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Wrenchs on-demand vehicle repair and maintenance service picks up $20 million

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Wrench, the Seattle-based on-demand vehicle maintenance and repair service for consumers and fleets, has raised $20 million in its latest round of financing.

The company’s round was led by Vulcan Capital, with additional participation from Madrona Venture Group, Tenaya Capital and Marubeni Corp.

Wrench is one of a growing number of companies using technology to adapt what had previously been infrastructure-heavy services closer to a more consumer-friendly, convenient business model. Other companies operating in a similar vein (and in automotive) include refueling and car wash on-demand startups, like Filld, Yoshi and Booster Fuels for gassing up and Spiffy, Wype Washos and Washé for washing.

Equipped with diagnostic software that can assess problems with vehicles based on their owners descriptions, and service trucks that can handle most maintenance and repair work, Wrench meets fleet operators and consumers at their vehicles to provide servicing and repairs.

It’s a model that has attracted some competitors with big backing. RepairSmith, which operates a similar service out of Los Angeles and San Francisco, is backed by Daimler to provide much the same on-demand repair services.

Given the competition coming into the market, it’s no wonder that Wrench is raising additional capital to expand its footprint into new markets. The company also said it intends to use the financing to make some key hires.

“Busy consumers need a simple scheduling and vehicle diagnosis system to deliver repair and maintenance services without the hassle of the waiting room,” said Ed Petersen, the company’s chief executive, in a statement.

Wrench has already serviced around 100,000 vehicles, according to Petersen, and all of the company’s repair and servicing visits come with a 12,000-mile warranty and a vehicle inspection with the results delivered to a customer.

“Consumers are embracing on-demand services that make their lives better. Wrench’s technology-enabled mobile mechanic service saves customers time and money — resulting in high customer satisfaction and lifetime value,” said Stuart Nagae, director of venture capital at Vulcan Capital. “With more than 270 million vehicles in the United States, the opportunity is enormous.”

Wrench has already begun its process of geographic expansion with the acquisition earlier this year of the Canadian mobile automotive mechanic startup Fiix, which provided mobile mechanic services to around 80,000 customers across North America.

Wrench raised $4 million in its first round of financing, which TechCrunch covered back in 2017.

Read more: https://techcrunch.com/2019/11/07/wrenchs-on-demand-vehicle-repair-and-maintenance-service-picks-up-20-million/

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Coinbase Custody selected by 21Shares for Bitcoin ETP

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Coinbase

Today we’re proud to announce that 21Shares AG has chosen Coinbase Custody to store its digital assets for its Bitcoin ETP. 21Shares AG is listing its 21Shares Bitcoin ETP (ISIN: CH0454664001 — WKN A2T64E) on the Deutsche Börse’s Xetra electronic venue on Thursday July 2nd 2020. Coinbase Custody will serve as custodian for the underlying assets of their Bitcoin ETP.

21Shares selected Coinbase Custody after reviewing our institutional-grade offline storage solution, which includes world-class security, regulatory compliance and insurance coverage. Coinbase is committed to serving a wide spectrum of institutional clients and we are excited to be the chosen custodian for the 21Shares Bitcoin ETP, Europe’s first physically-backed bitcoin ETP.

Hany Rashwan, CEO at 21Shares AG, says, “21Shares is delighted to bring this historic product to Europe. We are honored to give investors access to the best performing asset class of the last decade and we believe the next ten years as well, through our simple, transparent, and regulated crypto ETP product suite.”

Coinbase Custody is the world’s largest and most trusted crypto custodian. To learn more about Coinbase Custody click here.

Source: https://blog.coinbase.com/coinbase-custody-selected-by-21shares-for-bitcoin-etp-a1b5dd380694?source=rss—-c114225aeaf7—4

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Compound (COMP) is now available on Coinbase Earn

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Coinbase

Earn COMP while learning how to borrow crypto and earn interest with Compound

Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision to life, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.

Coinbase Earn is a trusted source where customers all around the world can educate themselves about new developments in crypto and earn assets as rewards. Starting today, Coinbase customers can start earning Compound (COMP) by watching lessons and completing quizzes about the Compound protocol and its governance token COMP.

Compound (COMP) is an Ethereum token that governs the autonomous Compound protocol. The protocol allows anyone to borrow and lend Ethereum tokens through a decentralized market. Lenders earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

The ability to earn crypto assets has become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education.

Since the launch of Coinbase Earn in 2018, we’ve announced nine different assets, including 0x, Basic Attention Token, Zcash, Stellar Lumens, EOS, Dai, Tezos, Orchid and now Compound. In less than a year, asset issuers offered over $100M in crypto to distribute to our customers, and we have launched Earn internationally. As we expand globally, millions of people are gaining access to a trusted, secure, and legal bridge to the crypto economy — even if they don’t have a credit card or bank account with which to buy crypto.

Check out all Coinbase Earn campaigns through our homepage or access them directly through the Coinbase mobile app.

You can sign up for a Coinbase account here and download the iOS or Android app to start earning crypto today.

Coinbase receives a servicing fee from the participating asset issuer. Consideration for Coinbase Earn is wholly independent of our digital asset framework for new listings. Click here for our Earn FAQ and terms.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-earn-74cb88acbf78?source=rss—-c114225aeaf7—4

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Compound (COMP) is now available on Coinbase

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Coinbase

Starting today, Coinbase supports Compound (COMP) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state.

Compound (COMP)
Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We published a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see COMP here), as well as a new section of the Coinbase website to answer common questions about crypto.

You can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store COMP today.

Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-de42a317790c?source=rss—-c114225aeaf7—4

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