News by Altcoin Buzz: Ifeanyi
Bitcoin entrepreneur Alistar Milne said that the cryptocurrency exchange’s growth accelerated in the last two years, this was the period when most cryptocurrencies exploded in price.
His tweet reads:
“Coinbase has passed 30million users this month (adding 5million users in the last ~10 months)#bitcoin”
During the 2017 cryptocurrency bull run (where bitcoin hit a near $20,000 all-time high before its price plummeted in 2018 to a $3,200 low), Coinbase’s mobile app topped Apple’s App Store rankings for most popular in the finance category. Since then till date, the cryptocurrency has recovered, it can be seen from the graph that Coinbase’s growth accelerates with the recovery. In the last few months, Coinbase launched various products and services helping its growth. Among such products are Coinbase Bundle (now-defunct), Coinbase Earn (which allows users earn various cryptocurrencies while learning about them), Coinbase Wallet (which includes a decentralized application browser), and much more.
Forward steps for Coinbase
CEO of Coinbase, Brian Armstrong mentioned that the exchange has plans to expand beyond cryptocurrency trading, as he imagines the company as a universal platform for cryptocurrency adoption. Currently, the exchange is one of the largest fiat-to-crypto gateways in the US and Europe. Earlier in May, Brian Armstrong said the exchange’s custody service, Coinbase Custody, has $1 billion in assets under management (AUM) just 12 months after launch. In an on-stage discussion, Armstrong was asked about the status of institutional involvement in the cryptocurrency industry.
He replied then saying:
“We launched our custody 12 months ago, we’ve just crossed $1 billion AUM or institutions, 70 institutions have signed up, adding about $150 million AUM a month, so, to a large degree that has been a success.”