The download rate of the San Francisco-based Coinbase cryptocurrency exchange app has plummeted to its lowest-ever level across the US after the general downturn in cryptocurrencies markets.
The Coinbase application dropped to 40th position in the June download ranking its worst ranking since April 2017, reported Quartz. The current trend is alleged to mirror the volatility of merchants, who account for the majority of the trading volumes in the cryptocurrencies market.
Coinbase accused of not addressing its clients’ complaints
In late-2017, Coinbase app allegedly turned into one of the significant financial applications in the United States, also including the downloads leveraged by the Bitcoin (BTC) price surge.
Coinbase has been accused after a Mashable Freedom of Information Act request uncovered 134 pages of claims filed by Coinbase customers with the U.S. Securities and Exchange Commission (SEC). A Coinbase representative replied to Mashable by stating that “the demand for our services increased 40-fold in 2017 and we experienced transaction volumes in November and December of that year that grew by 295 percent.”
Bad publicity and cryptos short-term prices don’t affect Coinbase cryptocurrency exchange, says its CEO
Brian Armstrong, the co-founder and CEO of Coinbase, tweeted that the cryptocurrency exchange is not preoccupied with short-term prices and bad publicity, claiming that declining tendencies helped the market dump traders who are in it for misguided purposes.
It is estimated that Coinbase is worth approximately $8 billion, up from $1.6 billion in 2017, while the revenues generated by the transactions totaled more than $1 billion last year, as Quartz notes.
At the beginning of this month, Coinbase launched its digital asset custody solution for institutional investors, the “Coinbase Custody.” Although Coinbase has been stockpiling more than $20 billion of its clients’ cryptos over the last six years, the new escrow settlement offer will be secured by FINRA’s independent member broker-dealer, Electronic Transaction Clearing (ETC).
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.