The crypto market may be enduring a rough patch, but not everyone is feeling the effects. The CEO of cryptocurrency wallet company, Blockchain, claims the service is adding 50,000 users per day, defying the downturn with sustained growth.
Blockchain CEO and co-founder Peter Smith tweeted the proclamation in response to a recent interview with Coinbase CEO Brian Armstrong at the Bloomberg Players Technology Summit in San Francisco. Armstrong stated that Coinbase was signing up 50,000 new users daily at the peak of last year’s crypto boom and helped customers trade $150 billion worth of cryptocurrency over the past year – he did not mention the company’s current sign-up rate for new customers.
Smith’s tweet seemed to jab at Coinbase, stating, “CORRECTION: It's actually *Blockchain* signing up over 50,000 per day in the midst of this crypto downturn. It's delightful to see new entrants actually interested in *using* crypto.”
Blockchain, which bills itself as “the first and most trusted global cryptocurrency company,” portrays itself as a practical alternative to Coinbase and other wallet providers. Like Coinbase, Blockchain offers users the ability to send, receive, trade, and store cryptocurrency, but is motivated by a “…collective desire to offer financial empowerment [that] is driven by our values in a way that aids in crypto’s long-term adoption.”
Coinbase has developed a reputation for attracting users more interested in the speculative side of cryptocurrency, acting primarily as a trading and investment platform – the same speculative side that some enthusiasts blame for the current downturn.
Blockchain’s approach seems to be working – while the data in Smith’s tweet may not be readily verifiable, they secured a $40 million, Google-led Series B round in 2017, and the company announced they hit the 25 million wallet milestone on May 31st of this year.
The company has since expanded their offerings to the investment market with the July launch of their Blockchain Principal Strategies (BPS) product, geared towards institutional investors. Billed as a “comprehensive, institutional offering for digital asset investors…[with] unparalleled access to markets, research, and services on the most trusted digital asset platform worldwide,” the product offers access to an “over-the-counter trading desk” while also operating as “a best-in-class matchmaker and direct counterparty to clients, executing trades and managing associated risk.”
BPS, which also offers customized portfolio views and “exclusive insights into market fundamentals, risk metrics, and access to a research team that includes the leading cryptocurrency economist, Garrick Hileman,” is the latest attempt by crypto-centric companies to reach traditional investors’ rising interest in cryptocurrency. Armstrong doesn’t see the growth stopping any time soon, despite the “series of bubbles and corrections” that lead to “a new plateau” each time. “People’s expectations are all over the map, but real-world adoption has been going up,” said Armstrong.
Blockchain and Coinbase may be competitors, but the shared interest in their products is a boon to cryptocurrency’s continued push towards the mainstream.
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