Update: Our Commitment to Supporting Coinbase Customers

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%. We viewed last year’s unprecedented growth as an opportunity to analyze our systems and build a plan to ensure we’re providing the level of service to our customers that meet the highest standards for support.

We have been laser focused on improving the service experience for our customers and as part of that effort, I shared a 90 day plan to address the most pressing operational issues that were interfering with our ability to scale our customer support to meet demand. Today, we’re sharing the progress we’ve made and where we’ll go from here.

Over the last 90 days we have:

• Increased our support team by over 150%

• Decreased our average time to first response to < 10 hours for 95% of incoming volume today.

• Because of these measures, we are able to resolve issues faster and have decreased the backlog by 95%

Increasing capacity to meet the demand: In addition to helping our customers resolve any issues they experience with their account, we also spend time helping them understand digital currency. We needed to hire more people to meet the growing demand for support and education.

• We now have over 600 support agents working on our queues across three different locations and we offer phone support 24 hours a day, seven days a week.

• We will be opening two offices dedicated to support — one in Portland later this month and a new office in Europe at the end of the summer.

Tackling the backlog: As we stated in January, 2017 was a year of rapid growth for the industry. This led to many customers experiencing long wait times from our support team. In order to quickly solve these outstanding problems, our engineering, product and support teams worked side-by-side for 10 days to tackle our backlog and prevent reoccurring issues.

• Working this way allowed us to close out 40,000 tickets over a five day period. Despite a continued and steady volume of tickets coming into our systems from customers, our backlog hit record low volumes in March.

• Today we continue to see our average time to first response and first resolution trend downwards and our total volume of escalations are down close to 80% overall.

All that being said, our work is never done. Here’s what we’re working on next:

• Published Service Levels: Over the next 90 days we will baseline and publish our committed time to resolution so our customers understand the bar we are setting for ourselves to deliver fast resolutions to their issues.

• Additional Channels: In addition to phone and email, we will launch social media and chat support later this year.

• Revamped Help Center: We will be updating our Help Center by the end of the year for better ease of use, more educational material and a simple way to contact us.

We will continually communicate the steps we’re taking to improve our service and keep you posted on our journey.

As always, thank you for being customers.