DOCSLIB.ORG

Shareholder Letter August 10, 2021 Fellow Shareholders

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Shareholder Letter August 10, 2021 Fellow Shareholders Shareholder Letter August 10, 2021 Fellow shareholders, Q2 was a strong quarter for Coinbase with growth and diversification across our platform. Retail Monthly Transacting Users (MTUs) grew to 8.8 million, up 44% from Q1 2021. Verified Users were 68 million. We now have over 9,000 institutions who continue to deepen and broaden their activities in the cryptoeconomy and more than 160,000 ecosystem partners who are using our crypto tools and services to engage with their own customers. We generated $2.0 billion in net revenue, including $1.9 billion in transaction revenue and over $100 million in subscription & services revenue. Net income was $1.6 billion and Adjusted EBITDA was $1.1 billion. Q2 illustrated the volatility we have anticipated in these still-early days in the cryptoeconomy. In Q2, we saw many crypto asset prices reach new all time highs. For example, the price of Bitcoin surpassed $64,000 in April, while Ethereum prices more than doubled during the quarter to over $4,200 in May. Later in the quarter, we saw a steep decline in crypto asset prices with Bitcoin and Ethereum falling over 45% each to ~$30,000 and ~$1,700, respectively, resulting in exceptionally high levels of volatility. As volatility and crypto asset prices are highly correlated with trading revenue, the crypto market environment heavily influenced our Q2 financial results. Across the industry we see immense innovation with new crypto projects addressing a broad range of issues from scaling (to improve transaction speed and lower cost) to developing novel ways for borrowing and lending. New market entrants are joining the cryptoeconomy from all corners, as we saw with the first Sotheby's auction settled in crypto this quarter. Most recently, crypto has arrived on the U.S. regulatory agenda. We are proud of the broad crypto community for coming together in an incredibly powerful way to inform debate in the U.S. Senate surrounding the crypto reporting provisions in the infrastructure bill. While the legislation has not yet been enacted, and the implementation of these provisions by the U.S. Treasury is still ahead of us, this moment highlights the power of the voice of crypto users, who we believe will have an increasing voice in crypto policymaking in years to come. It also underscores the importance of Coinbase and our users engaging with policymakers to help them understand crypto and its potential uses and benefits for society. Against this dynamic industry backdrop, we remain focused on our mission to increase economic freedom in the world with a goal to bring 1 billion people into the cryptoeconomy. We are investing heavily towards this future by adding more users, more assets, and more products to our platform while keeping our focus on being the most trusted and easiest to use. Q2 2021 Select Key Operating and Financial Metrics¹ ¹ For a reconciliation of net income KEY OPERATING METRICS Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 to Adjusted EBITDA, please refer to the reconciliation table in the Monthly Transacting Users “MTU” (M) 1.5 2.1 2.8 6.1 8.8 section titled “Reconciliation of Net Income to Adjusted EBITDA”, following the financial statements Trading Volume ($B) 28 45 89 335 462 included at the end of this shareholder letter. Assets on Platform ($B) 26 36 90 223 180 Financial Metrics ($M) Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Net Revenue $178 $287 $497 $1,597 $2,033 Net Income $32 $81 $177 $771 $1,606 Adjusted EBITDA¹ $61 $123 $288 $1,117 $1,150 Q2 2021 2 User Growth Q2 MTU growth was driven by the crypto market environment, product launches, our marketing efforts, and the growing number of crypto assets we support. Overall, we are seeing that retail users are deepening their engagement with our platform, both in terms of the assets in which they invest and trade, and the products they use. Approximately 27% of our Q2 retail MTUs, or 2.4 million individuals, both invested and engaged with at least one other non-investing product. This is up from 25% of our Q1 retail MTUs, or 1.5 million individuals. These incremental 0.9 million retail MTUs are predominantly using Staking or Earn which allows them to earn rewards or a yield on their crypto assets. On the institutional side, we now have over 9,000 financial institutions using Coinbase. Several important themes have developed with our institutional business. - First, adoption continued at a rapid pace throughout the quarter despite market volatility. We are encouraged by the progress we made over the past year as we build our institutional suite of products and service offerings. As an example, 10% of the top 100 largest hedge funds by reported assets under management have chosen to onboard with Coinbase, with many clients