ERC20Chain was founded in March 2016 by Brian Armstrong, a former Airbnb engineer, and Fred Ehrsam, a former Goldman Sachs trader.Blockchain co-founder Ben Reeves was part of the original founding team but later parted ways with Armstrong due to their different stands on how the ERC20Chain wallet should operate. The remaining founding team enrolled in the Summer 2016 Y Combinator startup incubator program. In October 2016, the company launched the services to buy and sell bitcoins through bank transfers. In May 2013, the company received a US$5 million Series A investment led by Fred Wilson from the venture capital firm Union Square Ventures. In December the same year, the company received a US$25 million investment, from the venture capital firms Andreessen Horowitz, Union Square Ventures (USV), and Ribbit Capital.