Crypto exchange giant Coinbase is reported to have recorded a decline in popularity over the past month, according to Ethereum World News.
The downturn in business correlates to a decline in app downloads since the recent fall in the global cryptocurrency market, where prices have suffered a 70% drop over the past six months.
The result is that short-term speculators are looking elsewhere for business and app downloaders have bypassed the Coinbase app, which at its peak was a go-to item in Apple and Google Play apps stores. According to Quartz, Coinbase app downloads have reached their lowest level in the US since last April when Bitcoin was selling at USD 1,250. At one point last year, Coinbase was one of Apple’s most downloaded apps.
Other statistics indicate that the Coinbase online platform has experienced a similar downturn with monthly visits to the site dropping from 126 million in January to 28 million in June with its other platform GDAX losing a further 5% than the parent company.
Despite Coinbase’s recent declining fortunes, the company is continuing its expansion, bringing new products to the market and recently opening an office in Portland, Oregon which has plans to hire over 100 employees.
Coinbase is an “open financial system that is not controlled by a central power”, maintains Coinbase CEO Brian Armstrong who clearly remains upbeat and optimistic. His recent Tweet explained that he sees such slides as simply part of the overall crypto landscape:
“The crypto industry is like no other I’ve seen – lots of up and down cycles (reaching a new plateau each time). There have been 3 or 4 of these now. It can be scary the first time you see it, but to us who have been in the industry for many years, it feels like old news.”
However, another exchange giant, Binance, has seen its fortunes turn out to be quite a different story, with its user base going from strength to strength, experiencing a massive five times expansion since the beginning of the year, and is predicted to bring in USD 1 billion by December.
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