selecting us as their exclusive partner. In addition, in recent months, we have formed partnerships with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC, and WisdomTree Investments. - Second, institutions are becoming more sophisticated and are seeking to do much more than buy, sell, and store Bitcoin. Increasingly, our institutional customers see Coinbase as a one-stop shop for the services they need including trading, custody, lending, yield generation, data, and more across a broad spectrum of crypto assets. Institutions are choosing Coinbase for the deep pools of liquidity we offer, our sophisticated algorithmic order execution, as well as the trust that comes with being a public company. Furthermore, we have enabled access to all our order books and our global fiat payment networks, allowing our institutional exchange customers to reach new currencies and markets and improving their access to global liquidity pools. - Third, we are seeing a growing number of customers leveraging our infrastructure as they create their own crypto offerings. These include traditional banks, asset managers, and fintechs that are seeking best in class capabilities in custody with a crypto-native partner that offers strong security and a trusted brand. Overall, we are excited by our increasing momentum with institutions and the opportunity to grow our presence with this community over time. Q2 2021 3 International expansion is also an important leg of our user growth strategy. Consistent with our vision that the cryptoeconomy can unlock economic freedom around the world, we remain focused on making the long-term investments necessary to drive Coinbase’s expansion into international markets, including diligently pursuing approvals and licenses from regulators around the world where needed. In Q2, we obtained two key licenses which we believe will accelerate our entry into Japan and Germany. - In Japan, we have successfully registered with the local regulator JFSA (Financial Services Agency of Japan) as a crypto asset exchange service provider. This registration will enable us to actively solicit customers in Japan and provide them a range of crypto services. We see huge long-term potential in Japan, the third largest economy in the world, with an active and mature crypto customer base. - In Germany, our subsidiary Coinbase Germany GmbH was awarded a license for crypto custody and trading from the German Federal Financial Authority (BaFin). The BaFin licensing framework is the first of its kind in the European Union, and Coinbase Germany is the first company to be issued such a license. Germany is an exciting market for crypto, ranking as the second largest country in the world in terms of the number of Bitcoin nodes being run. Listing More Assets and Trading Pairs The cryptoeconomy is still in its early stages, but it is clear that every year more and more economic activity will take place on crypto rails. We are seeing crypto quickly mature from its initial use case of trading bitcoin to the trading of thousands of new assets, and the adoption of new use cases like decentralized finance (DeFi), non-fungible tokens (NFTs), smart contracts, decentralized autonomous organizations (DAOs), and more. With all of this new innovation coming to crypto, we have a massive opportunity to give our customers access to these new products and features. Bringing more assets to Coinbase, faster, safer and ultimately listing all legal assets is one way we will tackle this opportunity. Throughout Q2, we continued to enhance the depth and breadth of the assets we support. We want to treat asset issuers as the important customers they are and empower our users to make their own risk-adjusted decisions. Overall, we executed well against this goal as we added 29 new assets for trading and 39 new assets for custody during the first six months of 2021. In Q2 alone, we added more assets for trading than we added in all of 2020. We currently support 83 assets for trading and 142 for custody. The addition of more assets is helping to drive diversification in the assets our customers are transacting in. Q2 2021 4 In June, we outlined steps we are taking to improve our asset addition process. First, we are simplifying our legal review to focus specifically at what raises the most concerns under the law. Second, we need to create an “experimental” zone for new assets where we can appropriately disclose risks to customers and enable them to make educated decisions. Lastly, we recognize we may not be able to trade every asset on our centralized exchange for regulatory reasons, but we believe we can enable access to most assets for basic wallet functionality. Building Innovative Products We continue to invest in innovative products that attract new customers and deepen relationships with existing ones. Our products are built to be safe, trusted, and easy to use for both retail and institutional users.
