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Our company remains as the first cryptocurrency exchange in terms of popularity and user base in the United States. It made a long journey to this point. Turning to the description of the company business model, however, “turns off” the anarchist and finds himself closer to the “white collar” in business suits working in the buildings next door. Let’s explain the conservatism: during eight years of development, the cryptocurrency exchange has reached a huge scale — it opened 35 million accounts for its users, keeps assets for more than $21 billion and, in 2020 it will reach the revenue indicator of $800 million. This success is due to the fact that the company works like a real bank: it accepts clients’ funds via bank transfers and stores assets (digital keys for token unlocking) in safes. The company uses the insurance market of Lloyd’s of London, and its security department employs 41 professionals, including an Iraqi war veteran who is responsible for guarding the “physical” office and a PhD in cryptography who also protects the “digital” space of the exchange. Security is the founder's main competitive advantage. The crypto industry has plenty of examples of bad security systems employed at crypto trading platforms. First — the Japanese platform Mt. Gox, at one point the leader of the global market, was destroyed in 2014, when hackers secretly stole the tokens of its customers for $480 million. Second — Quadriga CX, once the largest exchange platform for digital assets in Canada. The exchange’s founder, who died suddenly in 2018, is rumored to have been the only person with access to its crypto assets. As a result — $150 million in losses for Quadriga CX staff and clients. The Company Corporate Control division has 55 employees, and by the end of the previous quarter it had grown to 70. These specialists review the flow of transactions and try to identify transactions related to money laundering. They are also responsible for monitoring and guiding the new rule
Founded: 2010
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Later in 2016 the company announced the upcoming listing of Ethereum, and the exchange itself was waiting for rebranding — the platform received a new name and logo. According to the announcement of the company vice president of business development Adam White, the name of the exchange was changed to GDAX (Global Digital Asset Exchange). There have been rumors of possible support for Ethereum on Coinbase for quite some time, but in March, when Ethereum founder Vitalik Buterin made a presentation at Coinbase headquarters, the company founders Brian Armstrong and Fred Ersam refused to confirm them.
However, as White said, the company team has been watching the development of Ethereum for a long time and has been keeping abreast of all the latest developments, mainly due to conversations with Buterin, as well as drawing information from the press. According to him, the company employees have participated in numerous Ethereum meetings as part of their research, but more attention was paid to the project only after Ethereum announced a partnership with Microsoft Azure platform. In January and then in March 2017, the company obtained a BitLicense and a trading license for Ethereum and Litecoin from the New York State Department of Financial Services (DFS). In November 2017, the company was instructed by the U.S. Internal Revenue Service to report all users who made transactions worth at least $20 000 per year. In April 2018, Coinbase announced the creation of company's Ventures, a venture fund focused on investments in companies related to blockchain and cryptocurrencies. Later company's Ventures invested in Compound Labs, the startup focused on creating Ethereum-based smart contracts.
Later the company officially launched company Pro. This is a new interface that is created on top of the existing GDAX trading engine. The clients of this trading platform were not required to do anything, their balances and transaction history were automatically moved to the new platform.