Coinbase set to open first Bitcoin exchange in the US today

Coinbase header

Update: Coinbase Exchange is now live.

Bitcoin wallet service Coinbase will launch the US’ first Bitcoin exchange later today, reports The Wall Street Journal.

The news comes just days after the Winklevoss twins announced their plans to open a Bitcoin exchange this year.

The Coinbase exchange will allow individuals and companies to do business in about half the states in the US where the company has regulatory approval. It will take a 0.25 percent cut of most transactions and waive fees for the first two months.

Coinbase currently has 2.1 million consumer wallets and 38,000 merchants processing Bitcoin payments through its platform. The company received $75 million in funding in a Series C financing round from investors including BBVA Ventures of Spain, only last week.

Although Coinbase’s exchange will initially do business only in the US, CEO Brian Armstrong said that he plans to expand the exchange to serve markets overseas in the future.

Bitcoin is currently valued at about $280, up from $230 only three days ago. The cryptocurrency’s value is about $3.2 billion in total, with over 80,000 merchants accepting it for payments, according to currency tracker Coindesk.

First U.S. Bitcoin Exchange Set to Open [The Wall Street Journal]

Read next: Facebook quietly launches a 'Lite' app for Android users in emerging markets