Coinbase has signed up 5 million new users in the last ten months, resulting in a massive user base of 30 million users, reports say.
The San Francisco based cryptocurrency trading platform elaborated its progress in a paper published this week. It clearly pointed out that at the end of September, Coinbase had 25 million customers. The number went up sharply in 2019, a period which also witnessed an increase in bitcoin prices.
In this time, Coinbase also saw a series of in-house developments. The exchange expanded crypto-to-crypto trading operations in over 100 countries. In comparison, a year back, Coinbase was available in only 32 states.
The platform also listed new cryptocurrencies, including EOS, XRP, and a range of other altcoins in this time. Notably, Coinbase also saw a lower number of hacks, especially around the theft at the world’s leading cryptocurrency exchange Binance.
Statistics show that more users joined Coinbase during the price rallies than during the downward movements. For instance, Coinbase added 7.3 million customers between November 2017 and March 2018, the same time when bitcoin price rallied from $8,795 to as high as $19,891, got dumped to $5,873, and prompted an altcoin rally.
However, the trend on Google does not show an enthusiastic picture. Internet users looking up the word ‘Coinbase’ has significantly dropped in 2019 from where they were during the 2017 high.
This vast difference between the trend might be owing to users’ inclination towards non-US cryptocurrency exchanges. The absence of a clear regulatory framework for cryptocurrencies followed by discouraging remarks from US President Donald Trump, Federal Reserve Chairman Jerome Powell, and Treasury Secretary Steven Mnuchin, could all have contributed to the slowing down of the signups at Coinbase.
But, looking at the bigger picture, it seems that more users are interested in cryptocurrencies. Further, Facebook’s entry in the cryptocurrency world has thrown bitcoin more under the spotlight. In the current scenario, the bitcoin price has jumped by more than 180% YTD – from $3,651 to $10,345 at press time.