How Coinbase got its first users?
Before Coinbase, there was Bitbank, which allowed people to send Bitcoin through emails. Brian Armstrong, a startup owner, was fascinated by Bitcoin and delved deep into learning about its potential for growth and customer acquisition. He noticed the lack of a reliable online wallet for the cryptocurrency and, with a friend, created an open-source wallet for Android users.
To spread the word about their new product, Armstrong promoted it on popular forums like Tumblr, Hacker News, and Reddit, offering a reward of 0.1 BTC for feedback. Their efforts paid off – they got 15,000 downloads in just two weeks plus some media coverage. By implementing innovative Coinbase growth strategies and focusing on customer acquisition, they were able to establish their platform as a leader in the cryptocurrency space.
They also reached out to individuals, such as Garry Tan, through cold emailing, promising them 0.05 BTC if they created an account.
A few months later, Armstrong met Ben Reeves from Blockchain.com and the two joined forces to create Coinbase Beta. The platform was functional with basic features like transactions, deposits, withdrawals, and account balance tracking. With the help of Y Combinator and by utilizing effective Coinbase growth strategies, they quickly established a website, blog, and secured funding.
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