Load more

Recommended publications
  • The Bitcoin Trading Ecosystem
    ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 1 THE INSTITUTIONAL CRYPTO CURRENCY EXCHANGE INSIDE FRONT COVER: BLANK ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 3 The Bitcoin Trading Ecosystem Arcane Research LMAX Digital Arcane Research is a part of Arcane Crypto, bringing LMAX Digital is the leading institutional spot data-driven analysis and research to the cryptocurrency exchange, run by the LMAX Group, cryptocurrency space. After launch in August 2019, which also operates several leading FCA regulated Arcane Research has become a trusted brand, trading venues for FX, metals and indices. Based on helping clients strengthen their credibility and proven, proprietary technology from LMAX Group, visibility through research reports and analysis. In LMAX Digital allows global institutions to acquire, addition, we regularly publish reports, weekly market trade and hold the most liquid digital assets, Bitcoin, updates and articles to educate and share insights. Ethereum, Litecoin, Bitcoin Cash and XRP, safely and securely. Arcane Crypto develops and invests in projects, focusing on bitcoin and digital assets. Arcane Trading with all the largest institutions globally, operates a portfolio of businesses, spanning the LMAX Digital is a primary price discovery venue, value chain for digital nance. As a group, Arcane streaming real-time market data to the industry’s deliver services targeting payments, investment, and leading indices and analytics platforms, enhancing trading, in addition to a media and research leg. the quality of market information available to investors and enabling a credible overview of the Arcane has the ambition to become a leading player spot crypto currency market. in the digital assets space by growing the existing businesses, invest in cutting edge projects, and LMAX Digital is regulated by the Gibraltar Financial through acquisitions and consolidation.
    [Show full text]
  • Bitcoin and Cryptocurrencies Law Enforcement Investigative Guide
    2018-46528652 Regional Organized Crime Information Center Special Research Report Bitcoin and Cryptocurrencies Law Enforcement Investigative Guide Ref # 8091-4ee9-ae43-3d3759fc46fb 2018-46528652 Regional Organized Crime Information Center Special Research Report Bitcoin and Cryptocurrencies Law Enforcement Investigative Guide verybody’s heard about Bitcoin by now. How the value of this new virtual currency wildly swings with the latest industry news or even rumors. Criminals use Bitcoin for money laundering and other Enefarious activities because they think it can’t be traced and can be used with anonymity. How speculators are making millions dealing in this trend or fad that seems more like fanciful digital technology than real paper money or currency. Some critics call Bitcoin a scam in and of itself, a new high-tech vehicle for bilking the masses. But what are the facts? What exactly is Bitcoin and how is it regulated? How can criminal investigators track its usage and use transactions as evidence of money laundering or other financial crimes? Is Bitcoin itself fraudulent? Ref # 8091-4ee9-ae43-3d3759fc46fb 2018-46528652 Bitcoin Basics Law Enforcement Needs to Know About Cryptocurrencies aw enforcement will need to gain at least a basic Bitcoins was determined by its creator (a person Lunderstanding of cyptocurrencies because or entity known only as Satoshi Nakamoto) and criminals are using cryptocurrencies to launder money is controlled by its inherent formula or algorithm. and make transactions contrary to law, many of them The total possible number of Bitcoins is 21 million, believing that cryptocurrencies cannot be tracked or estimated to be reached in the year 2140.
