Coinbase announced Monday the launch of its Bitcoin exchange platform, making it the first US-regulated Bitcoin exchange.
“With this launch our goal is to bring increased stability to the bitcoin ecosystem,” said the company about Coinbase Exchange, which “provides a reliable and secure platform for bitcoin trading that is backed by investors such as the New York Stock Exchange.”
Coinbase said that its users who live in any of the 24 US states or territories that support the company’s USD Wallets can start trading immediately on Coinbase Exchange. The company is waiving trading fees until March 30, after which Coinbase will initiate a maker-taker model.
“We believe Coinbase Exchange will bring stability and trust to the exchange space and are excited that large institutions like the Trading Division of SecondMarket are already trading on the platform,” said Coinbase in its blog post.
According to the exchange’s website, Coinbase undergoes regular IT security and financial audits, and Bitcoins of 98 percent of customers are stored completely offline (more information is available on Coinbase’s Security page).
The exchange’s website also notes that Coinbase is insured against hacking, internal theft, and accidental loss in an amount that covers maximum value of Bitcoin the company holds in online storage at any given time.
Coinbase announced last week the completion of a Series C round in which it raised $75 million, bringing the total the company has raised to more than $106 million.
On Friday, entrepreneurs Cameron and Tyler Winklevoss unveiled plans to launch a regulated US-based Bitcoin exchange called Gemini.
Image courtesy of Coinbase