Coinbase Has 35,000,000 Retail And Institutional Traders
Coinbase made headlines not too long ago, when the CEP Brian Armstrong addressed the mainstream crypto adoption.
The mainstream adoption of Bitcoin and digital assets has been one of the most important goals in the crypto space.
In a new interview with Peter McCormack, the host of the What Bitcoin Did podcast, Armstrong said that BTC needs to follow the internet’s lead in terms of usability.
Coinbase’s user base grows
In other news, it’s been just revealed that Coinbase says its user base of retail and institutional traders has grown to 35 million which is obviously huge.
In its Crypto H1 2020 report, Coinbase revealed that in the first half of 2020, it witnessed a significant surge of institutional investors such as “multi-strategy hedge funds, venture capitalists, leading university endowments and large family offices” that directly buy digital assets.
“Today, Coinbase operates the largest regulated exchange in the world – a central pool of liquidity that combines the assets of our 35mm retail users and institutional clients,” according to the official notes.
Coinbase also said that there’s a growing number of these institutional clients who are convinced that cryptos especially Bitcoin offers an alternative to the current financial system that’s regulated by central banks.
According to the notes, “Investors are still in the early days of untangling the relationship between macroeconomic policy and crypto, but we are seeing a growing base of our institutional clients organizing around the thesis that BTC, specifically, provides exposure to an alternative monetary policy system.”
The notes continue to say that Bitcoin comes “with supply mechanics that are diametrically opposed to those of central banks in 2020: scarcity versus expansion, predictability versus uncertainty, decentralization versus centralization, software versus humans.”
We recommend that you head over to the original report and check out the complete notes.
Today, the crypto market looks pretty mixed with Bitcoin trading in the green but lots of altcoins looking bloody reed.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.