# Coinbase - Marketing Research Report

Generated on: April 5, 2026
**Industry:** Fintech (Capital Markets)
**Website:** https://www.coinbase.com

## The Takeaway

Coinbase's moat is regulatory arbitrage — being the trusted on-ramp in markets where compliance still feels like competitive advantage. But that moat erodes as rival exchanges match compliance standards and crypto regulation normalizes globally.

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# Company Research

## Company Summary

Coinbase is a cryptocurrency exchange and wallet platform that allows merchants and consumers to buy, sell, and store digital currencies [3]

**Founded:** Founded in 2012 [5]

**Founders:** Founded by Fred Ehrsam and Brian Armstrong [1]

**Employees:** 4,000 employees as of 2024 [5]

**Headquarters:** San Francisco, United States [5]

**Funding:** Public company currently valued at $61 billion [5]

**Mission:** To unleash human potential through economic freedom [2]

**Strengths:** The company's strengths rely on the combination of brand credibility in major markets, diversified institutional and retail offerings, and regulatory compliance leadership [16]

• **Market-leading brand recognition**: Coinbase enjoys unmatched brand recognition in North America and Europe, thanks to its early entry and transparent operations [16]
• **Diversified customer base**: The platform serves both retail investors seeking security and educational simplicity, and institutional clients demanding deep liquidity and advanced trading infrastructure [13]
• **Institutional dominance**: In Q1 2024, institutional trading volume reached $256 billion, representing 82.05% of total trades [15]

## Business Model Analysis

### 🚨 Problem

****Traditional financial systems exclude billions from participating in the global digital economy** [2]**

• Complex cryptocurrency trading interfaces intimidate new investors and prevent mainstream adoption [11]
• Lack of trusted, regulated platforms creates security concerns for both retail and institutional investors [13]
• Limited access to cryptocurrency education and resources prevents informed investment decisions [14]
• Traditional banking systems cannot adequately serve the growing demand for digital asset services [16]

### 💡 Solution

****Coinbase provides a comprehensive cryptocurrency exchange and wallet platform with institutional-grade security** [3]**

• User-friendly interface designed specifically for beginners to easily buy, sell, and store digital currencies [11]
• Advanced trading features and deep liquidity pools to serve experienced traders and institutional clients [13]
• Educational resources and simplified onboarding to help users understand cryptocurrency markets [14]
• Regulated platform providing security and compliance for both retail and institutional investors [16]

### ⭐ Unique Value Proposition

****First major cryptocurrency exchange to go public with unmatched regulatory compliance and brand trust** [16]**

• Early market entry and transparent operations established unmatched brand recognition in North America and Europe [16]
• Public company status provides institutional-grade transparency and regulatory compliance [5]
• Simple UI/UX designed for beginners while offering advanced features for experienced traders [11]
• Comprehensive platform combining exchange, wallet, and educational services in one solution [3]

### 👥 Customer Segments

****Coinbase serves both retail investors and institutional clients with tailored solutions** [13]**

• Retail investors seeking security, educational simplicity, and easy-to-use cryptocurrency trading interfaces [13]
• Institutional clients demanding deep liquidity, advanced trading infrastructure, and regulatory compliance [13]
• B2C segment focusing on ease of use and educational resources for cryptocurrency newcomers [14]
• B2B segment providing institutional services including custody and high-volume trading capabilities [14]
• Geographic focus on North America and Europe where brand recognition is strongest [16]

### 🏢 Existing Alternatives

****Coinbase competes with major cryptocurrency exchanges offering different value propositions** [10]**

• Binance: Offers more advanced and technical features for experienced traders with lower fees [11]
• Kraken: Ranks well on security and convenience with competitive trading features [11]
• Gemini: Focuses on security and regulatory compliance similar to Coinbase's approach [11]
• FTX: Provides maker and taker fees similar to Binance and Huobi with rapid growth [12]
• Traditional financial institutions increasingly offering cryptocurrency services [16]

### 📊 Key Metrics

****Coinbase processes billions in trading volume with strong institutional market share** [15]**

• Institutional trading volume reached $256 billion in Q1 2024, representing 82.05% of total trades [15]
• Current market valuation of $61 billion as a public company [5]
• 4,000 employees supporting global operations [5]
• Notable increase in transacting users demonstrating platform growth [15]
• 349 job openings indicating continued expansion [5]