    [Show full text]
  • Transparent and Collaborative Proof-Of-Work Consensus
    StrongChain: Transparent and Collaborative Proof-of-Work Consensus Pawel Szalachowski, Daniël Reijsbergen, and Ivan Homoliak, Singapore University of Technology and Design (SUTD); Siwei Sun, Institute of Information Engineering and DCS Center, Chinese Academy of Sciences https://www.usenix.org/conference/usenixsecurity19/presentation/szalachowski This paper is included in the Proceedings of the 28th USENIX Security Symposium. August 14–16, 2019 • Santa Clara, CA, USA 978-1-939133-06-9 Open access to the Proceedings of the 28th USENIX Security Symposium is sponsored by USENIX. StrongChain: Transparent and Collaborative Proof-of-Work Consensus Pawel Szalachowski1 Daniel¨ Reijsbergen1 Ivan Homoliak1 Siwei Sun2;∗ 1Singapore University of Technology and Design (SUTD) 2Institute of Information Engineering and DCS Center, Chinese Academy of Sciences Abstract a cryptographically-protected append-only list [2] is intro- duced. This list consists of transactions grouped into blocks Bitcoin is the most successful cryptocurrency so far. This and is usually referred to as a blockchain. Every active pro- is mainly due to its novel consensus algorithm, which is tocol participant (called a miner) collects transactions sent based on proof-of-work combined with a cryptographically- by users and tries to solve a computationally-hard puzzle in protected data structure and a rewarding scheme that incen- order to be able to write to the blockchain (the process of tivizes nodes to participate. However, despite its unprece- solving the puzzle is called mining). When a valid solution dented success Bitcoin suffers from many inefficiencies. For is found, it is disseminated along with the transactions that instance, Bitcoin’s consensus mechanism has been proved to the miner wishes to append.
    [Show full text]
  • Regulating Storage Overhead in Existing Pow-Based Blockchains
    Regulating Storage Overhead in Existing PoW-based Blockchains Frederik Armknecht Jens-Matthias Bohli* University of Mannheim Mannheim University of Applied Sciences Germany Germany [email protected] [email protected] Ghassan O. Karame Wenting Li NEC Laboratories Europe NEC Laboratories Europe Germany Germany [email protected] [email protected] ABSTRACT so far. This resulted in a sharp variance in the number of Proof of Work (PoW) blockchains regulate the frequency and blockchain replicas over time. Namely, during the early years security of extensions to the blockchain in a decentralized of PoW blockchains, every miner was also a \full-node" and manner by adjusting the difficulty in the network. However, stored a full copy of the blockchain. As a result, the blockchain analogous decentralized measures to regulate the replica- witnessed an unprecedented level of replication (>200,000 tion level of the associated transactions and blocks data are replica) until early 2014 [14, 15]. Nowadays, the current completely missing so far. We argue that such measures are difficulty level of PoW mining is prohibitively high enough required as well. On the one hand, the smaller the number that miners do not have incentives to operate solo. Instead, of replicas, the higher the vulnerability of the system against joining a mining pool emerges as an attractive option for compromises and DoS-attacks. On the other hand, the larger miners to receive a portion of the block reward on a consistent the number of replicas, the higher the storage overhead, and basis. Here, workers do not connect directly to the blockchain; the higher the operational blockchain cost are.
    [Show full text]
  • Difference Between Coin Token and Protocol
    Difference Between Coin Token And Protocol campanileBjorne patch-up and attack hydrostatically his sortes while so peevishly! hyperbolic Ordovician Bo prod buzzinglyand unwifely or tows Tremaine derisively. never Salpiform propine hisAngus deerstalker! nomadizes some Furthermore Lumens coins are inflationary while XRPs are deflationary meaning. Coinbase added COMP to our supported assets for Coinbase and Coinbase Pro. Another difference between different protocols and differences between parties. Facilitate collaboration and quickly gained strong background in. Difference Between Coins and Tokens by Spiking Editor. For example, DAI and USDC are both pegged to the US dollar. The tokens and between the laws and represents a system can host a stable cryptocurrencies and whether the steem went up? To appoint my band well, slowly research existing malware so bizarre I can inform my customers how serious or how harmful these viruses could be. Why air New Tokens Are Ethereum ICOs skalex. Offers based on different coins, protocol tokens in a difference between placement of mining works when attempting to develop it would farm, ripple refers to. Security tokens are created through a type my initial coin offering ICO sometimes referred to skirt a security token offering STO to plug it whether other types of. This problem describes the dilemma that a critical number of sellers or vendors is necessary to be of cover to customers as a platform. Sec regulation s options and each has included on leveraged crypto businesses that difference between coin token and protocol tokens are similar to. Bitcoin and coins differ from the difference. But whenever you growing like other, you well go cheer the nearest machine and reward them.
