Sunday, January 29, 2023

Coinbase Apologizes for ‘Negative Experiences’, Promises Better Support

Coinbase Apologizes for ‘Negative Experiences’, Promises Better Support

Coinbase CEO Brian Armstrong posted a message to customers today, saying an “unprecedented increase” in signups has caused “negative experiences” for some. He pledged the company would double support capacity by the end of June.

Also read: Investors Should ‘Be Wary’ of Grayscale Bitcoin Investment Trust: ETF Expert

Coinbase CEO Brian Armstrong
Brian Armstrong

“We haven’t done enough to keep up with the growth, and we’re taking steps now to correct it,” Armstrong wrote. “I’m writing today to apologize for the experience you’re having and tell you what we’re doing to improve the situation.”

The company saw its user base grow 400 percent since January, as soaring bitcoin prices created waves of new interest.

However Coinbase’s in-house customer support system has struggled to keep up with the complaints of delays, missing funds and account issues that regularly plague popular financial services.

Coinbase Support Problems Get Public Airing

Users have been vocal on social media and forums, with one accusing Coinbase of “falling apart at the seams” as it adds millions of new users. The company now has 7.6 million users, 24.7 million wallets, and 46,000 merchants. Coinbase and its trader exchange GDAX are by far the most well-known and popular bitcoin services in the U.S.

Armstrong said:

“It’s worth acknowledging the gravity of the situation. Our goal with Coinbase is to build the product that is the most trusted and easiest to use in the space. It erodes trust when customers can’t get a timely response to customer support inquiries, or when there are delays in pay ins, pay outs, limit increase requests, or getting access to your account.”

To solve the issues, the company is building outsourcing customer support facility and hiring 10 new contractors. It will also add staff to other critical security functions, and improve its 2FA and risky withdrawal-flagging mechanism.

The goal for Q3 2017, Armstrong said, is an under-six hours response time to service tickets. Large balance accounts will get a response in under two hours. These accounts will also have access to an improved phone support system.

Armstrong ended with another mea culpa, saying “We understand that trust has to be earned, not given, and that we haven’t done enough lately to earn that trust.”

Are you a Coinbase user? Do you think the improvements will improve the experience? Let us know.

Images via Coinbase, Pixabay

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