### 🎯 High-Level Product Concepts

****Comprehensive cryptocurrency platform offering exchange, wallet, and institutional services** [3]**

• Core cryptocurrency exchange for buying, selling, and trading digital assets [3]
• Digital wallet platform for secure storage and management of cryptocurrencies [3]
• Institutional trading services with advanced features and deep liquidity [13]
• Educational resources and simplified onboarding for new cryptocurrency users [14]
• Staking services offering rewards on various cryptocurrencies with commission structure [8]

### 📢 Channels

****Multi-channel approach combining digital marketing, partnerships, and brand recognition** [16]**

• Direct online platform serving as primary customer acquisition channel [3]
• Brand credibility and recognition driving organic customer acquisition in major markets [16]
• Partnerships with financial institutions and businesses to expand market reach [16]
• Educational content and resources to attract and onboard new cryptocurrency users [14]
• Public company status providing credibility and media visibility [5]

### 🚀 Early Adopters

****Cryptocurrency enthusiasts and tech-savvy investors seeking regulated trading platforms** [16]**

• Early cryptocurrency adopters who valued regulatory compliance and security over lower fees [16]
• Tech-savvy retail investors seeking user-friendly interfaces for cryptocurrency trading [11]
• Institutional investors requiring regulated platforms for large-volume cryptocurrency transactions [15]
• Users in North America and Europe where early market entry established strong brand presence [16]

### 💰 Fees

****Tiered fee structure with flat rates for small transactions and percentage-based fees for larger trades** [7]**

• Flat fees for small transactions: $0.99 for under $10, $1.49 for $10-$25, $1.99 for $25-$50, $2.99 for $50-$200 [7]
• Maker fees between 0.05% and 0.60% for trades that wait to be matched [9]
• Taker fees between 0.05% and 0.60% for immediate trades [9]
• Network transaction fees charged based on estimated prevailing network costs for cryptocurrency transfers [6]
• Staking rewards with commission where Coinbase retains a percentage of earned rewards [8]

### 💵 Revenue

****Multiple revenue streams from trading fees, spreads, and financial services** [8]**

• Trading fees from both maker and taker transactions on the platform [9]
• Spread-based pricing on cryptocurrency purchases and conversions [8]
• Network transaction fees charged to users for cryptocurrency transfers [6]
• Commission on staking rewards earned by users on various cryptocurrencies [8]
• Institutional trading services generating high-volume transaction revenues [15]

### 📅 History

****Founded in 2012 and became the first major cryptocurrency exchange to go public** [5]**

• 2012: Company founded by Fred Ehrsam and Brian Armstrong [1]
• Early years: Established as one of the first regulated cryptocurrency exchanges in the US [16]
• Growth period: Built brand recognition and market leadership in North America and Europe [16]
• August 2021: Completed Post IPO funding round for undisclosed amount [1]
• 2024: Reached 4,000 employees and $61 billion market valuation [5]

### 🤝 Recent Big Deals

****Recent institutional partnerships and strategic investments through Coinbase Ventures** [2]**

• Partnership with Próspera focusing on economic freedom and human potential alignment [2]
• Active investment activity through Coinbase Ventures advancing crypto and web3 ecosystem [2]
• Continued institutional client acquisition driving 82.05% of trading volume [15]
• Expansion of job openings to 349 positions indicating significant growth plans [5]

### ℹ️ Other Important Factors

****Public company status provides transparency but faces customer service and regulatory challenges** [18]**

• Public company transparency requirements provide institutional credibility but also regulatory scrutiny [5]
• Customer service issues reported including account closures and withdrawal delays affecting user trust [18]
• Strong institutional focus with 82.05% of trading volume, potentially creating retail customer service resource constraints [15]
• Regulatory compliance leadership positioning for future cryptocurrency regulation developments [16]

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# ICP Analysis

## Ideal Customer Profile

**Institutional clients** with $100M+ assets under management who prioritize **regulatory compliance and security** over cost optimization when trading cryptocurrencies [15] [16]. These organizations require **deep liquidity pools, advanced trading infrastructure**, and institutional-grade custody services while maintaining transparent regulatory compliance [13].