    [Show full text]
  • Coinbase Amount Received Text Message
    Coinbase Amount Received Text Message Non-iron or uncharmed, Wiley never revengings any Euripides! Preventable Davide administrates that ploughwrights hushes debonairly and mew grimly. Olle hyalinized literatim? Pretty soon thecomputer virus should gain permission to yours leads. Text message amount received bitcoin coinbase. He wanted also be reached by email at zack. Bitcoin takes parity with US dollar. Coinbase 101 How many Send & Receive Bitcoins & Other. You went upon the internet porn page, success is diseased with the virus. After that, have software collected every one occasion your contacts from messenger, facebook, as wheel as mailbox. Binance coin market fake bitcoin text message please verify coinbase. And there but have it, another way how best buy Bitcoins with cash! It is not necessary but tell me special you have up to me. Bitcoin will solve their customer support regarding your system and enter your bitcoin wallet or debit card may vary widely. Personal details the coinbase complies with your system. There is advantage one chain has bit me to outline you. Please try it is a transaction i do. Cryptocurrency Scams The Goldrush of Cybercrime Mobile. Maybe just received! Through your phone payments every one particular, the bitcoin may be? So kind of amount will keep up on changelly would never reuse paper can power for coinbase amount received text message. Once received BitPay converts the bitcoin to your preferred currency and adds the full. But the customer considerable thing is state our program turns on your webcam and copies all your contact list record your email. Bitcoin wallet number or you shall be topline actor in the Internet.
    [Show full text]
  • Filed Pursuant to Rule 433 Under the Securities Act of 1933 Relating to the Preliminary Prospectus Dated March 23, 2021 Registration Statement No
    Filed Pursuant to Rule 433 under the Securities Act of 1933 Relating to the Preliminary Prospectus dated March 23, 2021 Registration Statement No. 333-253482 COINBASE GLOBAL, INC. This free writing prospectus relates to the Registration Statement on Form S-1 (File No. 333-253482) (the “Registration Statement”) that Coinbase Global, Inc. (the “Company”) has filed with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, which may be accessed through the following link: here. On March 23, 2021, the Company posted a video on YouTube responding to questions from the public submitted through Reddit related to the Company’s proposed direct listing and issued a Reddit blog post and a twitter post announcing the posting of the video. A copy of the transcript of this video, the Reddit blog post and the twitter post is attached as Appendix A. The Company has filed a Registration Statement (including a prospectus) with the SEC relating to its Class A common stock to which this communication relates. Before you invest, you should read the prospectus in that Registration Statement and other documents the Company has filed with the SEC for more complete information about the Company and its Class A common stock. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, the Company has made the prospectus available at investor.coinbase.com under the "SEC Filings" section. Appendix A Coinbase Investor Day Reddit Transcript Brian: Welcome everybody to our Reddit AMA for the Coinbase direct listing.
