FinovateSpring 2014 / Coinbase
Presenter Profile:
How they describe themselves: Coinbase is the largest bitcoin platform for merchant payment processing and consumer wallets. We allow merchants to accept bitcoin payments safely and securely without exposure to price volatility.
How they describe their product/innovation: Our instant-exchange feature offers bitcoin payments to merchants with zero exchange rate risk. As a merchant receives bitcoin payments throughout the day, they can instantly sell these bitcoins to Coinbase at a market exchange rate that was locked-in at the time of the customer’s purchase. At the end of each day, Coinbase will clear the USD sum total of all sales via ACH transfer. The merchant is therefore not exposed to bitcoin exchange rate volatility and will receive a dollar value, less our 1% exchange fee, that corresponds to the USD sale price of items purchased by bitcoin-paying customers.
Product Distribution Strategy: Direct to Consumer (B2C), Direct to Business (B2B), through partnerships
Contacts:
Bus. Dev.: Roger Gu, roger@coinbase.com & Nahid Samsami, nahid@coinbase.com
Website: coinbase.com
Blog: blog.coinbase.com
Twitter: @coinbase
HQ: San Francisco, CA
Founded: July 2012
Product Demoed: Instant exchange
Product Launch: February 2014
Metrics: Coinbase holds 1.1 million consumer wallets and enables 28,000 merchants to accept bitcoin payments. The company is funded by Andreessen Horowitz, Union Square Ventures, and Y Combinator.
Presenters: Roger Gu (Business Development Manager),
Nahid Samsami (Business Development Manager)
- Key Executives
Brian Armstrong (CEO & Co-Founder), Fred Ehrsam (President & Co-Founder), Martine Niejadlik (Chief Compliance Officer), Todd Edebohls (VP Business Development & Sales)
Key Stats
- Key Investors
Andreessen Horowitz, Union Square Ventures, Ribbit Capital, Y Combinator
- Key Partnerships
Square, Balanced Payments, Revel Systems
- Key Customers
Coinbase enables bitcoin payments for over 28,000 merchants including Overstock.com, OKCupid, Reddit, and Khan Academy.