Following a barrage of heavy criticism for being widely underprepared in terms of customer service, Coinbase is set to open a new office in Portland that will be focused largely on customer support, compliance, finance, IT, and HR.
Failing Customer Support
Coinbase, the largest cryptocurrency exchange in the US, has been the object of heavy criticism recently, as its customer service has reportedly failed across the board.
Users of the exchange filed a total of 134 pages worth of complaints with the country’s Securities and Exchange Commission (SEC), outlining an array of issues. Stemming from the fact that Coinbase was simply unprepared for its own rapid growth, complaints ran the gamut – from funds being lost along the way to people being unable to access their money – and, of course, frustratingly slow customer support.
A Coinbase spokesperson offered questionable explanations, indeed associating the issues to the company’s rampant expansion:
In 2017, the cryptocurrency space experienced a profound uptick in mainstream awareness and growth. […] As part of that, consumer demand for our services increased by 40x and we experienced transaction volumes in November and December of that year that grew by 295 percent.
And while the exchange seemingly identified the reasons for the widespread frustration, it kept on expanding regardless. Despite these critical shortcomings, the company recently announced plans to open a new office in Japan, added a suite of products to facilitate institutional investments, and even took steps to become a fully SEC-regulated broker-dealer…