    [Show full text]
  • Future Directions for Regulated Private Wallets and VASP Trust Infrastructures
    Proc. IEEE International Conference on Blockchains and Cryptocurrency (ICBC 2021) Future Directions for Regulated Private Wallets and VASP Trust Infrastructures Thomas Hardjono MIT Connection Science & Engineering Cambridge, MA 02139, USA Email: [email protected] Abstract—A true decentralized peer-to-peer electronic cash Silo from Metaco [8]). However, low-cost cryptographic hard- system requires control of private keys by end-users in private ware has been available for consumer PC computers since the wallets. This necessitates wallet systems to utilize trusted hard- mid-2000s, in the form of the Trusted Platform Module (TPM) ware to protect keys. However, trusted hardware alone is not enough. There must be a corresponding attestation infrastructure chip [9], [10]. The plentiful availability of the TPM chip was to support the verification of evidence regarding the state of spurred, among others, by the US Army purchase decision in the trusted hardware, the provenance and the presence of keys, 2006 regarding TPM-enabled laptops and PC computers [11]. and other related configurations. This permits legitimate external Although more advanced trusted hardware technologies ex- entities to obtain some degree of visibility into the wallet state ist today (e.g. Intel SGX [12], Arm TrustZone [13], Microsoft without access to the private keys. Relying parties, such as crypto- funds insurance providers and auditors of CBDC distributors, Pluton [14]), the humble TPM chip is already widely available require such visibility for risk assessment. New VASPs have the in several hundred million PC computers and related devices. opportunity today to invest in these emerging infrastructures. Applications of the TPM chip in PC computers include file Index Terms—blockchains, attestations, wallet systems, cyber- encryption (e.g.
    [Show full text]
  • Rgdax: Wrapper for 'Coinbase Pro (Erstwhile GDAX)' Cryptocurrency Exchange
    Package ‘rgdax’ August 3, 2021 Type Package Title Wrapper for 'Coinbase Pro (erstwhile GDAX)' Cryptocurrency Exchange Version 1.2.1 Maintainer Dheeraj Agarwal <[email protected]> Description Allow access to both public and private end points to Coinbase Pro (erstwhile GDAX) cryptocurrency exchange. For authenticated flow, users must have valid api, se- cret and passphrase to be able to connect. URL https://github.com/DheerajAgarwal/rgdax/ BugReports https://github.com/DheerajAgarwal/rgdax/issues License MIT + file LICENSE Encoding UTF-8 RoxygenNote 7.1.1 Depends R(>= 4.0), digest, jsonlite, RCurl, httr, plyr Suggests testthat NeedsCompilation no Author Dheeraj Agarwal [aut, cre] Repository CRAN Date/Publication 2021-08-03 04:20:02 UTC R topics documented: account . .2 accounts . .3 account_hist . .4 add_order . .5 auth .............................................6 cancel_order . .7 fills .............................................8 holds . .9 1 2 account list_orders . 10 open_orders . 11 parse_response . 12 public_candles . 12 public_daystats . 13 public_info . 14 public_orderbook . 15 public_ticker . 15 public_time . 16 public_trades . 17 pymt_methods . 17 Index 19 account Get Account Details For An Account Description This is an auth based function. User must have valid api keys generated by GDAX which must be passed as mandatory arguments. The function takes an account id as an additional input and returns the account details for that account. The account details currently include information about the currency (fiat or crypto) and the details on the balance (total, available and help for other transac- tions). Usage account(acct_id, api.key, secret, passphrase) Arguments acct_id Mandatory character value. This is case senstivite. Must be one of the id gen- erated from accounts api.key Mandatory character value.
    [Show full text]
  • New York's Proposed Bitlicense Regime: Summary of Published
    bitcoin-reg.com New York’s Proposed BitLicense Regime: Summary of Published Comments and Expected Changes November 7, 2014 This document summarizes 35 public comment letters published in response to New York’s “BitLicense” proposal. We have aggregated these letters at bitcoin- reg.com. The New York Department of Financial Services (NYDFS) proposed the BitLicense regime in July 2014 to comprehensively regulate certain Bitcoin and other virtual currency business activities in response to the use of virtual currencies for money laundering or other illicit activities (e.g., Liberty Reserve and Silk Road) and harm to consumers (e.g., Mt. Gox’s failure and loss of hundreds of millions of dollars’ worth of customer Bitcoins), as we summarized in our visual memo on the proposal. This document also summarizes recent speeches by NYDFS Superintendent Benjamin Lawsky that outline expected changes to the proposal (e.g., clarifications that mere software developers will not be covered) and timing (reproposal expected early December, final rules expected early 2015 with an effective date shortly thereafter). Table of Contents 1. Summary of Expected Changes to the BitLicense Proposal and Timing ................................. 2 I. Expected Timing of BitLicense Regime ....................................................................... 2 II. Expected Changes to BitLicense Proposal.................................................................. 2 2. Overview of 35 Public Comment Letters ..................................................................................
