Cryptocurrency firm, Coinbase experienced a dip in their performance in the cryptocurrency market as report witnessed a sharp decline in the download of its application.
The American blockchain firm was the darling of Apple users as it was the most downloaded on Apple play store and even reached the top of the American finance app, which incidentally coincided with the rise of the Bitcoin.
Nevertheless, the recent decline in the price of Bitcoin affected virtually everybody in the industry; investors and operators alike as the app is currently languishing in the 40th position in app ranking. Though, the company is not losing sleep as it says that the rising and falling is part of the business and that the market will get better.
The recent decline in the cryptocurrency market is not looking so good for all and sundry as they virtually all major stakeholders are feeling the effect of the staggering performances.
Cryptocurrency exchange Coinbase’s application download rate fell to its lowest level, from the number 1 spot in December 2017 to the 40th position in June 2018, signaling the company’s lowest downloading ranking since April 2017. The Application which was once the most downloaded in the United States backed by the price of Bitcoin which surged to over $19,000.
The massive growth of the company was attributed mainly to through failure in handling customer queries. Coinbase spokesperson revealed this stating,
“Consumer demand for our services increased by 40x (in 2017), and we experienced transaction volumes in November/December of that year that grew by 295%.”
The fall of the Bitcoin from $20,000 to $6,417 within eight months also resulted in a sharp decline in through traffic on its website, from 126.5 million visitors in January to 28.4 million in June.
Coinbase is a San-Francisco-based company; it was founded in 2012. The broker exchanges Bitcoin, Litecoin, Bitcoin Cash, and Ethereum with fiat currencies in around 32 countries and Bitcoin transaction and cryptocurrency wallet in 190 countries; it has over 12 million active users as at November 2017.
The company is valued at around 8 billion dollars and a major player in the blockchain industry.