HOW TO SERVE LEGAL PAPERS ON COINBASE GLOBAL INC.

Coinbase Global, Inc., is an American company that operates a cryptocurrency exchange platform. Coinbase operates remote-first and lacks an official physical headquarters. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, and as of March 2021 was the largest cryptocurrency exchange in the United States by trading volume.

On April 14, 2021, Coinbase went public on the Nasdaq exchange via a direct listing

BACKGROUND ON COINBASE

Brian Armstrong, a former Airbnb programmer, launched Coinbase in June 2012. With his financing of USD 150,000, Armstrong was accepted into the Y Combinator business incubation program. A second partner,  Fred Ehrsam worked as a Goldman Sachs trader and now serves as one of the company’s co-founders. Blockchain.info co-founder and British programmer Ben Reeves intended to be one of the founding members of Coinbase. This agreement was, however, relinquished once a disagreement with company CEO Brian Armstrong resulted in Reeves leaving shortly before the Y Combinator fundraising event. 

The company’s name itself comes from the use of the coinbase transaction in proof-of-work cryptocurrencies. The entity launched its services in October 2012 to allow customers to purchase and sell bitcoins through bank transfers.

HOW DOES COINBASE WORK

Since Coinbase is the most popular mainstream exchange for buying bitcoin in the United States, it has become a crucial platform for novice crypto investors. A number of Coinbase’s offerings include various cryptocurrency investments, sophisticated trading, institutional custody, retail-oriented wallets, and its own stable coin.

In 2012, Coinbase was established and was the first exchange to get regulatory approval and allow customers to buy and sell bitcoin from customers in all fifty states. Coinbase started supporting just Bitcoin transactions but has rapidly expanded to include new cryptocurrencies that adhere to its decentralized values. It added additional cryptocurrencies to its list as long as their criteria are fulfilled.

For investors, investors, and investors, Coinbase has over twenty different cryptocurrencies available, each with unique features and purposes. A very basic user interface renders Coinbase one of the simplest ways to get started in the cryptocurrency market. Getting started with cryptocurrency is thus made more straightforward. In addition, it offers a learning program that rewards individual’s bitcoin in exchange for providing more information about cryptocurrencies.

High liquidity is also a reason why Coinbase is considered to be a valuable exchange. To prevent the investor from experiencing severe price declines in a turbulent market, this serves as protection. Coinbase became the first big cryptocurrency company to go public, with a value of over USD 85 billion and a positive impact on the broader cryptocurrency market.

 In January 2021, Coinbase Global, the parent company of Coinbase, made a major step toward an initial public offering (IPO) by filing with the Securities and Exchange Commission for a direct listing. The U.S. Office of Foreign Assets Control launched an in-depth investigation of the company in March 2021 because they had received complaints that the company provided its blockchain service to blacklisted individuals or companies. According to the Office of Foreign Assets Control, blockchains are ‘technically infeasible’ for avoiding specific users from transacting.  To resolve allegations by government regulators that the business had reported false trade volumes, the company agreed to pay USD 6.5 million in March 2021.

SUBSIDIARIES OF COINBASE

HOW TO SERVE LEGAL PAPERS ON COINBASE GLOBAL, INC.

Coinbase Global, Inc. is regulated by the U.S. Security and Exchange Commission and incorporated in the state of Delaware. Coinbase Global, Inc is primarily in the business of financial services. For financial reporting, their fiscal year ends on December 31st. Although this means that the entity was a general domestic corporation in Delaware, with Coinbase’s headquarters being in California, the entity would be typified as a foreign stock corporation for purposes of California Process Service.  

The entity accepts claims addressed specifically to their registered agent, Corporation Trust Company, although California Process Service may also be provided to the chief executive officer or any other qualified officer. 

HOW TO SERVE LEGAL PAPERS ON COINBASE CREDIT, INC.

Coinbase Global, Inc is a separate company from Coinbase Credit, Inc. Coinbase Credit, Inc was registered on 21st   February 2020 under the jurisdiction of Delaware. The entity would be typified as a foreign corporation for purposes of California Process Service and consequently requires a registered agent for Process Service so that it can function in California.  Coinbase is now offering U.S. customers an alternative to liquidating their bitcoin holdings: the ability to borrow cash using bitcoin as collateral. Meanwhile, Coinbase introduced a line of credit limited at USD 100,000 for customers in Arizona, California, Idaho, Ohio, and Tennessee who live in these states. Fixed-term loans of up to thirty percent of a user’s bitcoin — up to USD 100,000 — are available to borrowers inside fifteen different states via the exchange.

Borrowers pay an annual percentage rate, and there is no charge or credit check attached. With the money borrowed, users may deposit the funds to their PayPal account or have them transferred to the Coinbase bank account through an automated clearinghouse. Once the client pays the interest owed each month, the remainder of the amount may be paid off in one payment.

