This Crypto Wallet is adding 50K New Users Every Day!

By Dmitriy

BTC Wires: Blockchain, a cryptocurrency wallet platform, has claimed to be seeing almost 50000 users join its service each and every day. This traffic comes despite the recent slump that has affected almost all sections of the crypto industry since the beginning of the current year.

The co-founder as well as the Chief Executive Officer of Blockchain, Peter Smith made this claim on his Twitter account, while subtly taking a dig at Coinbase while he was at it. Through the tweet he posted, Smith seemed to be sending a message to Coinbase CEO Brian Armstrong in response to a comment the latter had made in an interview to Bloomberg. While Armstrong had claimed that Coinbase was adding almost 50000 new users while the bitcoin industry was at its peak during the rally of 2017, Smith said that Blockchain is attaining those numbers even at a time when the crypto industry is in a downward spiral. He added that the service aids users so that they can make use of it in a practical and realistic manner, without veering into the territory of unspecified use cases. He categorically emphasized on how the platform allows users to actually USE crypto.

Naturally, commentators within the industry are likely to interpret his statement in the tweet as a dig at Coinbase, which claims to be aiding users to work with crypto for speculative purposes rather than practical purposes, like Blockchain does. In other words, his subtle allusion could mean that the model that Coinbase follows,a model based on trading and high rates of investment, does not necessarily bear fruits over a longer timeframe, especially in terms of adoption of crypto. Not only that, the implication, by extension could also be that the model followed by Coinbase might also have been somehow responsible for the downturn that the industry is seeing currently. It is yet to be seen if this gives rise to a whole new debate within the industry over conflicting models. Whether it does or not, we can only hope that the crypto industry makes a comeback and swerves upwards again.

In any case, the fact that Blockchain is continuing to enjoy a large number of user sign ups during such a period of distress could be a good sign since it proves that a substantial number of crypto enthusiasts are holding onto their faith in crypto despite the downturn that has seized the industry of late.

Dmitriy

Having majored in Social Psychology and Economics, I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. I write financial articles for various international media. I also hold the position of a Chief Analyst at RoboForex.