**Security-conscious retail investors** in North America and Europe with $10K-$500K investable assets also represent core customers, valuing **educational resources and simplified interfaces** over complex technical features [14] [16]. Both segments share fundamental need for **trusted, regulated platforms** that enable financial empowerment through cryptocurrency access [13].

## ICP Identification Framework

| No. | Question | Answer | References |
|-----|----------|--------|------------|
| 1 | Which of our current customers makes the most out of our products and services? Who uses it the most? Who are your best users? | Best customers are **institutional clients** generating $256 billion in Q1 2024 trading volume, representing **82.05% of total trades** [15]. These **high-volume institutional investors** demand deep liquidity and advanced trading infrastructure while requiring regulatory compliance [13]. **Retail investors** seeking security and educational simplicity also drive significant platform engagement, particularly in **North America and Europe** where brand recognition is strongest [16]. | [13], [15], [16] |
| 2 | What traits do those great customers have in common? | Common traits include **prioritizing regulatory compliance and security** over lower fees when trading cryptocurrencies [16]. They value **transparent operations and institutional-grade credibility**, often being early cryptocurrency adopters who chose regulated platforms [16]. Both retail and institutional segments share **core aspiration for financial empowerment** and require **trusted, regulated access** to digital asset markets [13]. | [13], [16] |
| 3 | Why do some people decide not to buy or stop using our product? | Primary churn drivers include **customer service issues** with account closures and withdrawal delays affecting user trust [18] [20]. Users report **delayed withdrawals, lies, and endless excuses** when trying to access funds [20]. **Resource constraints from institutional focus** may impact retail customer service quality, with 82.05% of trading volume concentrated on institutional clients [15]. | [15], [18], [20] |
| 4 | Who is easiest to sell more to, and why? | Easiest expansion comes from **existing institutional clients** already generating high trading volumes who can scale custody and trading services [15]. **Growing user base with notable increase in transacting users** indicates strong organic expansion potential [15]. **Retail investors in North America and Europe** benefit from established brand recognition making upselling to advanced features more natural [16]. | [15], [16] |
| 5 | What do our competitors' best customers have in common? | Competitor customers prioritize **advanced technical features** (Binance) over beginner-friendly interfaces, or **lower fees** over regulatory compliance [11]. **Experienced traders** prefer more technical platforms while **security-focused users** choose alternatives like Kraken and Gemini [11]. Opportunity exists with **users frustrated by complex interfaces** who need **regulated, user-friendly platforms** for cryptocurrency trading [11]. | [11] |

## Target Segmentation

### 🥇 Primary High-Volume Institutional Clients

**Industry:** Financial Services, Asset Management, Corporate Treasury

**Company Size:** $100M+ AUM or $10B+ market cap companies

**Key Characteristics:** • **$256B+ quarterly trading volumes**: Large-scale institutional investors requiring deep liquidity pools and advanced trading infrastructure [15]
• **Regulatory compliance priority**: Organizations prioritizing transparent operations and institutional-grade credibility over cost savings [16]
• **Professional custody needs**: Institutional clients demanding secure, regulated digital asset storage and management services [13]

**Rationale:** Generates 82.05% of total trading volume with highest revenue per client. Established market dominance with proven scalability.

### 🥈 Secondary Security-First Retail Investors

**Industry:** Individual Investors, Financial Technology, Cryptocurrency Enthusiasts

**Company Size:** $10K-$500K investable assets

**Key Characteristics:** • **Regulatory compliance preference**: Retail investors choosing security and educational simplicity over lower fees [13]
• **North America and Europe focus**: Geographic markets with strongest brand recognition and early market entry advantages [16]
• **Educational engagement**: Users requiring simplified onboarding and cryptocurrency education resources [14]

**Rationale:** Strong brand loyalty in key markets with growing user base. Lower individual value but higher volume potential.

### 🥉 Tertiary Emerging Market Expansion

**Industry:** Fintech, Cryptocurrency Services, International Banking

**Company Size:** Mid-tier regional financial institutions

**Key Characteristics:** • **Partnership opportunities**: Organizations seeking cryptocurrency integration through established regulatory frameworks [2]
• **Brand credibility leverage**: Markets where public company status and regulatory compliance provide competitive advantages [5]
• **Economic freedom alignment**: Regions focusing on financial inclusion and economic empowerment initiatives [2]

**Rationale:** Future growth opportunity with strategic partnership potential. Lower immediate revenue but high strategic value.