The entity accepts claims addressed specifically to their registered agent, Corporation Trust Company, although California Process Service may also be provided to the chief executive officer or any other qualified officer, who will be served at the entity’s principal office. 

HOW TO SERVE LEGAL PAPERS ON COINBASE, INC

Coinbase, Inc was registered on 6th October 2014, rendering it the earliest branch of the entity. The entity filed for incorporation in a foreign state of incorporation; the entity now comes under the jurisdiction of Delaware, typifying the entity as a foreign corporation for purposes of California Process Service. To register a foreign company in California, one must submit to the California Secretary of State a California Statement and Designation by Foreign Corporation. This document may be submitted by mail or in person. The Statement and Designation by Foreign Corporation is a USD 100 filing fee for a foreign California corporation to complete California Process Service.

California imposes a flat fee of USD 100 to register an out-of-state for-profit company (a ‘foreign corporation). To register, the entity must submit to the California Secretary of State the California Statement and Designation by Foreign Corporation (Form S&DC-S/N). Additionally, the state legislation maintains foreign companies file an Initial Statement of Information within ninety days after registration, at a cost of USD 25 (USD 20 for the report plus a USD 5 disclosure fee to complete California Process Service).

The postal filings typically take around twenty business days to complete in accordance with California Process Service. It is also possible to [A.] deliver their papers in person to the California Secretary of State’s California office according to California Process Service and also pay the USD 15 counter drop-off charge or [B.]  deliver the requisite papers to the California Secretary of State in person and pay one of the expedite fees. These expedited costs are in addition to the state’s regular filing fees; however, if the company chooses one of the more costly expedited alternatives, the state waives the USD 15 counter drop-off price.

 However, the entity may be contacted at the headquarters in California. The entity accepts claims addressed specifically to their registered agent, Corporation Trust Company, although California Process Service may also be provided to the chief executive officer or any other qualified officer at their principal office. A business entity cannot act as its own agent for service of process and no corporation may file a certificate unless the corporation is currently authorized to engage in business in California and is in good standing on the records of the Secretary of State. 

Advanced approval must be obtained from a Registered Corporate Agent prior to designating that corporation as your agent for service of process. The address of a Registered Corporate Agent is available on the Secretary of State’s Business Search, and if provided by the corporation, additional contact information may be available on the Secretary of State’s Private Service Companies webpage. It must be ensured that the office of Coinbase Inc is confused with the main headquarters of Coinbase. 

HOW TO SERVE LEGAL PAPERS ON COINBASE CRYPTO SERVICES, LLC

Coinbase Crypto Services LLC is an active subsidiary of Coinbase, requiring individual Process Service to be levied upon it. Coinbase Crypto Services LLC was registered in New York on 16th April 2021  as a foreign limited liability company.  The entity comes under Delaware jurisdiction instead, although the entity’s address and headquarters fall in California. 

A foreign limited liability company  in New York requires [A.] the name of the foreign limited liability company and the fictitious name under which it proposes to apply for authority and do business in this state, [B.]the jurisdiction and date of its organization; [C.]  the county within New York in which the office of the foreign limited liability company is to be located; [D.] the designation of the secretary of state as its agent upon whom process against the entity may be served and the post office address within this state to which the secretary of state shall mail a copy of any process against it served upon them; [E.]if the entity is to have a registered agent, their name and address within the state and a statement that the registered agent is to be its agent upon whom process may be served; [F.] the address of the office required to be maintained in the jurisdiction of its formation by the laws of that jurisdiction or the principal office of the foreign limited liability company; [G.] a statement that the foreign limited liability company is in existence in the jurisdiction of its formation at the time of the filing of such application; and [H.] the name and address of the authorized officer in the jurisdiction of its formation where a copy of its articles of organization is filed or,  a statement that the foreign limited liability company shall provide, on request, a copy thereof with all amendments, and the name and post office address of the person responsible for providing such copies.

The entity retains  Corporation Trust Company,  as the registered agent. A Statement of Information is due every odd-numbered year beginning five months before and through the end of February.

HOW TO SERVE LEGAL PAPERS ON COINBASE SECURITIES, INC.

Coinbase Securities Inc registered with the New York Department of State on 10th August 2020. The entity has jurisdiction that is not in New York and comes instead under the ambit of a foreign corporation governed by Delaware laws and will have Process Service levied upon it.  The New York Department of State is under an obligation to send the documents that it has received to the entity. A foreign business corporation may apply for authority to do business in the State of New York by filing an Application for Authority pursuant to Section 1304 of the Business Corporation Law.

The New York Department of State does not give opinions as to what activities constitute doing business in New York State for qualification purposes. It is required to complete and submit the Department of State’s Application for Authority and a  Certificate of Existence from the official who files and maintains corporate records in the corporation’s jurisdiction must be included in the Application for Authority.  In most states, this authority is the Secretary of State, and the Certificate of Existence is referred to as a Certificate of Good Standing.) The Certificate of Existence must be current.

