Coinbase is gaining 50,000 users a day even during bear market

Lizzy Murray

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Over the past few months, the cryptocurrency market hasn’t been doing so well but despite that we have solid proof adoption rates remain steady.

Brian Armstrong, the CEO of Coinbase recently provided information that shows the cryptocurrency market continues to grow.

The secure platform has been one of the leaders of the cryptocurrency market for quite some time and currently has approximately 25 million consumers. Despite speculations that this year’s correction hit will be the death of crypto-exchanges Armstrong is set on proving the opposite.

In a recent interview at the Bloomberg Players Technology Summit, the Coinbase CEO stated the platform is now gaining about 50,000 new users a day.

He also said there have already been four or five correction hits and hinted this is a natural phenomenon in the cryptocurrency market that likely won’t impair its overall growth.

Assuming the numbers are true, this means Coinbase will gain over 18 million new signups a year which is of astronomic proportions.

Even more, there are other businesses that have experienced growth during this year’s bear market such as Binance. The exchange platform’s CEO Changpeng Zhao claims their user base has quadrupled from two to ten million since the beginning of this year.

During the Bloomberg Players Technology Summit, Armstrong also pointed out the connection between the¬†early-stage Internet-centric market and the cryptocurrency market. In the early 2000’s everyone was hoping to become successful¬†although Facebook was founded in one of the Internet’s darkest moments, right after Nasdaq’s 70% tumble.

The CEO suggested the crypto market is in a similar situation and there are numerous startups that have the potential to become the new ‘Facebook’ even during the bear market. On top of that, he also mentioned cryptocurrency adoption continues to rise each year.