Coinbase Hired More Support Staff To Reduce Customer Complaints

Coinbase hired more support staff by about 5x to reduce the customer service complaints as we can see in our latest Coinbase news today.

There has been a 5x increase in the number of Coinbase support staff since January and the customer contact rate has been reduced by 70% while more live help features are expected to come in the next few months. Coinbase hired more support staff due to the many customer service complaints according to the blog post of the company, outlining even more measures to come. Since Brian Armstrong founded the company nine years ago, complaints from customers racked up and in 2018, Mashable obtained a 134-page report on the customer complaints thorugh a Freedom of Information Access request to the US SEC.

The picture that was painted back then was that disgruntled Coinbase users had two problems: their funds disappeared mysteriously which prompted accusations that Coinbase itself sequestered the money, or that they have been locked out of their accounts. When Coinbase went public, the New York Times reported that Coinbase customers flagged the recurring problems of disappearing funds and account lockouts but things have changed a little. Coinbase says that they are getting better though as Casper Sorensen who is the VP of customer support said that the exchange reduced its backlog of customer complaints. Since the start of the year, Sorensen said that Coinbase reduced the number of times that the customers contacted the company by 70% despite increasing the total user base by 28%. To accomplish this, Sorensen said that coinbase increased its customer support staff by 5x and hired 3000 more agents.

Educating the customers on how to protect the accounts from scams and recommend that wealthy customers implement two-factor verification helped. In the next few months, the exchange expects to launch a live chat and phone support. By going public, the stakes increased and after all, happy customers could add Coinbase shares to their portfolios alongside Ethereum and bitcoin.

As recently reported, FED’s chair Jerome Powel met with Armstrong but what specific discussions they made, remains uknown. One day before, the acting Currency Comptroller Michael Hsu suggested forming an inter-agency task force with the FDIC and FED specifically dedicated to crypto. The May 11 meeting between Powell and Armstrong coincided with a crash in Bitcoin’s price and other crypto assets while over the course of the week, BTC dipped from $50K to $40K.