‘It’s like Amazon in the early days’

The CEO of U.S. crypto exchange Coinbase Brian Armstrong has apologized for poor customer support and revealed the company could integrate with DeFi protocols in a comprehensive Ask Me Anything session on Reddit. 

The Reddit AMA (Ask Me Anything) posted on March 17 had amassed over a thousand questions and responses from members of the social media platform. Company CEO Brian Armstrong and CFO Alessia Haas finally got around to responding to a few of them a week later on March 23.

There was also a video that accompanied the AMA, which was a first for a company going public, in which the firm chose to address the questions with the most votes, value to the community, and relevance to its upcoming listing.

One of the most popular questions was from a Coinbase customer of four years regarding poor customer service with the user (Reverseengineer_24) claiming that support likes to “hide behind layers of ineffective automated workflows.”

Armstrong responded with an apology but adding that the company has been overwhelmed recently with the surge in cryptocurrency prices:

“Just probably three, four months ago, we were getting about 25,000 customer support inquiries a week. And within say, four weeks, it jumped to 100,000 or more.”

He added that the problem was being addressed and the company had quadrupled its capacity by bringing on at least 600 or more customer support agents this year alone. Haas chimed in stating that Coinbase is also “making investments on the product side to reduce the friction that we see a lot of customers call in and offer complaints about.”

When asked about the potential threat of decentralized exchanges like Uniswap Armstrong said Coinbase will evolve to allow integration and access to them in the same way that Amazon allowed third-party sellers to list products on the platform.

‘It’s like Amazon in the early days, Jeff Bezos thought, “Hey, why don’t we allow third-party sellers to put their products on there as well?” People thought he was crazy […] He realized that, well we want to create value for our customers, and in the long run, that’s what’s going to make us a valuable company.”

He added: “So we always try to think about what does the customer want and give them that, not what does Coinbase want.”

Another extremely popular question regarded preferential access to shares for Coinbase customers or an airdrop similar to the ICO model. Armstrong responded that there will be a listing but no preferential treatment for anyone, adding that regulatory issues would hinder any kind of token or stock airdrop for customers.

Alessia Haas said Coinbase had investigate a security token, but ended up settling on a direct listing:

“It was really important that we were able to offer a security token that was native to crypto and could be treated like an ERC-20, could be used in DeFi, and have all of the features of crypto that we all have come to love. And until we can offer something that we feel like meets the customer or an investor, in this case, experience that we want it to have, we’ve found that we couldn’t pursue that at this time.”

Armstrong was also asked about users buying Coinbase stock via the exchange to which the answer was an emphatic no as the shares will only be listed on the NASDAQ Global Markets Platform.

