Finance History | Coinbase — One Hundred Fifty Thousand Dollars and a Loft on Bluxome
· 2012-6
Unreviewed contributionBy kevin · · Report an issue
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Finance History | Coinbase — One Hundred Fifty Thousand Dollars and a Loft on Bluxome
kevin
People treat Coinbase as the remote exchange that always held other people's bitcoin from a Nasdaq listing.
The first book was a wallet written after hours.
In June 2012 Brian Armstrong, then an Airbnb engineer, entered Y Combinator with a one-hundred-fifty-thousand-dollar cheque and a mock-up named for the coinbase reward that mints new bitcoin.
Fred Ehrsam, a former Goldman Sachs trader, found Armstrong's Reddit post that autumn and joined as co-founder. The first rooms were a loft at 1 Bluxome Street in South of Market.
Bank transfers to buy bitcoin opened in October 2012. By May 2013 the loft had a first employee answering mail and a five-million-dollar round.
The mechanism is still the first one.
A person who would not run a full node could hold a balance if a company kept the keys and talked to a bank. That moved bitcoin off the command line.
A visitor on Bluxome still walks a four-storey condo block from 2003. The loft is gone. The wallet is where the book started.
Photo: South of Market streetscape, Wikimedia Commons contributors, via Wikimedia Commons.
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