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Coinbase Sign Up Rate Explodes at Over 50%

 2 min read / 

The Coinbase sign up rate for new users has grown by over 50% in the past three and a half months since late November.

According to information collected from Coinbase’s website as well as data which formed part of the exchange’s written testimony, the number of users grew by over 50%. As of the 26th of November 2017, Coinbase had 13.3m users but this has grown to well over 20m by March this year, an increase of at least 50.3%.

Founded in 2012, the Coinbase sign up rate is the highest in the exchange’s history. During one week in late November – 20th-26th – the number of users signing up worked out at around 500,000, a 3% increase. When spread out over the same time span, the three month period leading up to the 14th of March saw a weekly growth rate of 3.33% on average.

Coinbase, which had 30,000 users by the middle of January 2013, first had over a million users by the middle of March 2014. Although it stopped publically releasing the number of users it had on the site last year, the testimony of Mike Lempres, the exchange’s Chief Legal and Risk Officer says that it now serves “over 20 million customers”. Working in 32 countries, Lempres also claims that Coinbase stores “more than $20 billion” in digital currencies.

The ‘about’ section of the Coinbase website says the exchange has “10m+” users; the exact number of users has not been disclosed.

The testimony was submitted on Wednesday to America’s Subcommittee on Capital Markets, Securities, and Investment. Posted on Medium, the testimony says:

We now serve over 20 million customers; we store more than $20 billion worth of digital currencies; we have traded over $150 billion in assets; we support business in 32 countries; and we have more than 250 employees in three offices.

“We have received over $225 million in funding from some of the nation’s leading venture capital and financial service firms.

Earlier this month, Coinbase was at the centre of speculation of a possible listing for Ripple’s XRP token. The rumours, which led to a significant increase in XRP’s value, were soon discredited by the exchange’s Twitter account which announced there were no plans to list a new asset. At present, the exchange only offers pairs with four cryptocurrencies: Litecoin, Bitcoin, Bitcoin Cash and Ethereum.

Data Credit: Alistair Milne. 

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