Leave a Reply

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 33,853.00 1.51%
ethereum
Ethereum (ETH) $ 1,906.40 1.83%
tether
Tether (USDT) $ 0.995440 0.59%
polkadot
Polkadot (DOT) $ 15.37 2.10%
cardano
Cardano (ADA) $ 1.34 0.04%
binance-coin
Binance Coin (BNB) $ 290.21 4.48%
xrp
XRP (XRP) $ 0.636573 1.94%
litecoin
Litecoin (LTC) $ 130.70 1.17%
chainlink
Chainlink (LINK) $ 18.17 1.72%
bitcoin-cash
Bitcoin Cash (BCH) $ 469.11 3.82%
stellar
Stellar (XLM) $ 0.255265 2.71%
usd-coin
USD Coin (USDC) $ 0.998584 0.30%
dogecoin
Dogecoin (DOGE) $ 0.254261 7.46%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 33,833.00 1.35%
uniswap
Uniswap (UNI) $ 17.05 1.47%
aave
Aave (AAVE) $ 197.96 2.24%
cosmos
Cosmos (ATOM) $ 9.76 0.59%
monero
Monero (XMR) $ 206.93 3.24%
eos
EOS (EOS) $ 3.73 2.11%
bitcoin-sv
Bitcoin SV (BSV) $ 127.01 2.12%
tron
TRON (TRX) $ 0.064482 0.62%
nem
NEM (XEM) $ 0.111394 1.78%
iota
IOTA (MIOTA) $ 0.787827 2.21%
vechain
VeChain (VET) $ 0.076964 0.77%
tezos
Tezos (XTZ) $ 2.65 3.01%
theta-token
Theta Network (THETA) $ 6.93 0.88%
havven
Synthetix Network Token (SNX) $ 6.40 3.42%
avalanche-2
Avalanche (AVAX) $ 11.02 2.48%
neo
NEO (NEO) $ 33.12 1.68%
terra-luna
Terra (LUNA) $ 5.33 1.19%
dash
Dash (DASH) $ 124.56 2.79%
huobi-token
Huobi Token (HT) $ 10.29 3.69%
okb
OKB (OKB) $ 10.03 2.33%
elrond-erd-2
Elrond (EGLD) $ 65.22 0.21%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.101261 4.95%
the-graph
The Graph (GRT) $ 0.571376 5.39%
compound-ether
cETH (CETH) $ 38.14 2.33%
solana
Solana (SOL) $ 30.55 1.63%
maker
Maker (MKR) $ 2,136.04 2.65%
filecoin
Filecoin (FIL) $ 54.75 4.02%
cdai
cDAI (CDAI) $ 0.021533 0.64%
dai
Dai (DAI) $ 0.993838 0.74%
ftx-token
FTX Token (FTT) $ 25.06 2.92%
celsius-degree-token
Celsius Network (CEL) $ 5.62 0.97%
sushi
Sushi (SUSHI) $ 6.58 3.72%
kusama
Kusama (KSM) $ 192.80 1.80%
compound-governance-token
Compound (COMP) $ 236.81 0.07%
zcash
Zcash (ZEC) $ 108.31 3.42%
ethereum-classic
Ethereum Classic (ETC) $ 41.30 0.06%
decred
Decred (DCR) $ 105.93 0.79%
binance-usd
Binance USD (BUSD) $ 1.00 0.10%
compound-usd-coin
cUSDC (CUSDC) $ 0.021745 2.22%
zilliqa
Zilliqa (ZIL) $ 0.074413 0.61%
uma
UMA (UMA) $ 8.58 3.00%
yearn-finance
yearn.finance (YFI) $ 30,135.00 0.57%
leo-token
LEO Token (LEO) $ 2.38 0.88%
pancakeswap-token
PancakeSwap (CAKE) $ 12.97 4.66%
waves
Waves (WAVES) $ 13.74 4.40%
near
Near (NEAR) $ 2.07 2.95%
amp-token
Amp (AMP) $ 0.059504 4.78%
0x
0x (ZRX) $ 0.631847 4.93%
huobi-btc
Huobi BTC (HBTC) $ 33,828.00 1.35%
algorand
Algorand (ALGO) $ 0.845028 1.36%
digibyte
DigiByte (DGB) $ 0.042915 1.04%
icon
