Who would say that an app for trading virtual currencies will one day surpass the world’s leading video network?
Believe it or not, that happened yesterday. Coinbase, the largest cryptocurrency brokerage and wallet platform which is valued at $1.6 billion – just became the hottest app in the Apple Store – passing YouTube, Facebook and Instagram.
It seems surreal, and a tweet by a WSJ reporter confirms it.
As the Coinbase team tweeted a couple of days ago, “We are currently experiencing record high traffic. This is resulting in some customers having slow performance or issues logging into their Coinbase accounts. We are actively working to resolve this as quickly as possible,” the Coinbase team wrote.”
The leading bitcoin brokerage and wallet platform has more than 14 million users. This made it evolve into the most popular platform for both newcomers and casual investors in the US and everywhere around the world. With the Bitcoin price surpassing $17,500 earlier this week, the demand for the app went upwards.
On the peak days, Coinbase is adding thousands of new users within a 24-hour span. However, November 2nd and 7nd were most critical – when the platform recorded over 100,000 new users which meant more than a million users in the month of November alone.
This made the CEO of Coinbase Brian Armstrong wealthier for $100 million through its Series D funding round. As he wrote in an article on the website:
“Coinbase experienced unprecedented growth over the last year, and we have now exchanged over $25 billion USD of digital currency for our customers. We’ll be using this new funding to continue scaling even further.
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Specifically, we will: Increase the size of our engineering and customer support teams to improve the customer experience. Open a GDAX office in New York City, further investing in our ability to serve institutions and professional traders.”
At this point, it is true that Coinbase is a leader of all the coin and wallet platforms out there. Without a doubt, it will keep on improving the services and implement solutions that will help the platform to scale to new highs.
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