. EST, we disabled transacting in GYEN and POWR pending resolution of the underlying issue. At 7:26 p.m. EST, we identified accounts that transacted in GYEN or POWR during the data rollout, and temporarily restricted these accounts pending further investigation. By November 21, restrictions were removed for 98.8% of these accounts and, by December 13, Coinbase restored full trading for GYEN and POWR.

What did Coinbase do to correct the problem?

Coinbase immediately devoted substantial engineering resources to quickly correct the problem, ensuring our customers received the correct amount of GYEN and POWR that they purchased. For customers who were erroneously over-credited 100x the GYEN and POWR they purchased, we ensured that they received the correct amount of assets that they paid for. For those who still had GYEN and POWR in their accounts, this was relatively straightforward — we notified customers of the error and simply debited those customers’ accounts, removing the extra GYEN or POWR that was erroneously credited.

Some customers had already converted their GYEN and POWR to other digital assets, such as Bitcoin. Other customers sent their GYEN and POWR to wallets off the Coinbase platform, but kept other digital assets on the Coinbase platform. For these customers, we notified them of the error and, in accordance with the Coinbase User Agreement, withdrew other assets from these customers’ Coinbase accounts equal to the amount of GYEN or POWR they had been over-credited.

When determining how much to debit from these customers’ accounts, we used the most favorable exchange rate for our customers. Specifically, we calculated the USD value of the GYEN or POWR owed to Coinbase by using the lowest exchange rate on the Coinbase Exchange from the time this incident began until trading was halted ($0.00825/GYEN, $0.4742/POWR). This minimized the amount owed to Coinbase by these customers. We then debited funds from user accounts up to this USD value, starting with their fiat balances, then USDC and other stablecoin balances, followed by other digital asset balances ranked by descending market cap. The value of these digital assets was calculated using the market rate at the time user accounts were debited.

A small group of customers who were erroneously over-credited GYEN or POWR sent these digital assets off-platform and left no other assets on the Coinbase platform. Coinbase has been reaching out to those customers individually and appreciates our customers’ cooperation returning the erroneously credited GYEN and POWR. Repayment of the over-credited funds is required under the Coinbase User Agreement.

For customers who were undercredited GYEN or POWR, receiving a lower amount than they purchased, Coinbase first determined the amount of GYEN or POWR owed to these customers. Coinbase then calculated the USD value of the GYEN or POWR owed to customers by using the highest exchange rate from the start of the incident until the remediation process was completed ($0.009799/GYEN, $0.9617/POWR), which was the most favorable exchange rate for our customers. That means that regardless of the price customers purchased at, we assumed that the customers would have sold these assets at the highest price while trading was disabled. After calculating this USD value, we credited customers an equivalent amount of Bitcoin. We credited these customers in Bitcoin because GYEN and POWR trading was still suspended, and Bitcoin is used in every country where customers were affected.

To further benefit our customers we used an exchange rate of $55,000/BTC, which was lower than the market rate of BTC at the time these BTC payments were made. This exchange rate ensured our customers received more Bitcoin than they would have received had we used the actual BTC-USD exchange rate at the time.

Additionally, for all customers whose accounts were restricted, Coinbase provided a customer experience credit of up to $100 in BTC.

What happens next?

Many customers still have questions about how their accounts were credited or debited because of this incident. For questions specific to your account, please feel free to reach out to Coinbase Support.

Coinbase is also revising the information in our customers’ account statements and tax forms to correctly reflect our customers’ GYEN and POWR transactions. If your statements or tax forms appear incorrect, please reach out to Coinbase Support, but know that we are working to correct that information as well.

GYEN Values Before the Data Rollout Error.

In the days leading up to the data rollout error, between November 16 and November 19, Coinbase Exchange observed GYEN-USD break parity when compared to JPY/USD. We have seen customers speculate on social media that this incident was somehow related to this break in parity. We have also seen customers speculate that this break in parity was somehow caused by Coinbase. These allegations are false and reflect a misunderstanding about what GYEN is and how Coinbase works.

The Break in Parity Occurred Before and Was Not Related to the Incident. This break in parity occurred days before the incident. At the peak of this break in parity, on November 17, 1 GYEN traded for approximately ¥7.48.

The price of GYEN (blue) in Yen (red) during the break in parity, with a high of ¥7.48 (Red Line Indicating the time of the Data Rollout Error)

By the time the data rollout error occurred, on November 19, GYEN’s price stability had recovered and GYEN was trading at approximately ¥0.96–0.98. When Coinbase unrestricted impacted customers’ accounts, GYEN was trading at approximately ¥0.98. In other words, the break in parity occurred before the data rollout error and the two issues had nothing to do with each other.

How the Break in Parity Occurred. When Coinbase listed GYEN, there was significant demand for GYEN that could not be matched by supply. The surge in buyer demand for GYEN, coupled with the insufficient supply of GYEN across all markets (not just Coinbase), ultimately caused the break in parity. From November 17 through November 19, Coinbase implemented an alert, informing its customers who were buying, selling and trading GYEN of “Unusual Market Activity — Due to unusual market activity for GYEN, you may have trouble trading GYEN on Coinbase.com. We apologize for any inconvenience caused by this.” The break in parity occurred because of these market conditions specific to the GYEN digital asset unrelated to Coinbase operations.


Incident Post Mortem: November 19, 2021 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 January 14, 2022
Coinbase Expands Live Customer Support

By Casper Sorensen, Vice President, Customer Experience

The following is the latest update in our series of blog posts describing our commitment to continuously improving our customer experience.

In past blog posts we highlighted our ongoing journey to create more value for customers with our support experience. In 2021, we invested in providing improved support experiences by increasing our staffing, accelerating our response times, as well as adding dozens of educational resources to our help pages so customers can get the most accurate information on our products and services.

In our pursuit to provide customers with the most trusted customer service experience in crypto we are excited to highlight new live support options for our customers.

In Q4 we began offering localized phone support for retail customers in the US, UK, Ireland, Germany, and Japan. Whether the question is simple or complex, our trained professionals are ready to help. These new phone support options expand on the Coinbase One support which launched in October 2021 and is available to customers in the United States 24/7 from a dedicated team, and the fastest answer times in crypto.

In December 2021, we began providing US retail customers with live messaging via our new Help Center platform. Live messaging offers customers the flexibility to connect with us when the time is right and continue the conversation seamlessly if they have to step away. Our team of customer service experts are available via messaging 24/7 with the speed our customers expect.

The journey continues in 2022, we will provide more localized phone and messaging options for our customers globally as well as bring further enhancements to our in-app support experience for iOS and Android.

We remain deeply focused on providing our customers with intuitive support technology and appreciate patience as we continue to grow. We look forward to continuous enhancements so please stay tuned to this blog for updates on the status of our journey.


Coinbase Expands Live Customer Support 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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