The company makes money by charging fees for its brokerage and exchange. The company’s stated goal echoes cryptoasset enthusiasts’ ultimate vision: to create a new, “open financial system.”Ĭoinbase’s CEO Brian Armstrong said that the company’s core mission is “to increase economic freedom in the world.” And to achieve that mission, Coinbase will execute on a three-pronged strategy that positions and promotes crypto assets as an investment vehicle, a new financial system, and an app platform.įor the time being, though, Coinbase looks a lot like a traditional financial services player. While Coinbase is best known for its cryptoasset exchange, it has bigger aspirations than helping people buy and sell crypto. Its valuation reached over $112B at one point during its debut but closed at about $86B. Coinbase listed on Nasdaq, and its direct listing opened at $350 per share, $100 above its set reference price. The company made history in April 2021 by being the first crypto company in the world to go public. This has helped Coinbase secure nearly $540M in equity financing from some of the biggest-name VCs, and vaulted the company into the unicorn club. Coinbase has also maniacally pursued compliance with existing regulations and law enforcement, putting it on the right side of the law - another huge asset in a sector that is still in desperate need of regulatory guidance. The company has never been hacked, unlike many of its competitors. Though the app’s hold on the number one spot was brief, Coinbase has soared in popularity and turned itself into the on-ramp for mainstream crypto investors by positioning itself as a safe harbor among cryptoasset exchanges. In May 2021, the company’s mobile app once again reached the top spot on Apple’s App Store after slipping from that position in 2017. The company already has significant visibility with consumers in a sector that was once exclusively the province of cryptoasset enthusiasts. Operating since 2012, the company allows users to buy, sell, and store cryptoassets, like bitcoin and ethereum. Coinbase is the most popular consumer-facing cryptoasset exchange in the United States.