ICON (ICX) $ 0.759915 1.23%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.182276 1.74%
nexo
NEXO (NEXO) $ 1.49 0.70%
xsushi
xSUSHI (XSUSHI) $ 7.64 4.14%
ethos
Voyager Token (VGX) $ 2.23 7.85%
loopring
Loopring (LRC) $ 0.221318 2.73%
thorchain
THORChain (RUNE) $ 6.28 9.02%
ontology
Ontology (ONT) $ 0.624907 1.71%
renbtc
renBTC (RENBTC) $ 33,445.00 0.46%
nano
Nano (NANO) $ 4.91 7.78%
basic-attention-token
Basic Attention Token (BAT) $ 0.543942 0.67%
omisego
OMG Network (OMG) $ 3.72 4.48%
republic-protocol
REN (REN) $ 0.355497 3.22%
zencash
Horizen (ZEN) $ 59.74 5.75%
bittorrent-2
BitTorrent (BTT) $ 0.002464 0.79%
swissborg
SwissBorg (CHSB) $ 0.484678 6.70%
ravencoin
Ravencoin (RVN) $ 0.053006 1.09%
iostoken
IOST (IOST) $ 0.019272 5.44%
qtum
Qtum (QTUM) $ 5.87 2.48%
paxos-standard
Paxos Standard (PAX) $ 1.00 0.01%
venus
Venus (XVS) $ 18.80 4.08%
blockstack
Stacks (STX) $ 0.661155 2.60%
matic-network
Polygon (MATIC) $ 1.14 3.82%
curve-dao-token
Curve DAO Token (CRV) $ 1.62 5.47%
siacoin
Siacoin (SC) $ 0.011951 14.80%
quant-network
Quant (QNT) $ 83.26 18.73%
bancor
Bancor Network Token (BNT) $ 3.02 1.46%
reserve-rights-token
Reserve Rights Token (RSR) $ 0.022431 0.10%
fantom
Fantom (FTM) $ 0.224497 7.78%
mdex
Mdex (MDX) $ 1.64 0.48%
enjincoin
Enjin Coin (ENJ) $ 1.00 3.17%
energy-web-token
Energy Web Token (EWT) $ 5.96 3.13%
lisk
Lisk (LSK) $ 1.98 0.13%
ampleforth
Ampleforth (AMPL) $ 0.858750 0.38%
balancer
Balancer (BAL) $ 16.92 1.74%
terrausd
TerraUSD (UST) $ 1.00 0.08%
ocean-protocol
Ocean Protocol (OCEAN) $ 0.416098 1.13%
husd
HUSD (HUSD) $ 0.999392 0.14%
nxm
Nexus Mutual (NXM) $ 73.27 1.32%
1inch
1inch (1INCH) $ 2.50 4.45%
bitcoin-gold
Bitcoin Gold (BTG) $ 40.32 1.70%
kyber-network
Kyber Network Crystal Legacy (KNCL) $ 1.33 0.64%
verge
Verge (XVG) $ 0.021425 2.00%
decentraland
Decentraland (MANA) $ 0.496685 1.86%
alpha-finance
Alpha Finance (ALPHA) $ 0.373443 0.81%
flow
Flow (FLOW) $ 8.46 1.66%
band-protocol
Band Protocol (BAND) $ 5.38 1.78%
status
Status (SNT) $ 0.044223 1.34%
dodo
DODO (DODO) $ 0.892882 4.18%
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 24.28 3.12%
compound-usdt
cUSDT (CUSDT) $ 0.021249 0.80%
xdce-crowd-sale
XDC Network (XDC) $ 0.056536 1.07%
staked-ether
Lido Staked Ether (STETH) $ 1,901.13 2.17%
arweave
Arweave (AR) $ 10.41 9.45%
polymath-network
Polymath Network (POLY) $ 0.148430 8.12%
safepal
SafePal (SFP) $ 0.693623 4.61%
true-usd
TrueUSD (TUSD) $ 1.00 0.25%
zkswap
ZKSwap (ZKS) $ 0.782137 5.81%
polkastarter
Polkastarter (POLS) $ 1.00 2.04%
ethlend
Aave [OLD] (LEND) $ 2.11 0.65%
helium
Helium (HNT) $ 12.21 3.22%
civic
Civic (CVC) $ 0.185873 0.97%
pundi-x
