We called them fools who said, “crypto is the next big thing”. The digital token never seemed to make it to the market the way it has. Wherever you head, you’ll find people talking about crypto and the right time to invest in it. Investors all around the globe are looking for ways to make money out of the crypto business. Multinationals like Tesla, Microsoft, Dish Network, and Subway are accepting payments in Bitcoin and such decisions have helped it cross the $50k mark.
The Investment Center broker, Mr. David Bloom, explains how if companies keep hopping onto the bandwagon this way, time is near that bitcoin breaks the $100k ceiling.
When the world sensed a positive attitude of investors and the general public towards the tokens, soon an influx of cryptocurrency exchanges was seen. Out of many, some of them managed to hold onto a large clientele with their remarkable services. Binance, Kraken, Exmo, Huobi Global, and Coinbase are the prominent and the most trusted ones. Mr. Bloom thinks that companies, irrespective of the professions they serve, have to make sure that they offer impeccable services and brilliant customer care facilities. If a company fails to meet either of the requirements, it is destined to shut down.
Just recently, some incidents have made it to the news that reflects negligence on the part of Coinbase’s customer care department.
What is Coinbase?
Like explained earlier, Coinbase is a leading mainstream crypto exchange firm that is actually US-based. It came into being in the year 2012. In these 9 years, Coinbase has established itself as a secure platform to sell, buy, store, and transfer cryptocurrencies. Data reports that it was the largest crypto exchange in the US for the month of March with respect to trading volume.
Coinbase is widely popular amongst crypto exchangers because of the state-of-the-art tools made available for their customers. It offers a large variety of great tools such as wallets for real investors, cryptocurrency investing, custodial accounts, it’s one US Dollar stable coin, and much more. The well-equipped trading platform has a clientele of around 43 million people, 115k ecosystem partners, and 7k institutions. Initially, they started off from bitcoin trading but now it serves traders who work with Ethereum, Litecoin, XRP, Bitcoin Cash to name a few.
People say that the main reason behind their loyal association lies in the fact that they offer one with a safe working environment, a simple and interactive user interface, economical nature, and the growing list of crypto it caters to. Another quality often highlighted is that the administration is very supportive and responsive. However, the recent News gives an account of people’s experiences contrary to the prevalent popular opinion.
When a firm becomes a leading global firm, with great popularity it should be ready to take up the burden of great responsibility. A small negligence can cost millions.
Mr. Pierre’s Case
One of the Coinbase customers, Mr. Michael Pierre reported that he received a mysterious text on his iPhone from an unknown number. Unknown texts are common these days so what stirred worry was something that happened right after receiving it. His phone lost its connection. In a panic, he first rushed to see if his Coinbase wallet was attacked. He claims he had a total of $100k with digital coins in there.
Unfortunately, he was unable to log into his account. With a sweating forehead and heavily beating heart, he sent emails to the company requesting immediate response and help which went unanswered. Allegedly, the company’s security system was fooled because he was later informed that his password had changed. A company like Coinbase is expected to have multiple-tier security to ensure that people’s assets are safe. Mr. Bloom says that if true, this can be alarming for the current users and the company administration for two reasons.
This issue can not only cause them a fine of millions of dollars but also a tarnished reputation which will lead to reduced clientele. It takes a company years of flawless service and dedication to establish a good market reputation and once such a case can emerge as a serious threat to it.
Mr. Pierre is a man of 47 and has been an employee of the company. He said that he has been “urging” his former colleagues to look into the security breach and help him get his money back but the company seems to offer him little assistance in the matter. He has sued Coinbase for its flawed security measures. This is done in an attempt to make the services better and get back his money which would’ve been worth more than $400k.
A few days back, Coinbase announced that they’ll be hiring Indians now to enhance their business presence. In such a situation where Coinbase is working efficiently towards expanding their business venture, such reports can give birth to serious problems and financial losses.
Disclaimer: Our content is intended to be used for informational purposes only.
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