![]() Olaf Carlson-Wee, a graduate from Vassar College, was hired as the first employee in the same year. In December the same year, the company received a US$25 million investment, from the venture capital firms Andreessen Horowitz, Union Square Ventures (USV), and Ribbit Capital. In May 2013, the company received a US$5 million Series A investment led by Fred Wilson from the venture capital firm Union Square Ventures. 8 In October 2012 the company launched the services to buy and sell bitcoins through bank transfers. The company is named after coinbase transactions, which are special transactions that introduce cryptocurrency into circulation in proof of work cryptocurrencies. British programmer and co-founder Ben Reeves was originally supposed to be part of the Coinbase founding team but parted ways with Armstrong just before the Y Combinator funding event, due to their different stands on how the Coinbase wallet should operate. Fred Ehrsam, a former Goldman Sachs trader, later joined as a co-founder. Armstrong enrolled in the Y Combinator startup incubator program and received a $150,000 cash infusion. ![]() Coinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer.
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