Coinbase less and less credible. Crisis of trust in cryptocurrencies

Coinbase is one of the most well-known exchanges related to turnover kryptowalutami. So far, despite the small "image" turmoil, it was an entity that was considered a reliable service provider. Within a dozen or so days, it lost a lot of users. The trend of withdrawing funds from the company is still ongoing. What is the reason for giving up Coinbase?

Doubtful acquisitions

At the end of February, Coinbase sent a message in an official communication about the takeover of the Neutrino startup. The young company was involved in monitoring the most popular blockchain networks. This startup was supposed to be an entity independent from the stock exchange, which was among others tasked to monitor suspicious transactions, protect against hacker attacks and act as a detector defining the origin of funds (counteracting money laundering). The decision to buy a start up did not appeal to a large number of customers. On twitter, we could observe hashtags #DeleteCoinbase.

Shot in the knee

Undoubtedly, a weak marketing campaign aimed at improving the credibility of the company was a statement from 1 in March by Christine Sandler. She is the director of the B2B relationship at Coinbase. Sandler in the interview stressed that the stock exchange decided to purchase the Italian start up of Neutrino, because it needed an instant change of the AML / KYC service provider. It argued that the previous companies serving the stock exchange in the above-mentioned services were not reliable enough (they sold data of platform users to third parties). The decision to completely take over the company will allow you to have enough control over the flow of sensitive data of its clients. Coinbase taking over Neutrino (which also does not have the opinion of a reliable partner on the market, due to the highly doubtful past of the board), instead of building up credibility in the eyes of customers, it has further undermined it.

Coinbase of the exact 5 in March tried to defend herself somewhat from Mrs. Sandler's statements, arguing that the situation was lacking precise information. He also adds that no data has been sold and transferred to third parties.