Coinbase helped trading $150 billion worth of cryptocurrency: CEO 20465
News
Pinaz Kazi
Aug 15, 2018 at 11:04 AM

San-Francisco based cryptocurrency exchange, Coinbase, helped users to trade $150 billion worth of cryptocurrency, last year. The statement was made by Chief Executive Officer Brian Armstrong at Bloomberg Players Technology Summit in San Francisco.

Reportedly, the crypto exchange was signing 50,000 users per day last year. “This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau,” Armstrong said on Tuesday. “People’s expectations are all over the map, but real-world adoption has been going up.”

See also: Why Facebook’s Vice-President David Marcus stepped down from Coinbase’s board

Though Armstrong mentioned the customer rate, he didn't mention anything about the company’s current rate of new customers compared to last year. He also gave an estimation suggesting that about 10 percent of digital coins are used in real life, in games and for other online purchases. “I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto,” he said.

However, he did mention that the San Francisco-based cryptocurrency exchange is still growing continuously. According to Bloomberg report, the company has around 1,000 employees. He added that among them, one-third of them, and a third of the company’s team in leadership are women. “Now it’s getting harder and harder to be a crypto skeptic,” Armstrong said.

See also: Cryptocurrency exchange Coinbase launches instant trading, raises default limits

In other news, Coinbase has recently announced a reduction in its annual management fee for investors. The announcement was made in a blog post published on August 13. The exchange reduced its annual management fee from 2 to 1 percent for all new and existing users. “We’re reducing our fee in order to attract investors who are familiar with lower-fee index funds in other asset classes. This will help introduce a new category of institutional investors into the cryptocurrency space,” read the blog.

Image via Shutterstock

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