The completed Application for Authority should be sent to the New York Department of State, Division of Corporations with a USD 225 filing fee paid payable to the New York Department of State. However, if the foreign company conducted business in New York State prior to submitting its Application for Authority, the foreign corporation must seek permission from the New York State Tax Commission.  If it is required, the Department of State may receive Process Service on behalf of the organization, although it retains CT Corporation as the registered agent for service.

HOW TO SERVE LEGAL PAPERS ON COINBASE FINANCIAL MARKETS, INC.

Coinbase Financial Markets Inc. is typified as a foreign business corporation in California with the initial Department of State filing as done in Delaware being on 4th May 2021. Coinbase Financial Markets Inc does not come under California jurisdiction, with the incorporation in Delaware specifying a General Domestic Corporation. Before transacting intrastate business in California the business must first qualify/register with the California Secretary of State. California Corporations Code defines ‘transacting intrastate ‘as entering into repeated and successive transactions of its business in this state, other than interstate or foreign commerce.

The Secretary of State’s office cannot advise the entity as to whether or not the business must qualify or register to do business in California.

 California Process Service may be levied on a registered agent for accepting California Process Service, in this case, Corporation Trust Company functions as the registered agent for California Process Service. 

HOW TO SERVE LEGAL PAPERS ON COINBASE ASSET MANAGEMENT, INC.

Coinbase Asset Inc. is typified as a foreign business corporation in California with the initial Department of State filing as done in Delaware being on 5th March 2018, rendering under Delaware jurisdiction. Coinbase Asset Inc is classified as a foreign stock corporation, although the incorporation in Delaware specifies a General Domestic Corporation.  California Process Service may be levied on a registered agent for accepting California Process Service, in this case, Corporation Trust Company functions as the registered agent for California Process Service. A Statement of Information is due every year beginning five months before and through the end of August.

Over the last several years, Coinbase has carved out a niche for itself as a regulatory-compliant crypto exchange, branching out to provide cryptocurrency custody services to institutions and adding a new range of currencies intended to meet the needs of individuals who choose greater anonymity.

FOR ASSISTANCE SERVING LEGAL PAPERS

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Sources

1. Needleman, Sarah E. ‘Coinbase Nabs $5M in Biggest Funding for Bitcoin Startup.’ The Wall Street Journal, Dow Jones & Company, 7 May 2013, www.wsj.com/articles/BL-VCDB-12953. 

2. Griffith, Erin. ‘Coinbase Rides Cryptomania to a $1.6 Billion Quarterly Profit.’ The New York Times, The New York Times, 18 Aug. 2021, www.nytimes.com/live/2021/08/10/business/economy-stock-market-news.

3. Telford, Taylor. ‘’It’s More than JUST Coinbase’: Crypto Giant Snares $85.8 Billion Valuation in Nasdaq Debut.’ The Washington Post, WP Company, 14 Apr. 2021, www.washingtonpost.com/business/2021/04/14/coinbase-ipo-crypto-bitcoin/.

4. C/O THE CORPORATION TRUST COMPANY

1209 ORANGE STREET

WILMINGTON

DE

19801

5. CORPORATION SERVICE COMPANY

251 LITTLE FALLS DRIVE

WILMINGTON County: New Castle

DE Postal Code: 19808

302-636-5401

6. 7.9 percent is the annual percentage rate

7. C T CORPORATION SYSTEM

Registered Agent Address: 400 E COURT AVE, DES MOINES, IA 50309-2017

8. 430 CALIFORNIA ST, SAN FRANCISCO, CA 94104-1301

9. 430 CALIFORNIA ST, SAN FRANCISCO, CA 94104-1301

10.  67 BURNSIDE AVE, EAST HARTFORD, CT 06108-3408

11. 100 PINE ST STE 1250, SAN FRANCISCO, CA 94111-5235

12. Pursuant to California Corporations Code section 1505

13. C/O C T CORPORATION SYSTEM

Address:28 LIBERTY STREET, NEW YORK, NY, United States, 10005

14. One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231,

15. Consent may be obtained by contacting the New York State Tax Commission at (518) 485-2639. The completed Application for Authority, the New York State Tax Commission’s permission, and the $225 filing fee should be submitted to the New York Department of State at the address above.

16. (1304 (a)(8), Business Corporation Law

17. THE CORPORATION

Address:100 CHURCH STREET STE 832, NEW YORK, NY, United States, 10007

C T CORPORATION SYSTEM

Address:28 LIBERTY STREET, NEW YORK, NY, 10005

18. California Corporations Code sections 191, 15901.02(ai) and 17708.03

19. THE CORPORATION TRUST COMPANY

CORPORATION TRUST CENTER 1209 ORANGE ST

WILMINGTON County: New Castle

DE Postal Code: 19801

302-658-7581

20. THE CORPORATION TRUST COMPANY

CORPORATION TRUST CENTER 1209 ORANGE ST

WILMINGTON County: New Castle

DE Postal Code: 19801

302-658-7581

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