    [Show full text]
  • Virtual Markets Integrity Report
    VIRTUAL MARKETS INTEGRITY INITIATIVE REPORT Office of the New York State Attorney General Barbara D. Underwood Attorney General Page 1 September 18, 2018 INTRODUCTION The New York State Office of the Attorney General (the “OAG”) launched the Virtual Markets Integrity Initiative to protect and inform New York residents who trade in virtual or “crypto” currency. As a medium of exchange, an investment product, a technology, and an emerging economic sector, virtual currency is complex and evolving rapidly. The OAG’s Initiative, however, proceeds from a fundamental principle: consumers and investors deserve to understand how their financial service providers operate, protect customer funds, and ensure the integrity of transactions. VIRTUAL CURRENCY TRADING PLATFORMS Public interest in virtual currency – bitcoin, ether, and other digital units used to store or exchange value – has increased significantly. The best-known virtual currency, bitcoin, was created less than a decade ago and is now valued at over $100 billion.1 Another virtual currency, ether, went from an abstract concept described in a “white paper” to a tradeable asset valued at over $20 billion in less than five years. There are currently more than 1,800 different virtual currencies exchanged around the world, with more released each month. No longer the exclusive province of tech-savvy hobbyists and traders, virtual currency now appeals to Wall Street firms and “mom-and-pop” retail investors. To access the virtual currency marketplace, investors rely on virtual asset trading platforms, often referred to as “exchanges.” These online platforms match buyers and sellers of virtual currency, performing functions similar to traditional stock exchanges, private trading venues, and broker-dealers.
    [Show full text]
  • Pleading Wizard
    Case 4:18-cv-01364-KAW Document 1 Filed 03/01/18 Page 1 of 18 1 Robert S. Green (State Bar No. 136183) James Robert Noblin (State Bar No. 114442) 2 GREEN & NOBLIN, P.C. 2200 Larkspur Landing Circle, Suite 101 3 Larkspur, CA 94939 Telephone: (415) 477-6700 4 Facsimile: (415) 477-6710 Email: [email protected] 5 Lynda Grant 6 THEGRANTLAWFIRM, PLLC 521 Fifth Avenue, 17th Floor 7 New York, NY 10175 Telephone: 212-1292-4441 8 Facsimile: 212-292-4442 9 Email: [email protected] 10 Attorneys for Plaintiff 11 12 UNITED STATES DISTRICT COURT 13 FOR THE NORTHERN DISTRICT OF CALIFORNIA 14 15 JEFFREY BERK, on behalf of himself Case No.: and all others similarly situated, 16 CLASS ACTION COMPLAINT Plaintiff, 17 vs. 18 JURY TRIAL DEMAND 19 COINBASE, INC., a Delaware Corporation d/b/a Global Digital Asset 20 Exchange (“GDAX”), Brian Armstrong and David Farmer, 21 Defendants. 22 23 24 25 26 27 28 CLASS ACTION COMPLAINT 00106104.000.docx Case 4:18-cv-01364-KAW Document 1 Filed 03/01/18 Page 2 of 18 1 Plaintiff, Jeffrey Berk (“Plaintiff”), individually and on behalf of all other persons 2 similarly situated, by his undersigned counsel, alleges in this complaint, the following based 3 upon his knowledge with respect to his own acts, and upon the investigation of his counsel, 4 which include public statements made by defendant Coinbase, Inc. (“Coinbase” or the 5 “Company”), Brian Armstrong (“Armstrong”), its founder and chief executive officer, and 6 David Farmer (“Farmer”), its director of communications, a review and analysis of media 7 reports, interviews, social media and other information concerning the Company and its actions 8 with regard to the cryptocurrency Bitcoin Cash (“Bitcoin Cash” or “BCH”).
    [Show full text]