The largest cryptocurrency exchange in the United States has signed up 5 million new users in the last ten months. The San Fransisco-based trading portal had 25 million customers by the end of September 2018, with the number going up sharply in 2019. This also fits the increase in bitcoin prices. As of July 2019, the US exchange had brought about 30 million users to its trading platform.
— Alistair Milne (@alistairmilne) July 22, 2019
It wasn’t just the cryptocurrency going up, but the cryptocurrency exchange themselves going through several changes, expanding their crypto-to-crypto trading operations in over 100 countries. A year ago they were only available in the US, and only 32 states at that. The platform also listed new cryptocurrencies, including EOS, XRP, and a pool of other altcoins in the same timespan, bringing more communities to its shore. Notably, Coinbase also saw a lower number of hacks, especially around the theft at the world’s leading cryptocurrency exchange Binance. The firm is even shaking hands with regulators in the countries to which it is expanding or planning to expand in.
Usually, when Coinbase sees a large influx of activity, such as new users signing up, the price is usually going up.Between November 2017 and March 2018, for instance, the US exchange added 7.3 million customers. That was the time when bitcoin price rallied from $8,795 to as high as $19,891, got dumped to $5,873, and prompted an altcoin rally.
The upside proves that more users are interested in trying out cryptocurrencies. The entry of Facebook in the cryptocurrency arena has furthered bitcoin’s popularity among masses, with mainstream newspapers and TV media giving the asset more limelight than ever.