Coinbase Commits To 'Better Customer Experience' Following Complaints

 

Coinbase Has a Problem With interest in Bitcoin soaring with its value, the well known digital money trade has been the objective of a developing influx of displeased clients who didn't approach client care.

A quick glance at Twitter tells the story. As a distraught user of the service went on a rampage earlier today: "Several issues over the past month that cost me multiple open cases and 0% response?"  "Will you help me or is it easier to forget.  It won't be that easy when your stock market quote is available soon. There are to many similar complaints. 

In the interest of full disclosure, this editor asked the company this week to gain a better understanding of its customer service operations after emailing its support staff more than half a dozen times and tweeting once. for 10 days, without receiving a response (I bought a unit of Ether in 2018). On the platform and I wanted to access my account, which I had been blocked almost two years ago. To its credit, Coinbase today released a statement promising to do better.

 The company said it is adding more to its team; adding your own work options (not many); expanding it to a ‘help center’; and launching new learning sites, As indicated by Coinbase in the coming months, it will start offering live messages with delegates of Coinbase, which is at present impossible as Coinbase doesn't offer any live help. A hotline is simply accessible to clients who wish to freeze their records, and it does so naturally.

(The flip side of its slowness customer response times may be related to how seriously Coinbase, which works closely with regulated banks, takes security concerns.) Either way, the company will have to do much more for its users of more and more traditional as a publicly traded company, both because regulators will undoubtedly pay more attention to its disgruntled clients and because it will otherwise lose existing and potential clients to rivals, including the range is growing, from international payment giant PayPal, which now records record daily cryptocurrency trades,  for financial marketers like Robinhood (another popular option: digital assets brokers like Grayscale, their trusted trustees).

 While Coinbase has allegedly faced a wave of complaints matching the volatility of Bitcoin's ups and downs, customer service has been an ongoing issue for the nearly nine-year-old San Francisco company, which filed its confidential form. SEC in December to go public and claims to have 35 million users in more than 100 countries. 

 The picture that emerged was not "a player game with cryptocurrency opportunities opening up new markets to investors, but rather a company full of unprepared for its success," the investor reported at the time. Asked today, among other things, how Coinbase's processes have since changed, how many of its 1,200+ employees are focused on customer support, and whether the company could share its latest customer numbers, Coinbase, currently in its SEC According to Crunchbase, Coinbase has raised $ 547.3 million in venture backing over the years. a $ 300 million Series E loan that ended in 2018 and awarded Coinbase a $ 8 billion post-money valuation. Last September, the company split from more than 5% of its employees. after co-founder and CEO Brian Armstrong publicly discouraged employee activism and politics Labor discussions, then offered a layoff to staff members who were uncomfortable with politics. About 60 people accepted the company's offer, Coinbase itself later revealed. Coinbase's IPO has been eagerly anticipated by many, although changes in Washington could potentially have a slowing effect on the company and other exchanges. Coinbase's former chief legal officer Brian Brooks was appointed last summer as acting head of the Office of the Comptroller of the Currency (OCC) and, among his other cryptocurrency endeavors, has published interpretative letters and announcements in which states that banks can partner with cryptocurrency custodians and make payments using stablecoins.  The weight of these letters and announcements has never been entirely clear.

 When asked about Brooks' most recent interpretative letter, according to which financial institutions can join a blockchain as hubs and purchase or validate payments, the FDIC said in an email response that it had no comments. Asked last week whether Brooks' letter signaled a change in the U.S. monetary policy, the Treasury Department did not respond to our press request.  With a new administration coming in, he resigned from his position this week, replaced by a career OCC employee, Blake Paulson, who can represent himself.The change leaves the question of how and if the agency's tone will shift towards the meanwhile. 

 Gary Gensler, a former financial regulator and banker at Goldman Sachs who recently taught M. He is expected to be nominated to lead the SEC. He is also expected to receive greater oversight of the $ 1 trillion cryptocurrency market than Jay Clayton, the Wall Street attorney who resigned from his post last month after three years.

 

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