## Target Personas

### Persona 1: Michael, Institutional Trading Director

*Segment: 🥇 Primary*

**Demographics:**

- Name: **Michael, Institutional Trading Director**
- Age: **👤 Age**: 38-45
- Job Title: **💼 Job Title/Role**: Director of Digital Assets Trading
- Industry: **🏢 Industry**: Asset Management and Financial Services
- Company Size: **👥 Company Size**: $10B+ AUM institutional firm
- Education: **🎓 Education Degree**: MBA in Finance
- Location: **📍 Location**: New York, London, or San Francisco
- Years of Experience: **⏱️ Years of Experience**: 15-20 years in financial markets

**💭 Motivation:**

Seeks **regulatory compliant cryptocurrency exposure** for institutional portfolios while maintaining fiduciary responsibilities. **High-volume trading requires deep liquidity** and advanced infrastructure capabilities. Must demonstrate **institutional-grade security** to compliance committees and stakeholders.

**🎯 Goals:**

- Execute $50M+ cryptocurrency trades monthly with minimal slippage
- Maintain 100% regulatory compliance across all digital asset transactions
- Achieve 15%+ annual returns on cryptocurrency allocation for institutional clients

**😤 Pain Points:**

- Limited liquidity on smaller exchanges causing trade execution delays
- Regulatory uncertainty requiring extensive legal review for new platforms
- Customer service issues impacting time-sensitive institutional transactions

### Persona 2: Sarah, Security-Focused Retail Investor

*Segment: 🥈 Secondary*

**Demographics:**

- Name: **Sarah, Security-Focused Retail Investor**
- Age: **👤 Age**: 32-42
- Job Title: **💼 Job Title/Role**: Senior Software Engineer
- Industry: **🏢 Industry**: Technology and Software Development
- Company Size: **👥 Company Size**: 500-5,000 employee tech company
- Education: **🎓 Education Degree**: Bachelor's in Computer Science
- Location: **📍 Location**: Suburban North America or Europe
- Years of Experience: **⏱️ Years of Experience**: 8-15 years in technology

**💭 Motivation:**

Values **regulatory compliance and security** over lower fees when building cryptocurrency portfolio. **Educational resources and transparent operations** build confidence in long-term investment decisions. Seeks **trusted platform** for systematic cryptocurrency accumulation strategy.

**🎯 Goals:**

- Build diversified cryptocurrency portfolio worth $100K+ over 3-5 years
- Learn advanced cryptocurrency concepts through educational platform resources
- Achieve 12%+ annual returns while minimizing security and regulatory risks

**😤 Pain Points:**

- Complex technical interfaces on advanced trading platforms intimidate learning
- Account closure concerns affecting long-term investment planning confidence
- Withdrawal delays creating liquidity concerns for emergency fund access

### Persona 3: Carlos, Regional Fintech Partnership Lead

*Segment: 🥉 Tertiary*

**Demographics:**

- Name: **Carlos, Regional Fintech Partnership Lead**
- Age: **👤 Age**: 35-45
- Job Title: **💼 Job Title/Role**: Head of Digital Innovation Partnerships
- Industry: **🏢 Industry**: Regional Banking and Financial Services
- Company Size: **👥 Company Size**: $1B-$10B regional financial institution
- Education: **🎓 Education Degree**: Master's in International Business
- Location: **📍 Location**: Emerging markets in Latin America or Southeast Asia
- Years of Experience: **⏱️ Years of Experience**: 12-18 years in financial services

**💭 Motivation:**

Drives **economic freedom initiatives** through cryptocurrency access for underbanked populations in emerging markets. **Public company credibility and regulatory compliance** essential for partnership approval. Seeks **scalable infrastructure** to serve millions of new cryptocurrency users.