Pundi X [OLD] (NPXS) $ 0.000939 43.76%
kava
Kava.io (KAVA) $ 3.38 1.56%
golem
Golem (GLM) $ 0.234753 7.29%
harmony
Harmony (ONE) $ 0.058190 0.07%
nucypher
NuCypher (NU) $ 0.227320 1.17%
holotoken
Holo (HOT) $ 0.005853 1.41%
nusd
sUSD (SUSD) $ 1.01 0.14%
electroneum
Electroneum (ETN) $ 0.006097 0.20%
nervos-network
Nervos Network (CKB) $ 0.012309 2.43%
derivadao
DerivaDAO (DDX) $ 2.27 3.78%
district0x
district0x (DNT) $ 0.122270 3.60%
bitcoin-diamond
Bitcoin Diamond (BCD) $ 2.02 2.60%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.293948 2.09%
rif-token
RSK Infrastructure Framework (RIF) $ 0.152251 4.93%
swipe
Swipe (SXP) $ 1.81 3.12%
gnosis
Gnosis (GNO) $ 142.70 4.40%
numeraire
Numeraire (NMR) $ 27.29 4.24%
rook
KeeperDAO (ROOK) $ 133.19 6.40%
kucoin-shares
KuCoin Token (KCS) $ 6.78 0.39%
btc-standard-hashrate-token
BTC Standard Hashrate Token (BTCST) $ 20.39 1.27%
aragon
Aragon (ANT) $ 3.54 0.52%
fetch-ai
Fetch.ai (FET) $ 0.203482 1.64%
litentry
Litentry (LIT) $ 2.38 1.72%
funfair
FUNToken (FUN) $ 0.016776 1.66%
chiliz
Chiliz (CHZ) $ 0.238974 0.54%
seth
sETH (SETH) $ 1,943.08 1.18%
oasis-network
Oasis Network (ROSE) $ 0.051629 2.14%
injective-protocol
Injective Protocol (INJ) $ 5.83 1.54%
vethor-token
VeThor Token (VTHO) $ 0.006498 0.42%
saffron-finance
saffron.finance (SFI) $ 303.91 0.89%
augur
Augur (REP) $ 12.21 1.51%
the-sandbox
The Sandbox (SAND) $ 0.197185 0.13%
singularitynet
SingularityNET (AGIX) $ 0.146240 0.01%
secret
Secret (SCRT) $ 1.03 4.58%
telcoin
Telcoin (TEL) $ 0.022671 3.72%
serum
Serum (SRM) $ 2.84 0.80%
gatechain-token
GateToken (GT) $ 3.04 4.36%
mainframe
Hifi Finance (MFT) $ 0.005939 2.53%
sbtc
sBTC (SBTC) $ 34,332.00 2.01%
compound-uniswap
cUNI (CUNI) $ 0.340680 2.61%
ardor
Ardor (ARDR) $ 0.109776 0.84%
vai
Vai (VAI) $ 0.897562 3.13%
utrust
UTRUST (UTK) $ 0.214060 2.37%
prometeus
Prometeus (PROM) $ 11.52 0.36%
reddcoin
Reddcoin (RDD) $ 0.001846 0.86%
monacoin
MonaCoin (MONA) $ 1.39 2.82%
noia-network
Syntropy (NOIA) $ 0.160674 0.83%
compound-0x
c0x (CZRX) $ 0.012923 6.74%
wink
WINkLink (WIN) $ 0.000394 0.81%
ankr
Ankr (ANKR) $ 0.072633 5.41%
bytom
Bytom (BTM) $ 0.059903 1.81%
rocket-pool
Rocket Pool (RPL) $ 8.34 7.72%
origintrail
OriginTrail (TRAC) $ 0.235898 11.31%
steem
Steem (STEEM) $ 0.253022 2.37%
maidsafecoin
MaidSafeCoin (MAID) $ 0.649136 0.84%
tomochain
TomoChain (TOMO) $ 1.39 5.55%
edgeware
Edgeware (EDG) $ 0.006086 7.61%
skale
SKALE (SKL) $ 0.222264 0.96%
stratis
Stratis (STRAX) $ 1.28 5.13%
hegic
Hegic (HEGIC) $ 0.072703 6.71%
komodo
Komodo (KMD) $ 0.607124 1.97%
bitshares
BitShares (BTS) $ 0.042908 1.96%
unibright
Unibright (UBT) $ 1.03 7.24%
