Problematic customer support may play spoilsport to Coinbase IPO

Several complaints arise regarding the lack of human interaction
  • Headquartered in San Francisco, Coinbase is one of the world’s most popular non-fiat exchanges, listing several trading pairs.
  • The company plans to go public in the approaching month of April by offering an Initial Public Offering (IPO).
  • Certain complaints about poor customer service can be severely detrimental to the firm’s future growth.

Coinbase had drawn up plans to list its shares on the NASDAQ exchange publicly. This is considered the most significant first step for any major crypto-based firm in recent times. Coinbase had achieved a benchmark of $1.2 billion in revenues, out of which $322 million were in profits alone at its filing. By going public, the exchange aims to continue its legacy.

Irate customers may potentially derail plans

According to a New York Times report, a few customers had faced major issues with the platform, which included their accounts getting hacked and/or their accounts being locked, which leads to them not being able to access their funds. Users are also heavily disappointed with the company’s weak security measures that could not detect and eliminate threats to the users’ wallets. In what seems like rubbing salt to the wounds, Coinbase’s customer support also offered little help, users oftentimes were forced to interact with non-human company representatives.

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In response to these allegations, the company’s VC of customer care stated that Coinbase faces a distinct set of challenges to tackle customer queries, especially during recent times when crypto traders have grown at an unprecedented rate. Ironically, complaints about hacked accounts started surfacing as early as 2014. The firm also refuted non-human interactions’ complaints by saying that they have added a force of 2000 individuals to tackle the issue. Despite assurances, certain public sections still hardly believe them, as is evident from the Coinbase subreddit detailing harrowing customer experiences.

Though several companies share the same issues concerning customer support, negative public perception is not a good sign for a company just weeks away from Coinbase IPO. Moreover, once public, the company will have to comply with larger regulatory surveillance, which would eventually not take lightly to investors’ concerns.

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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