Despite the downturn in bitcoin prices, the bitcoin wallet “Blockchain” is still posting significant growth.
Peter Smith who is the CEO of the Blockchain wallet made the announcement recently via his Twitter account.
Blockchain is reportedly getting as many as 50,000 new users daily which is an incredible state considering the massive drop in value that bitcoin has experienced since the start of 2018.
This statement came out when Smith responded to a Bloomberg Interview with Coinbase CEO Brian Armstrong. According to Armstrong, Coinbase had 50,000 new users every day during the peak of the bitcoin craze in 2017.
Bloomberg Markets and Finance
In response to this information, Smith said that Blockchain was still doing those same numbers despite the drop in bitcoin value. Smith also threw a bit of shade on Coinbase as he said that he was very excited at having new users who were actually interested in carrying out cryptocurrency transactions. This is in reference to Coinbase's popularity among speculators rather than those who are fully into crypto and engage in actively buying and selling items on the market. The statement reflects Smith's belief that the crypto market would be better helped by actual users and not just investors.
CORRECTION: It's actually *Blockchain* signing up over 50,000 per day in the midst of this crypto downturn. It's delightful to see new entrants actually interested in *using* crypto. (Hi @crypto ? ) pic.twitter.com/NKFDKMdSRk
— Peter Smith (@OneMorePeter) August 15, 2018
Strong Growth
This potshot at Coinbase is just part-and-parcel of Blockchain's aggressive strategy to promote itself as the industry's most reliable crypto company. The statement of growth is a bit difficult to verify but it does line up well with the company's aggressive growth. Blockchain recently marked a milestone of 25 million wallets, which is a significant amount of the total market share.
The company is one of Coinbase's major competitors, offering users the ability to use their cryptocurrency in various ways, whether it is just to store it or to actively buy, sell and trade. Blockchain can confidently state that it is becoming a major presence in the market with a recently-ended Series B funding round that resulted in $40 million in investments.
The company is not resting on its laurels though. It plans to further expand into the investment market and into the general retail market. In July, the company launched Blockchain Principal Strategies. This new product is aimed at the bigger investors, who are willing to put millions into the crypto market. It will allow hedge funds and other fund-based investors an easier way to get into the market and get a piece of the pie.
