Is Coinbase A Wallet? Coinbase Cryptocurrency Exchange

While in the past it was viewed as the trading floor for Bitcoin speculators, now it is one of the largest companies supporting large business customers to process payments in this new technology.

Coinbase's CEO Brian Armstrong has also been vocal in his support for Bitcoin, saying last year that the digital currency would never succeed without the flexibility offered by Coinbase. He said that Bitcoin was meant to work for individuals and small businesses. "When we launched Coinbase it was for consumers and professionals. Over time it has turned into a service for small businesses because they need our services. Bitcoin is a dream for people like that."

The company has over $1.5 billion of assets under management, with $65 million of fees paid per month. This is compared to less than $20 million of spending and $15 million of fees paid per month for competitors like Square. Coinbase processes 200,000 transactions per day, up from 140,000 a year ago. The company processed more than $1.2 billion in transactions in 2015. The company has a minimum age of 21, with customers from all 50 states and 12 countries.

Craig Ryan, VP of Business Development, said in an interview that one of the big drivers behind growth is merchant services for large corporate customers, which had traditionally been handled by payment processors. However, they often found that the payment processing fee was more than the value of their business transaction.

As the sector developed, payments processors and credit card companies decided they were not going to handle this space because the risk of fraud was not worth the money. So that left the space open for companies like Coinbase. He noted that if a company wants to take advantage of Bitcoin, they need to put on a lot of work for about two weeks and be ready for the press coverage.

For the larger customer, the payment processor has to provide back-office processing and security. Once this was done, the company could open up the Bitcoin wallet and then send money to the merchant.

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