Business Wars Encore: Crypto Wars | Block Busting | 4
May 24, 2023
In 2015, Coinbase is gearing up to launch its new Bitcoin exchange, but faces fierce competition from the Winklevoss twins’ Gemini. Regulatory challenges and banking woes add pressure to CEO Brian Armstrong as he navigates a rapidly growing yet volatile market. As the debate over Bitcoin's block sizes heats up, contrasting strategies emerge between innovation and compliance. The stakes are high as Coinbase contends with the wild dynamics of cryptocurrency, keeping listeners on the edge of their seats.
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Coinbase Launch Party
- Coinbase employees held a pajama party to celebrate the launch of their new Bitcoin exchange.
- CEO Brian Armstrong, however, was preoccupied with the Winklevoss twins' competing exchange, Gemini.
Coinbase Mishap
- Coinbase's compliance chief, Martine Niejadlik, received a troubling call on her birthday at Disneyland.
- Coinbase co-founder Fred Ehrsam mistakenly claimed the exchange was licensed in California, leading to a regulatory alert.
Coinbase Loses Bank
- Silicon Valley Bank's legal team reviewed Coinbase's risk profile, citing a news story about Coinbase highlighting Bitcoin's ability to evade sanctions.
- The bank decided to drop Coinbase as a customer due to the regulatory risks.
