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Coinbase 50,000 New Users Daily in 2017

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.

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.

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Coinbase Crypto Gift Cards | A New Way to Spend Your Crypto!

Popular US-based cryptocurrency exchange Coinbase Inc. is now offering something no other exchange has to its customers. According to a report by Bloomberg this morning, the crypto exchange will offer a way for its customers to purchase retails goods and services using cryptocurrency. There are now going to be Coinbase crypto gift cards.

WeGift Partnership

Coinbase just signed a new partnership with the digital gift card London-based startup WeGift. This new partnership will allow Coinbase users to convert their digital currency from their Coinbase wallets into gift cards for more than 120 different retailers.

Currently, the crypto exchange only supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). However, new reports have recently surfaced that new coins may be added soon.

Initially, the Coinbase crypto gift cards program will only be offered to customers in Australia, France, Italy, the Netherlands, Spain and the UK. However, Coinbase ultimately plans to expand this offer into other countries.

“Whether it’s converting Bitcoin into Uber credits or Ethereum into an ASOS e-gift card, customers will have greater flexibility and control over how they use their crypto,” San Francisco-based Coinbase said in a statement. “With the launch of e-gift cards, customers have a new option to spend their crypto balances, realizing its value to buy tangible things or experiences.”

Coinbase Movements

Lately, a number of the major cryptocurrency exchanges have announced that they were entering the US market and doing so by regulatory approval. Coinbase and Bittrex were the only major exchanges within the United States for quite a long time, due to exchanges not wanting to deal with the SEC.

Now, it seems the path of entry is far more clear, and foreign exchanges are diving in. As a result, it seems Coinbase is working on different avenues to make the exchange stand out from the rest of the pack and keep its current active user base. If new cryptocurrencies are indeed added to the platform, this should also help to peak investor interest and might keep them on board, along with the offer of these crypto gift cards.

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