Coinbase’ Financial App Sees Fewer Downloads Due to Crypto-Market lows

Almost dropping back down to the same low levels in April of last year, Coinbase has seen its downloadable application drop in number as a partial result of the underperforming cryptocurrency market. While this could be due to fewer investors partaking in the current bearish trend, dedicated investors continue purchasing digital assets, indicating that crypto-sales are still in motion.

The Application

Coinbase’ application was the leading downloaded app for financial uses last year during the massive spike in regarding cryptocurrency registration procedures. As cryptocurrencies drop in price, namely Bitcoin which is now worth almost half of its previous high, the number of downloads for Coinbase’ app has continuously dropped, landing the app in the top 40 downloads as opposed to its original top position.

As large-scale investors operate through Coinbase’ exchange, only one account is necessary to oversee these trades and transactions. Coinbase users can also access their storage and funds through the company’s main website, allowing more than one method of access. This makes it hard to calculate user interest as many traders continue accessing the exchange through its online page.

Other services are currently undergoing development, as Coinbase aims to provide more protected means of securing large assets for several purposes. Although the current decline in downloads has raised concerns, user interest seems to hold strong. The company has climbed in value from its previous $1.6B standing to a soaring $8B in value within one year. Coinbase also oversees the storage and protection of almost $20B in user assets. Brian Strong explained that concerns involving declining app downloads are not necessarily extreme, given that users on the platform involved for unrelated reasons will be “cleared out” eventually.

Future Ambition

As cryptocurrencies continue to evolve, despite their highs and lows, Coinbase has maintained itself as one of the most positively functioning trading platforms around. Given the development behind their new custody project, Coinbase plans on offering safe and secure cold-storage services to new investors.

The company plans on eventually collecting 100 different clients from various hedge funds and businesses in an effort to raise another $5 billion in value by next year. As planned, should the authorities grant their approval, Coinbase also intends on becoming a regulated cryptocurrency exchange platform.

2 years ago

Start Weekly Digest

Similar news