It’s looking to be a happy holiday season for Coinbase as it is surpassing new heights on a regular basis.
Coinbase, which serves as the leader in the global cryptocurrency brokerage and wallet market, (valued at over $1 billion) has shot to commanding the first place position on the Apple store. It has broken records on the IOS market! The app is now more popular (or at least more downloaded) than Youtube, Facebook, and Instagram! It is a remarkable achievement for the company and for the cryptospace in general.
A recent tweet sent out by the finance and bitcoin journalist was met with a good response from the Twitter community.
The tweet read:
“Here are your top 10 apps in Apple’s App Store right now:
8 Google Maps
That’s a little surreal. #bitcoin”
It is, indeed, a surreal time right now. Bitcoin has come a long way from its early days and is becoming more established in many rights. The funny thing is, the coin still has a long way to go and will have much more growth in the near future. The coin and industry, in general, is simply just getting started. Many technological improvements are still yet to be discovered as the industry is still relatively young. They are still discovering what sorts of value can be derived from the blockchain technology and how it can best serve society.
Coinbase adapting to growth
Meanwhile, as bitGuru has reported earlier, the company has already brought on board another veteran of the finance industry onto their team to go ahead and account for the surges in the growth in the present and expected growth in the future. The company has realized that they need double down on organization in various aspects of their business so that they can serve their increasing consumer base in the best ways possible.
Coinbase did take note to address a couple of points that they feel are necessary for users to be aware of as they jump into this market.
First, they addressed the matter of investing and developing their platform. They’ve noted that they have been allocating “significant resources” to grow the trading capacity on their platform so they can keep the website going for longer, in low trading times and high trading times. They have increased the size of their support team drastically, up by 640%, and have also deployed their phone support a couple months back. One of the most important things is the trading capacity and peak times.
“We have also invested heavily in our infrastructure and have increased the number of transactions we are processing during peak hours by over 40x. But there many be downtime which can impact your ability to trade. They still have to grow to account for the increased times of trading that have been happening as of late and “wanted to remind customers that access to Coinbase services may become degraded or unavailable during times of significant volatility or volume.” Which could lead to lack of ability for some to sell or buy for a some time.
The company is planning on keeping up with the growth of Coinbase. They are making the necessary adjustments and investments to account for increases in the experience of the user and are seeking to be parallel or exceed institutions like PayPal and others.