Cryptocurrency exchange Coinbase application download rate has fallen to its lowest level. Reports suggest that the low download rate is due to the general decline in digital currency markets.
According to sources, the Coinbase app’s download ranking dropped to 40th place in June, its lowest download ranking since April 2017. It was once the most-downloaded financial application in the US in terms of downloads backed by the price of Bitcoin (BTC), which surged to $19,000. The major part of the trading volume is the retail traders.
Freedom of Information Act request by Mashable revealed 134 pages of complaints filed by Coinbase users with the U.S. Securities and Exchange Commission (SEC). Reports suggest that the failure in handling customer queries could be attributed to the rapid growth of the company in 2017.
Coinbase spokesperson revealed to Mashable, stating, “…consumer demand for our services increased by 40x [in 2017] and we experienced transaction volumes in November and December of that year that grew by 295 percent.”
In addition to this, the price of Bitcoin price dropped considerably over the year. The price of Bitcoin dropped from $20,000 to $6,417 over a span of 8 months. The website traffic has plunged from 126.5 million visitors in January 2018 to 28.4 million in June according to sources.
San Francisco based digital currency exchange Coinbase was founded in the year 2012. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with fiat currencies in around 32 countries, and bitcoin transactions and storage in 190 countries worldwide.
Coinbase crossed 12 million registered users by November 2017. Sources reported that the application was recognized as financial application most downloaded by Americans from the Apple App Store with a download rate of 30,000 per day.
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