Coinbase is one of the world’s most popular cryptocurrency exchanges, especially within the United States. They’re extremely well-known for their user-friendliness, enabling newcomers to quickly and easily purchase cryptocurrency using a credit card.

Whereas other exchanges require users to be able to navigate a trading interface, Coinbase removes this from the equation, allowing users to simply buy and sell at market rates – no candlestick charts necessary!

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Background

Coinbase is an American exchange which was founded in June 2012 by Brian Armstrong, a former software engineer at AirBnb, and Fred Ehrsam, a former trader at Goldman Sachs.

The company has had several rounds of funding, comprising of a seed capital round, Series A-E funding, and a secondary market sale.

Coinbase raised $600,000 in seed capital in September 2012, including backing from Y Combinator, Reddit co-founder Alexis Ohanian, IDG Ventures, and several others via FundersClub – an online venture capital firm.

Why Coinbase?

Reputation

Coinbase is best known for its reliability and compliance with regulations in the United States. Unlike many other cryptocurrency exchanges, Coinbase is based in the USA, and maintains transparent banking relationships. Existing since 2012, Coinbase also has a much longer history than other exchanges.

USD balances in Coinbase accounts are covered by FDIC insurance, for a maximum of $250,000 per individual.

Ease of use

Coinbase is also well-known for being one of the easiest options for first-time cryptocurrency buyers.

They considerably streamline the onboarding process, removing knowledge barriers and enabling credit or debit card purchases. In order to purchase cryptocurrency for the first time, all a user must do is simply select their asset of interest, and choose how much fiat currency to spend on it.

Coinbase wallet

Coinbase also has their very own cryptocurrency wallet, which is compatible with several popular dApps on Ethereum. This includes the largest current DeFi lending platform, Compound Finance.

How does it work?

To get started, visit https://www.coinbase.com/.

Click the green “Buy” button, next to the asset you would like to purchase.

Form here, a user will enter their name and email address, along with their desired password.

Coinbase will send an email to the address provided. Click the link in the email to complete the sign-up process.

You will also be required to enter a phone number, which will assist in securing your account.

A user will then be taken to the dashboard homepage. To purchase cryptocurrency, click the blue “Trade” button in the top right-hand corner.

From here, a user simply selects the asset they wish to buy, and the amount they wish to spend on it. For those wishing to immediately begin using DeFi dApps, ETH, DAI, or USDC is recommended.

The user will also need to enter their payment method, and details. These can also be added in the settings panel, by clicking the profile picture in the top right-hand corner.

What assets are supported?

Coinbase supports a large range of crypto assets, including most major blockchains, stablecoins, and tokens.

Why are we covering Coinbase?

As one of the more reputable fiat onramps, Coinbase is generally the first point of entry for many new users looking to get into crypto. From Coinbase, users can purchase popular DeFi assets like Dai and ETH which can be sent to other wallets and DEXs like Uniswap.

How to get involved?

Coinbase keep their community posted with all the latest news and updates via their Twitter, and do not have an official Telegram or Discord channel.

In-depth posts about platform releases, listings, updates, and more can be found on The Coinbase Blog.