Coinbase was recently in the spotlight when the exchange’s CEO said that this would be the year for privacy coins.
We recently reported that the CEO and co-founder of the USA-based cryptocurrency exchange Coinbase said that a “privacy coin” is likely to go mainstream this year.
Coinbase reaches a new milestone
Coinbase is set to reach a new milestone. The exchange is about to have 1 million BTC valued at about $8.4 billion, says a new analysis by blockchain data platform Longhash.
This platform is tracking on-chain asset transfers and reported that Coinbase had increased its dominance in the market among crypto exchanges, including Binance, Bittrex, Bitfinex, Bitstamp, Kraken, and Coincheck. All these have shown little change in their 2019 holdings.
Longhash stated that “Coinbase has by far the highest amount of Bitcoin of all crypto exchanges, and its holdings grew substantially over the past year. Moreover, that growth was relatively steady, apparently unaffected by the up-and-downs in prices. It is set to exceed the 1,000,000 threshold very soon.”
The online publication the Daily Hodl noes that back in 2017, Nathaniel Popper from New York Times called the San Francisco-based exchange the heart of the Bitcoin frenzy with the simple UI onboarding new users at a really fast rate.
Back then, he was reportedly saying that “According to data compiled by Statista, the number of users on Coinbase soared from 4.3 million in December of 2017 to 11.1 million in January of 2018. That number continued to climb as the number of Coinbase users hit 25 million by October of 2018, outpacing the total number of Bitcoin, which is 21 million.”
There are not enough bitcoins for everyone with a Coinbase account to own one. https://t.co/1NJpD6N6MJ
— Jameson Lopp (@lopp) October 3, 2018
Back in 2018, Coinbase was saying, “We now serve over 20 million customers; we store more than $20 billion worth of digital currencies; we have traded over $150 billion in assets; we support business in 32 countries; and we have more than 250 employees in three offices (with full-time contractors, we have nearly 1,000 dedicated personnel).”