Why was Coinbase released?

Could you elaborate on the context and reasons behind the release of Coinbase? As a major player in the cryptocurrency industry, Coinbase's emergence has undoubtedly shaped the landscape of digital finance. Was it a response to the growing demand for easier access to cryptocurrencies? Did it aim to address specific challenges in the market? Or was it simply a matter of seizing a business opportunity at the right time? I'm curious to know the motivation and circumstances that led to the founding and subsequent success of Coinbase.