**🎯 Goals:**

- Launch cryptocurrency services for 5M+ retail banking customers within 18 months
- Establish regulatory framework partnership serving as regional compliance model
- Generate $50M+ annual revenue through cryptocurrency integration services

**😤 Pain Points:**

- Limited regulatory precedent requiring extensive legal framework development
- Infrastructure scalability concerns for rapid user base expansion
- Partnership approval delays due to cryptocurrency regulatory uncertainty

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# Positioning & Messaging

## Positioning Statement

**Coinbase** is a **regulated cryptocurrency exchange platform** for **institutional clients and security-conscious retail investors** that **enables trusted digital asset trading** with/because of **regulatory compliance leadership, institutional-grade infrastructure, and unmatched brand recognition in North America and Europe**

## Positioning Framework

### 1. Needs and Pain Points

What are their customer's needs and pain points around the problem the product is trying to solve?

• Institutional clients need deep liquidity and advanced trading infrastructure for high-volume cryptocurrency transactions [13] [15]
• Retail investors require secure, regulated platforms with educational simplicity over complex interfaces [13] [14]
• Both segments seek trusted, regulated access to digital asset markets for financial empowerment [13]
• Users need transparent operations and institutional-grade credibility to overcome security concerns [16]
• Customers require compliance with regulatory frameworks to meet fiduciary responsibilities [16]

### 2. Product Features

What product features will address these needs and solve these pain points?

• Comprehensive cryptocurrency exchange platform for buying, selling, and trading digital assets [3]
• Digital wallet platform providing secure storage and management of cryptocurrencies [3]
• Advanced trading features with deep liquidity pools serving institutional clients [13]
• Educational resources and simplified onboarding for cryptocurrency newcomers [14]
• Public company transparency and regulatory compliance framework [5] [16]

### 3. Key Benefits

What are the key benefits (rational and emotional) of those product features?

• Institutional-grade security and regulatory compliance providing peace of mind for large-scale investments [16]
• User-friendly interface designed for beginners while offering advanced features for experienced traders [11]
• Unmatched brand recognition in North America and Europe building trust and credibility [16]
• Economic freedom through accessible cryptocurrency trading enabling financial empowerment [2] [13]
• Transparent public company operations eliminating concerns about platform reliability [5]

### 4. Benefit Pillars

Which of those benefits would be categorized as benefit pillars?

🛡️ Regulatory Compliance Leadership, 🏛️ Institutional-Grade Infrastructure, 📚 Educational Accessibility

### 5. Emotional Benefits

What emotional benefits would the user have when they engage with or use the product?

Core Emotional Promise:
Confidence in financial empowerment through trusted, regulated cryptocurrency access that unleashes human potential through economic freedom [2] [13]

Supporting Emotions:
• Security and peace of mind from institutional-grade compliance and transparency [16]
• Empowerment through accessible cryptocurrency education and simplified interfaces [14]
• Trust from unmatched brand recognition and early market entry credibility [16]

### 6. Positioning Statement

What are some positioning statements that could reflect its key benefits, product features, and value?

Coinbase is a regulated cryptocurrency exchange platform for institutional clients and security-conscious retail investors that enables trusted digital asset trading with regulatory compliance leadership and institutional-grade infrastructure because of its public company transparency, $61 billion market valuation, and unmatched brand recognition in North America and Europe [5] [16]

### 7. Competitive Differentiation

How do they differentiate from other competitors?

First major cryptocurrency exchange to go public with unmatched regulatory compliance and brand trust in North America and Europe [16]

vs. Binance: Prioritizes regulatory compliance and beginner-friendly interfaces over advanced technical features and lower fees [11]
vs. Kraken: Offers public company transparency and institutional-grade credibility beyond security and convenience [11]
vs. Gemini: Provides broader institutional services with $256 billion quarterly trading volume and deeper market penetration [15]

Key Differentiators:
• Public company status providing institutional transparency and regulatory compliance [5]
• Unmatched brand recognition from early market entry in North America and Europe [16]
• Institutional dominance with 82.05% of trading volume from high-volume clients [15]

