Even though the bear market has been damaging cryptos for almost straight eight months now, the number of Coinbase users continues to grow. According to the exchange’s CEO, Brian Armstrong, Coinbase continues to add 50,000 users per day.
Coinbase Users Continue to Grow
With the market being constantly bearish, and only interrupted in this trend on two or three short occasions, it would be expected that cryptos would be doing extremely badly. A lot of people believes that low prices are pushing new investors, and people, in general, away from the crypto world. However, as it turns out, this is completely wrong.
According to Coinbase’s CEO, Brian Armstrong, the number of Coinbase users is actually growing by 50,000 people per day. Armstrong confirmed this at Bloomberg Players Technology Summit, stating that the exchange’s customers have traded around $150 billion in cryptos in the past year. After the market turned bearish, it was expected that users would be discouraged from trading cryptos, but the numbers continued to grow.
— Coinbase (@coinbase) August 14, 2018
Of course, with that many people comes an equal number of different expectations, and not all of the Coinbase users have real ones. Still, Armstrong believes that a lot of them understand what is going on, and he even stated that around 10% of cryptos are being used in real life. This includes things like game purchases, microtransactions, and alike, but it is still a sign of cryptos making their way into the mainstream.
Crypto World Needs More Institutional Investors
While the crypto world is constantly changing, improving, advancing, and fixing various issues, it was noted that the real-world adoption is slowly rising. Even so, Armstrong still believes that it will be a while before crypto use grows enough to become a valid method of payment on a massive scale.
To improve their chances, more money is needed in the crypto space, which is why Coinbase is working hard in order to bring additional institutional investors. So far, the exchange has had a decent amount of success, and over 20 million investors are currently using its products. With a situation like that, even Coinbase itself has seen a significant growth.
The company is currently hiring over 1,000 employees, with one-third of them being women. While Coinbase had its own issues every now and then, the exchange has done much in order to expand and attract more users. It has become one of the biggest and most trusted names in the crypto exchange circle, and it currently offers only a few cryptos that are confirmed not to be securities, and thus, as safe an investment as they can get at the moment. Those include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.