During the Bloomberg Players Technology Summit, San Francisco, Brian Armstrong, CEO of Cryptocurrency exchange Coinbase said that the exchange used to sign in nearly 50,000 users per day in 2017. He said that Coinbase helped customers to trade $150 billion worth of cryptocurrencies at that time. According to Armstrong, approximately only 10 per cent of cryptocurrencies is generally used in real life. People take it as an investment rather than using it in games and other online purchases.
Expectations from ICOs
At the time of the interview, Armstrong was also questioned about his expectations for Initial Coin Offerings (ICOs). While answering, he said that ICOs provide an opportunity for people around the world to raise funds for new ventures without depending on personal networks of angel investors. It is “an important innovation in the world which is a huge breakthrough.”
Armstrong also remarked,
“Bitcoin as a technology is going through a series of bubbles and corrections. Every new correction that emerges results it being into a new plateau.”
He further stated,
“people’s expectations are all over the map, but real-world adoption has been going up. [And] real-world adoption pretty steadily increasing each year.”
New adaptations by Coinbase
Coinbase had earlier announced a reduction of its Index Fund’s annual management fee. It was in order to attract investors who are familiar with lower-fee index funds in other asset classes. They reduced the fees down to 1%, which will be applicable to all new and existing investors. Earlier the same fee was around 2 per cent. Along with it, the exchange also announced its decision to incorporate Ethereum Classic (ETC). Moreover, the exchange also attained success in renewing its money transmitter license last week in Wyoming. The officials had suspended its license back in mid-2014 for stipulations in state law. It required all exchanges to “double reserve” the digital assets of state residents with fiat currency.