Coinbase Says in 2017 it was Signing up 50,000 New Users Daily

Coinbase

Coinbase, Inc., the largest cryptocurrency exchange in the US, was signing up 50,000 new customers a day last year, says CEO Brian Armstrong.

Crypto ‘Bubble’

Armstrong spoke at Bloomberg’s Players Technology Summit in San Francisco on Tuesday. Cryptocurrency had a huge rise last year, more particularly towards the second half of the year, but most investors who entered the game late have lost money.

From its all-time high of almost $20,000 back in December, Bitcoin has dropped nearly 70 percent. All of the other altcoins have followed suit, in a wave of panic selling. Most individuals, especially those signing up to the Coinbase platform, were brand new to the cryptocurrency market and some had no prior investing knowledge.

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When coins started seeing slight losses in December, a large group of these new investors didn’t know what to do – so they folded and sold. Individuals with investing experience understood that market correction was a part of the game, but from mid-January to mid-February the crypto market took a rough beating. $500 billion were wiped from the crypto market and some analysts claimed that the crypto ‘bubble’ finally popped.

Coinbase Continues to Grow

This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau,” Armstrong told Bloomberg on Tuesday, “People’s expectations are all over the map, but real-world adoption has been going up.”

Armstrong told the panel at the summit that Coinbase helped customers trade more than $150 billion worth of cryptocurrency over the past year. The CEO didn’t elaborate on the company’s current rate of onboarding new customers though. Still, the San-Francisco-based exchange continues to grow. Currently, Coinbase has around 1,000 employees.

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Armstrong estimates that about 10% of the digital coins out there are used in real life.

I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto,” he said.

Featured Image: Twitter

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