Coinbase is a bitcoin wallet and exchange service headquartered in San Francisco California, founded by Brian Armstrong and Fred Ehrsam. Users of Coinbase can buy and sell bitcoin at the current market rate with a bank transfer in both the United States and eighteen European countries for a fee of about 1% of the value of the transaction. Coinbase aims to make it easier for non-technical users to send and receive Bitcoin payments by offering an online wallet service for storing, sending, and receiving bitcoins; along with merchant services that enable businesses to accept bitcoin payments online, and fee-free micropayments between Coinbase accounts. To use the buy/sell service, customers have to provide bank details, setup two-factor authentication on a mobile phone and wait three days.