Back in 2012, how did the soon-to-go public Coinbase attract early investors?

Originally written by Pan Zhixiong

Original source: chain smell

The unicorn Coinbase, which was valued at $8 billion in 2018, has been a full-fledged cryptocurrency player for a long time. Its business includes not only crypto Asset exchange Coinbase and Coinbase Pro, but also venture capital Coinbase Ventures, Wallet Coinbase Wallet, institutional Custody business Coinbase Custody, education platform Coinbase Earn, Asset management service Coinbase Asset ManagblockQuoteent and so on.

And all of Coinbase's operations are based on compliance, including the SEC's Alternative Trading System license, New York's Bitpcense and Trust licenses, and state funds transfer licenses.

Not only that, but Coinbase also brings a lot to the entire cryptocurrency and blockchain industrytalent, formed various companies, large and small, like Adam White, an early member, joined inBakktFred Ehrsam, co-founder of Coinbase, founded Paradigm, DyDx, 1Confirmation, Contract0x and more.

Coinbase was launched in June 2012, just over three years after the Bitcoin network went live, and there were only a handful of exchanges like Mt.Gox and Bitstamp.

Here's a look back at the slides they presented to investors during their seed round in 2012, which raised $600,000 in funding from Founders Fund and others.

At the time, Coinbase's Slogan was "Your Hosted Bitcoin Wallet," and the website design was probably a popular style at the time. Hosted was the word for custody back then, but now custody might be a better option.

Bitcoin is a new kind of digital currency. Its features are: instant, international, no transfer fees.

Instant: refers to the speed of the transfer. While 60 minutes for 6 blocks to confirm is not fast, it is much faster than an international transfer.

Internationalization: Anyone, anywhere can transfer money with only a mobile phone.

No transfer fees: At the bitcoin price of around $10 at the time, it was almost free.

The growth of the Bitcoin network is the case with about $2 million in bitcoin transfers every day. And now every day bitcoinTotal daily transfersMore than $1 billion. 500 times!

Key words early adopters might care about: international payments, virtual goods, games, developing countries, peer-to-peer, microtransactions, remittances, e-commerce. I didn't expect Coinbase to recognize and position Bitcoin as a vision to help "developing countries" access the banking system so early.

The current Bitcoin wallet is too difficult to use, the official wallet is either a lousy experience, and some functions may only be performed through a command-line interface. Coinbase, on the other hand, offers a much better experience on the web and mobile.

Coinbase is a managed Bitcoin wallet.

As an analogy, if iTunes is synonymous with MP3, Coinbase wants to be synonymous with Bitcoin. And the word Coinbase itself comes from the concept of Bitcoin, specifically the transfer of the reward to the miners themselves after they have mined the bitcoin.

Daily sign-up data trends for Coinbase users. From August 10 solstice to August 17, the daily increase was about 20%, and on August 17, the single-day registrations were close to 4,000.

Bitcoin trading volume trends on the Coinbase platform, which totalled $65,000 in the first five weeks.

So this is the distribution of orders over a period of 2 minutes. The meaning of this page is not very clear.

This Pitch Deck may seem a bit crude now. After all, this was nine years ago, before iOS was even flat, cryptocurrencies were a negligible market, and even blockchain was a small oneJust appear. But the vision and scenarios outlined in this slide -- improving the user experience, becoming infrastructure, and enabling international remittances -- remain at the heart of Coinbase today.

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