Bitcoin Craze Pushes Coinbase App To Hit No.1 Position On App Store

Coinbase, the worldwide crypto-currency industry’s largest broker and wallet platform at over $1.6 billion, is now the Apple app store’s leading application, surpassing YouTube, Facebook, and Instagram.

Finance and Bitcoin journalist Paul Vigna disclosed:

The top 10 applications in Apple’s App Store are:

10. Amazon
9. Bitmoji
8. Google Maps
7. Snapchat
6. Facebook
5. Gmail
4. Instagram
3. Messenger
2. YouTube
1. Coinbase

Coinbase Struggling to tackle Rapid User Growth

On 8th Dec 2017, the Coinbase team said that the platform has been experiencing record high traffic, causing delays in logins and other onsite activities.

The Coinbase staff wrote that “We’re currently experiencing record high traffic. That is degrading the performance of the clients and creating an issue in logging in to their accounts. We’re keenly working to resolve this problem as soon as possible.”

Since the top Bitcoin broker and wallet platform with over 14 million consumers, Coinbase has evolved into the go-to platform for both novices and casual traders in US. The consumer base of Coinbase in addition to other significant exchanges frequently peak amidst powerful Bitcoin rallies.

Recently, the Bitcoin value exceeded $17,500, Attaining a historical all-time large. Afterward, the Coinbase trading system underwent an impulsive surge in consumer action and consumer development.

On its peak days, Coinbase had previously added thousands of users within a 24-hour span. On 2nd Nov 2017 and 7th November 2017 for example, Coinbase listed over 100,000 new users, including over a million users at the month of November alone, according to information supplied by Atlanta Digital Currency Fund collaborator Alistair Milne.

Future of Coinbase

On 11th August 2017, Coinbase CEO Brian Armstrong declared that the company had secured $100 million throughout its Series D funding round led by IVP. At the moment, Armstrong said that a substantial area of the resources and capital obtained in the most recent financing round, which raised the market valuation of their organization to $1.6 billion, in addressing the fast user growth of Coinbase and GDAX.

Armstrong wrote “Coinbase experienced unprecedented growth during the last year and we’ve now traded over $25 billion USD of virtual currency for our customers. We are going to be using this new financing to continue scaling even farther. Specifically, we will: Increase the size of our engineering and client support teams to develop the client experience. Open a GDAX office in New York City, added investing in our capability to serve institutions and professional traders.”

If Coinbase successfully hastens the exponential growth rate of its clients based in the mid to long-term, and also the business develops proportional to the fast-evolving Bitcoin marketplace, it’s also going to have to offer customer solutions which are on par with top institutions in the fund business, including PayPal and Visa.

South Korea’s major exchanges like Bithumb and Korbit have worked 24/7 live telephone lines and walk-in counters in the previous 12 months. The direct client support approach of the both South Korean exchanges resulted in a spike in demand for Bitcoin by the standard fund market.

As a leading app on the Apple app store, and also the most regularly used platform inside the international crypto-currency marketplace, the corporation will continue to employ solutions to tackle the system’s scalability problems, to develop into the very popular platform and application across major businesses.

Source: http://www.unkrypted.com/coinbase-no-1-position-on-app-store/