Today we’re announcing that GDAX — our professional trading platform for individuals — will evolve to become Coinbase Pro.
Since launching in 2015, GDAX has built liquidity and stability in the space and also helped us understand the needs of active crypto traders. Switching to the name Coinbase Pro is a recognition that the individual active trader requires a product completely dedicated to their specific needs.
The platform will offer professional trading tools and services, delivered through a completely reengineered UI that will make the trading experience easier and more intuitive.
Anyone with an existing individual account on GDAX will automatically become a Coinbase Pro member.
Institutional customers can take advantage of our suite of products that were announced last week.
GDAX is now Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
In 2017, the cryptocurrency space experienced a profound uptick in mainstream awareness and growth. As part of that consumer demand for our services increased by 40x and we experienced transaction volumes in November and December of that year that grew by 295%. We viewed last year’s unprecedented growth as an opportunity to analyze our systems and build a plan to ensure we’re providing the level of service to our customers that meet the highest standards for support.
We have been laser focused on improving the service experience for our customers and as part of that effort, I shared a 90 day plan to address the most pressing operational issues that were interfering with our ability to scale our customer support to meet demand. Today, we’re sharing the progress we’ve made and where we’ll go from here.
Over the last 90 days we have:
Increased our support team by over 150%
Decreased our average time to first response to < 10 hours for 95%of incoming volume today.
Because of these measures, we are able to resolve issues faster and have decreased the backlog by 95%
Increasing capacity to meet the demand: In addition to helping our customers resolve any issues they experience with their account, we also spend time helping them understand digital currency. We needed to hire more people to meet the growing demand for support and education.
We now have over 600 support agents working on our queues across three different locations and we offer phone support 24 hours a day, seven days a week.
We will be opening two offices dedicated to support — one in Portland later this month and a new office in Europe at the end of the summer.
Tackling the backlog: As we stated in January, 2017 was a year of rapid growth for the industry. This led to many customers experiencing long wait times from our support team. In order to quickly solve these outstanding problems, our engineering, product and support teams worked side-by-side for 10 days to tackle our backlog and prevent reoccurring issues.
Working this way allowed us to close out 40,000 tickets over a five day period. Despite a continued and steady volume of tickets coming into our systems from customers, our backlog hit record low volumes in March.
Today we continue to see our average time to first response and first resolution trend downwards and our total volume of escalations are down close to 80% overall.
All that being said, our work is never done. Here’s what we’re working on next:
Published Service Levels: Over the next 90 days we will baseline and publish our committed time to resolution so our customers understand the bar we are setting for ourselves to deliver fast resolutions to their issues.
Additional Channels: In addition to phone and email, we will launch social media and chat support later this year.
Revamped Help Center: We will be updating our Help Center by the end of the year for better ease of use, more educational material and a simple way to contact us.
We will continually communicate the steps we’re taking to improve our service and keep you posted on our journey.
As always, thank you for being customers.
Update: Our Commitment to Supporting Coinbase Customers was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
The cryptocurrency market is maturing rapidly as more sophisticated institutional participants enter the space. In fact, in the past few months over 100 hedge funds were created that exclusively invest in and trade cryptocurrency. Some of the world’s largest financial institutions have also recently announced their plans to begin trading cryptocurrency.
At Coinbase, we welcome these developments as they help accelerate the world’s adoption of cryptocurrency by bringing new capital, greater awareness, and additional infrastructure to the space. This movement requires institutional grade products and services, something Coinbase has been developing with leading institutions and which we are proud to formally launch today.
Coinbase Custody to Launch in Partnership with SEC-regulated Broker-Dealer
We have leveraged our experience safely storing more than $20 billion of cryptocurrency to create Coinbase Custody, the most secure crypto storage solution available. In partnership with an SEC-regulated broker-dealer, Coinbase Custody is proud to offer a service that couples Coinbase’s cryptocurrency security excellence with third-party auditing and financial reporting validation that operates at the high standard of an SEC-regulated, custodial broker-dealer.
Our Coinbase Custody launch partners are all leading institutions in the crypto industry, including:
If you’re an institution interested in a custody solution, sign up here to receive more information about Coinbase Custody.
Introducing Coinbase Markets
Coinbase already offers the deepest pool of liquidity to the largest number of participants in the cryptocurrency space. We intend to continue developing this electronic marketplace, known as Coinbase Markets, by opening a new engineering office in Chicago and cementing Coinbase as the leading cryptocurrency exchange.
Coinbase Markets provides a centralized pool of liquidity for all Coinbase products. Over the course of the year Coinbase Markets will introduce new features like low latency performance, on-premise datacenter colocation services, institutional connectivity and access, and settlement and clearing services. These additions will allow for a more efficient price discovery process to occur, creating tighter markets, deeper liquidity, and increased certainty of execution.
We are thrilled to open an office in Chicago and have access to a large talent pool of engineers with deep exchange infrastructure experience. This office will serve as the home for our Coinbase Markets team and enable us to continue offering the most performant and reliable cryptocurrency exchange. Chicago is an ideal location for our newest Coinbase office and we hope our investment will continue to position the city as a growing hub for technological innovation.