## Messaging Guide

| # | Type | Message | Priority |
|---|------|---------|----------|
| 1 | 🎯 Top-Line Message | The world's most trusted cryptocurrency platform, empowering financial freedom through regulatory compliance and institutional-grade security [2] [16] | Primary |
| 2 | 🛡️ Regulatory Compliance Leadership | First major cryptocurrency exchange to go public, providing unmatched transparency and regulatory compliance for institutional investors [5] [16] | High |
| 3 | 🛡️ Regulatory Compliance Leadership | Navigate cryptocurrency markets with confidence through our industry-leading regulatory framework and compliance expertise [16] | High |
| 4 | 🛡️ Regulatory Compliance Leadership | Your fiduciary responsibilities are our priority - trade with institutional-grade compliance and transparency [13] [16] | Medium |
| 5 | 🏛️ Institutional-Grade Infrastructure | Execute high-volume cryptocurrency trades with deep liquidity and advanced infrastructure trusted by $256 billion in institutional volume [15] | High |
| 6 | 🏛️ Institutional-Grade Infrastructure | Scale your cryptocurrency operations with institutional-grade custody, trading, and settlement services [13] | High |
| 7 | 🏛️ Institutional-Grade Infrastructure | Built for institutions, accessible for everyone - experience enterprise-level security without complexity [11] [13] | Medium |
| 8 | 📚 Educational Accessibility | Transform from cryptocurrency newcomer to confident trader with our comprehensive educational resources and simplified interfaces [14] | High |
| 9 | 📚 Educational Accessibility | Security and education first - learn cryptocurrency investing the right way with trusted guidance [13] [14] | High |
| 10 | 📚 Educational Accessibility | No complex technical jargon - start your cryptocurrency journey with beginner-friendly tools and expert guidance [11] [14] | Medium |

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# References

[1] Coinbase - 2026 Company Profile, Team, Funding, Competitors & Financials - Tracxn
   https://tracxn.com/d/companies/coinbase/__UBOm97V7elrv55WVxtnqqfsOw--lUCPU1fAwOfji14c

[2] Coinbase Ventures – Advancing crypto and web3
   https://www.coinbase.com/ventures/news

[3] Coinbase - Crunchbase Company Profile & Funding
   https://www.crunchbase.com/organization/coinbase

[4] Coinbase Global 2026 Company Profile: Stock Performance & Earnings | PitchBook
   https://pitchbook.com/profiles/company/55815-22

[5] Coinbase - Company Profile
   https://www.trueup.io/co/coinbase

[6] Coinbase pricing and fees disclosures - crypto | Coinbase Help
   https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees

[7] Coinbase Fees Explained: Complete 2026 Comparison vs Top Crypto Exchanges
   https://www.bitget.com/academy/coinbase-fees-compar-4

[8] Coinbase Fees Explained: Complete Guide & Exchange Comparison 2024
   https://www.bitget.com/academy/coinbase-fees-compar-7

[9] What Is Coinbase? Fees, Benefits & How It Works
   https://www.wallstreetsurvivor.com/what-is-coinbase/

[10] Top 10 Coinbase Competitors: Best Exchange Alternatives in 2025
   https://www.kraken.com/learn/coinbase-competitors

[11] Coinbase vs. Binance: Which exchange is best for crypto trading?
   https://www.cointracker.io/blog/coinbase-vs-binance

[12] Top Cryptocurrency Exchanges Ranked By Volume | CoinMarketCap
   https://coinmarketcap.com/rankings/exchanges/

[13] What is Customer Demographics and Target Market of Coinbase Company? – PortersFiveForce.com
   https://portersfiveforce.com/blogs/target-market/coinbase

[14] What is Customer Demographics and Target Market of Coinbase Company? – CanvasBusinessModel.com
   https://canvasbusinessmodel.com/blogs/target-market/coinbase-target-market

[15] What is Customer Demographics and Target Market of Coinbase Company? – Pestel-analysis.com
   https://pestel-analysis.com/blogs/target-market/coinbase

[16] Coinbase Target Market Analysis
   https://businessmodelanalyst.com/coinbase-target-market-analysis/

[17] What is Customer Demographics and Target Market of Coinbase Company? – SWOTAnalysisExample.com
   https://swotanalysisexample.com/blogs/target-market/coinbase-target-market

[18] Coinbase Reviews | Read Customer Service Reviews of coinbase.com
   https://www.trustpilot.com/review/coinbase.com

[19] Coinbase Reviews 2026. Verified Reviews, Pros & Cons | Capterra
   https://www.capterra.com/p/233816/Coinbase-Wallet/reviews/

[20] Coinbase Reviews - Read 826 Customer Reviews of Coinbase | Sitejabber
   https://www.sitejabber.com/reviews/coinbase.com

