Reasons Behind Coinbase 1000% Transactional Growth

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Coinbase is a US-based digital currency exchange that is located in San Francisco, California and was founded in July 2011 by Brian Armstrong. It helps broker exchanges for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Litecoin (LTC). The platform could also be used in selling, buying, transferring and storing of cryptocurrencies.

A few moments ago, the company announced that it has increased by 1000% transactions when compared to the entire transactions that were executed on its platform in 2017. Its net worth also increased from $1.6 billion as of last year to $8 billion in less than 5 months, which represents 400% increase in worth. The reasons as to why Coinbase was able to record this great performance in less than 5 months are as follows:

Number Of Users

As of Nov 2017, the number of users in Coinbase is 13.3 million. This record is continuously increasing as more people are entering the cryptocurrency market and always look for a trusted exchange to use in account funding. Coinbase attracts the newcomers in the market from the traditional investment market because of the ease of use and the trading pair of USD. In relations, as of March 18th, 2018 Binance has recorded 7.9 Million registered users. 

Setting up of Cryptocurrency Index Fund

Coinbase launched its own Cryptocurrency Index Fund where it will be managing funds in the cryptocurrencies that are presenting traded in GDAX, since it could be used to fund GDAX account. The major advantage and why Coinbase has attracted more venture capital, cryptocurrency and hedge fund investors is because it's Index fund charges almost the lowest annual fee of 2% as obtainable in the index fund marketplace.

Offering Of Fiat Services

The world's biggest exchange Binance does not offer fiat exchanges but Coinbase offers fiat exchange in up to 32 countries, which has made it attract more users from those countries. Other large exchanges offer USDT as a trading pair but one would have to access the Tether Platform to unlock the USD value.

Incentive For Trading

Coinbase gives its users $10 gift for trading $100 worth of exchanges. This has endeared it into the heart of new users that could use the $10 gift to make other purchases or store in Coinbase account.

Supportive Staff

Coinbase has up to 1000 dedicated staff members. The staff ensures that customers and users are adequately attended to promptly. If you would browse the web for reviews on the Coinbase support staff, you may come upon some distasteful reviews; that would due to the frequent freeze on accounts. Coinbase is a US-based company so remember, SEC and bank laws apply. 

Having seen some of the reasons behind Coinbase growth, it could be said that it will be possible for them to attain the task of doubling the value before the year-end. Many believe Coinbase should add more tokens to increase transactions but it appears the five assets that are trading on the exchange are providing satisfactory statistics. 

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Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive content



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