Launching Coinbase Prime
We are also excited to announce the launch of Coinbase Prime, a new platform designed specifically to provide a suite of tools and services that institutional investors rely on when trading cryptocurrency.
This product will fill a missing piece of critical infrastructure needed for institutions. Over the course of the year we intend to offer lending and margin financing products to qualified clients, high touch and low touch execution services like over-the-counter (OTC) trading and algorithmic orders, and new market data and research products. We will also introduce platform improvements like multi-user permissions and whitelisted withdrawal addresses.
We believe Coinbase Prime will accelerate adoption of cryptocurrency worldwide and we are excited to help institutions everywhere participate in this emerging asset class. To learn more or sign up as an institution, check out Coinbase Prime.
The Coinbase Institutional Coverage Group
We understand that institutions need more than great products, they need great service too. Our Institutional Coverage group is focused exclusively on serving the needs of institutional clients by providing sales, sales trading, research, market operations, and client services support. This group, headquartered in our New York City office, brings years of diverse and relevant institutional experience from firms such as the New York Stock Exchange, Morgan Stanley, and the SEC and CFTC.
By guiding clients through the onboarding process and advising on execution strategies, this team will deliver a best-in-class client experience. We are proud to offer personalized white-glove service and help institutional investors navigate the increasingly complex world of cryptocurrency investing.
As institutions continue to enter the cryptocurrency market, we are committed to building the products and services that uniquely meet their needs. We believe our suite of products and dedicated Institutional Coverage group will accelerate the rate of institutional adoption and create a more mature and diverse market. If you’re interested joining the Coinbase Institutional team, check out our careers page.
Announcing the Coinbase Suite of Institutional Products was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
In 2017, there was an 86% increase in losses from tech support scams from 2016. These criminals are persistent. They post phone numbers on message boards and purchase ads to boost the phone number’s place in search results. They may call you directly. They will pressure you to act quickly.
You as a user play an integral role in protecting your account. The security of your devices, passwords and two factor authentication codes is your responsibility. It’s extremely important that you take measures to keep your information safe.
Here are examples of specific Coinbase phone support scam approaches that we have observed that we want our customers to be aware of. In this scam, cybercriminals pretend to be from Coinbase Support.
TIP 1: If you are trying to reach Coinbase Support, the only Coinbase phone number is 1 (888) 908–7930. Any other phone number you find online is a scam.
These scammers are trying to steal your digital currency. And unlike fiat currency, digital currency transactions are irrevocable, and the blockchain does not contain enough information to identify an owner’s address.
If you dial into a number posted online that a scammer owns, the scammers may ask for your password or two factor authentication codes, and they may direct you to download software or go to a website so they can remotely access your computer.
TIP 2: Refuse when someone asks for remote access to your computer.
Coinbase Support will never ask to remotely access your computer, nor will we ask for your private information like your password or two factor authentication codes.
Once a cybercriminal has remote access to your computer, they can transfer digital currency out of your Coinbase account or other wallets, access your online bank accounts, and any other information you’ve stored on your computer.
TIP 3: All support communications with Coinbase must be initiated by you. Coinbase does not make outgoing calls.
Coinbase phone support does not make outgoing calls. Scammers may spoof the caller ID of Coinbase’s real support phone number and call you directly with what appears to be our number. If someone calls you claiming to be from Coinbase Support, even if it’s from our legitimate number, they are spoofing the phone number and are trying to scam you.
It is unfortunately common that a fraudster claiming to be from Coinbase would know some of your information, but this is not evidence that he or she represents us. Cybercriminals share information online, and yours may have been part of a data breach unrelated to Coinbase. You can check on haveibeenpwned.com to see if your email was leaked as part of a prior data breach. If your email has been compromised, we strongly suggest that you change the email address on your Coinbase account to a new email address.
TIP 4: Never give out private information like your password or 2FA codes to anyone. This information can be used to steal your digital currency.
This type of information includes your Coinbase or email password, TOTP secret seed, two factor authentication code received via text, and API keys. You should not share this information with anyone, and especially not with someone claiming to be from Support.
If you have been a victim of a phone support scam:
Report the theft to Coinbase Support and to the FBI Internet Crime Complaint Center
Run a malware scan on your computer. Consider consulting a security expert to ensure the security of your devices
Change the password of your Coinbase account, and any other online account that shares this password. TIP: Use a password manager to help you manage unique passwords across all sites.
If your email has been compromised, change the email associated with your Coinbase account.
Add time-based one time password (TOTP) — such as Google Authenticator — as your 2FA method to both your Coinbase and email accounts. Phone numbers can be ported and stolen.
Do not call any phone number you find online claiming to be Coinbase Support that is different from the one on our website. These are cyber-criminals trying to steal your digital currency. An easy way of doing this is to bookmark our website and use that website to find the number.
Do not allow remote access to your computer from someone claiming to be from Coinbase Support. Coinbase Support will never ask to remotely take over your computer.
Do not discuss details of your account with anyone who reaches out to you unsolicited, claiming to be from Coinbase Support. This is a scammer!
Do not share or tell anyone your passwords, two factor authentication codes, or TOTP secret seed.
Avoiding Phone Scams was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.