coinmetro
CoinMetro (XCM) $ 0.266978 3.23%
ark
Ark (ARK) $ 0.753679 0.05%
mirror-protocol
Mirror Protocol (MIR) $ 4.40 5.09%
keep-network
Keep Network (KEEP) $ 0.264588 1.54%
neutrino
Neutrino USD (USDN) $ 0.998613 0.38%
iexec-rlc
iExec RLC (RLC) $ 2.65 4.56%
harvest-finance
Harvest Finance (FARM) $ 47.93 2.24%
iotex
IoTeX (IOTX) $ 0.015840 1.33%
badger-dao
Badger DAO (BADGER) $ 8.66 5.24%
redfox-labs-2
RedFOX Labs (RFOX) $ 0.056821 0.51%
empty-set-dollar
Empty Set Dollar (ESD) $ 0.041943 5.65%
ultra
Ultra (UOS) $ 0.450973 5.14%
wanchain
Wanchain (WAN) $ 0.526838 1.48%
iris-network
IRISnet (IRIS) $ 0.070339 0.37%
perpetual-protocol
Perpetual Protocol (PERP) $ 5.04 5.84%
trustswap
Trustswap (SWAP) $ 0.818950 9.15%
tokenlon
Tokenlon (LON) $ 3.09 1.78%
orion-protocol
Orion Protocol (ORN) $ 5.48 4.67%
titanswap
TitanSwap (TITAN) $ 3.39 2.81%
tether-gold
Tether Gold (XAUT) $ 1,779.37 0.21%
wax
WAX (WAXP) $ 0.096237 0.09%
yfii-finance
DFI.money (YFII) $ 1,778.40 1.93%
aelf
aelf (ELF) $ 0.153173 3.98%
haven
Haven (XHV) $ 6.99 4.19%
pax-gold
PAX Gold (PAXG) $ 1,785.59 0.13%
defipulse-index
DeFiPulse Index (DPI) $ 227.56 1.61%
math
MATH (MATH) $ 1.15 0.77%
api3
API3 (API3) $ 2.11 3.03%
sora
Sora (XOR) $ 181.99 1.32%
dent
Dent (DENT) $ 0.002314 0.12%
loom-network
Loom Network (OLD) (LOOMOLD) $ 0.042388 1.28%
nftx
NFTX (NFTX) $ 42.79 3.83%
gala
Gala (GALA) $ 0.006504 8.01%
axie-infinity
Axie Infinity (AXS) $ 3.60 2.26%
beefy-finance
Beefy.Finance (BIFI) $ 1,015.94 8.26%
swingby
Swingby (SWINGBY) $ 0.071300 6.43%
parsiq
PARSIQ (PRQ) $ 0.575813 4.15%
akropolis
Akropolis (AKRO) $ 0.016659 5.44%
nest
Nest Protocol (NEST) $ 0.010428 0.62%
stakehound-staked-ether
StakeHound Staked Ether (STETH) $ 1,879.43 0.65%
akash-network
Akash Network (AKT) $ 3.96 19.66%
cream-2
Cream (CREAM) $ 146.50 2.40%
auto
Auto (AUTO) $ 902.56 5.71%
storj
Storj (STORJ) $ 0.645288 0.78%
e-radix
e-Radix (EXRD) $ 0.147618 12.70%
hive
Hive (HIVE) $ 0.232035 0.39%
chainx
ChainX (PCX) $ 3.58 9.95%
wrapped-nxm
Wrapped NXM (WNXM) $ 52.45 0.87%
hathor
Hathor (HTR) $ 0.355691 7.70%
gemini-dollar
Gemini Dollar (GUSD) $ 0.986333 1.47%
frontier-token
Frontier (FRONT) $ 0.511456 7.69%
everid
Everest (ID) $ 0.198096 15.93%
lto-network
LTO Network (LTO) $ 0.177175 0.62%
power-ledger
Power Ledger (POWR) $ 0.136789 6.26%
livepeer
Livepeer (LPT) $ 21.93 7.07%
xdai-stake
xDAI Stake (STAKE) $ 8.67 2.76%
rari-governance-token
Rari Governance Token (RGT) $ 4.81 0.92%
cashaa
Cashaa (CAS) $ 0.021375 0.79%
energi
Energi (NRG) $ 1.69 2.63%
bytecoin
Bytecoin (BCN) $ 0.000420 1.83%
duckdaodime
DuckDaoDime (DDIM) $ 11.29 2.15%