Coinbase Outlines 4-Pillar Strategy For Users’ Protection

American cryptocurrency exchange Coinbase is trying to uphold transparency and restore trust in its ecosystem after a data breach. It has begun to implement certain actions in a bid to organize a comprehensive overhaul of its customer support operations. 

Data Breach Predisposed Exchange to Regulatory Probes

Coinbase’s Senior Director Wes Griffith recently outlined four key initiatives that the exchange is pushing out to address persistent user complaints. 

It is also working on improving the overall experience for Coinbase customers, hence the outlined initiative. This comes after the exchange suffered a data breach that negatively impacted 69,461 customers.

Information like names, home addresses, and email addresses was exposed as a result of the attack. 

Notably, these were data that the crypto exchange retrieved from its users as part of its Know Your Customer (KYC) process. Unfortunately, the said breach opened Coinbase up to legal pressure, regulatory probes, public criticism, and the high cost of fixing the damage. 

Coinbase to Address Product Issues Early 

To start, the crypto exchange intends to focus on avoiding issues by addressing product problems. 

Particularly, it wants to tackle such issues early and remove roadblocks before they get to the point of requiring customer contact. By doing this, Coinbase may be able to significantly address root causes and reduce the volume of support requests.

Secondly, the crypto exchange is keen on ensuring that customers do not put in so much effort to achieve security. 

To achieve this, it is improving automation, including better APIs, enhancing knowledge base resources, and AI-powered support tools. At the end of the day, these upgrades would go a long way in helping users resolve issues independently.

Coinbase to Reduce Chatbot Interaction With Users

The third pillar is crucial for those customers who are not comfortable with having human support. 

Coinbase will minimize the interaction with the chatbot, which has always led many users to frustration. Going forward, they can escalate their issues beyond automated responses to human support representatives.

Moreso, the exchange wants to ensure the quality of the live support in cases where human interaction becomes necessary.

On one hand, Coinbase is asking the authorities to step in and fix the problem of clashing state and federal rules for the crypto industry. This was after Coinbase’s Chief Legal Officer (CLO), Paul Grewal, described many state rules as overly broad and inconsistent with federal law.