Coinbase's CEO Brian Armstrong, speaking to Bloomberg, claimed that even in the recent crypto downturn, the exchange is signing up over 50,000 new members a day.
If this is true, which I hope is, that would mean @coinbase has, or very quickly will have, more users then @RobinhoodApp and @etrade . That would be surreal and questionable. https://t.co/v8Zy4UWf5G https://t.co/MxZmdbSRkH— Tom Bachar (@ThetaDoenas) August 15, 2018
Armstrong claims that Coinbase's ability to continue to grow is a testament to the strength of the burgeoning new crypto market, stating, “This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau.”
Armstrong pointed out that despite the pessimism surrounding the instability of the price of Bitcoin and other cryptocurrencies, crypto companies like Coinbase continue to grow, showing that there is clearly still interest and optimism surrounding the market possibilities.
Not only is Coinbase strong signs of individual user support, it is also clearly positioning itself for the institutional capital influx that the cryptoverse is still waiting for, having recently declared via blog post that it is cutting in half the annual management fee for its 'Index Fund.' The Index Fund is a service for those who buy in at $250,000 to $20 million and who are accredited investors.
If Coinbase's continued growth is any sign, and if exchanges can cater to the vast pools of money represented by traditional financial institutions, there are reasons to hope for the tidal shift of institutional support, which would drastically increase market value and penetration of crypto technologies.