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Popular Bitcoin Wallet & Exchange Coinbase Hits 6 Million Users

Last Updated March 4, 2021 4:54 PM
Francisco Memoria
Last Updated March 4, 2021 4:54 PM

Coinbase, the prominent San-Francisco based bitcoin and ethereum wallet provider and platform founded in 2012, has recently hit 6 million users, a new milestone for the company. Coinbase claims to have over 13 million wallets, serving 45,000 different merchants and 9,000 developer apps.

The statistics, published on Coinbase’s website, didn’t go unnoticed. The achievement was published on Reddit, where users began to talk about their experience with the company and its role in the bitcoin community.

The company’s mission is to create an open financial system for the world, and to do so it prioritizes trustworthiness and ease of use, while trying to be a bridge to finance 2.0, according to its website. It has recently been granted New York’s BitLicense, which made it one of the largest bitcoin companies to gain the approval of New York’s department of financial services.

A few days ago, the company decided to stop its services in Hawaii, due to an “impractical” and “untenable” regulatory policy. Coinbase still hopes it can open shop in Hawaii in the future by working with policymakers, as Hawaii is considering a bitcoin and blockchain-friendly bill.

The comapny is also well-known for facing an IRS subpoena to disclose records of all its U.S. customers. The company fought the IRS at first, and its CEO and co-founder, Brian Armstrong, recently clarified the company’s position, and appealed to the IRS so that both parties can work together toward mutual goals. The CEO even added the company views tax law compliance as a key to its success.

Coinbase’s exponential growth

A graph posted on Reddit shows us that 2 million of Coinbase’s 6 million users are from the last 6 months. This exponential growth can, to a certain extent, be justified by two main factors: Donald Trump’s election, and Brexit. After these two events, a lot of people decided to turn to bitcoin in order to hedge against economic instability.

Coinbase wasn’t the only company to gain a lot of users at the time. Back then, Business Insider published a report on its competitor, London-based bitcoin wallet provider Blockchain.info – it had, at the time, reached 10 million users .

Coinbase’s hardships didn’t stop the company from growing, and while doing so, giving more people access to bitcoin and financial services they could otherwise not be able to enjoy.

Image from Shutterstock.