Leading American crypto exchange firm Coinbase in its Mid-year review has revealed that its client base has grown to over 35 million of retail and institutional clients.
The mid-year report shows that Coinbase clients base has increased by 5 million from its 30 million users at the beginning of the year. Amidst the COVID-19 crisis, Coinbase clients’ numbers surged as there have been reports that the coronavirus pandemic pushed more retail traders into equity and crypto markets.
The exchange firm, however, confirms this report stating that they experienced a significant rise in their business growth in H1.
However, towards capitalizing more on developments in the institutional crypto market, the exchange firm has said they improve the numbers of their business lines. Also, Coinbase claims they would expand lending capabilities through scaling credit programs for fiat and digital assets.
Coinbase clients base to surge further with fintech partnership
The crypto space in recent times has welcomed the entrance of fintech startups into the industry.
Recently, a cross border payment platform, PayPal, marked its debut in the crypto space. Paypal partnered with a crypto firm, Paox, to ensure this entrance.
Paxos announced the launch of Paxos Crypto Brokerage recently. The brokerage launched to help fintech firms launch crypto services by white-labeling its technology.
Coinbase appears to subscribe to the Paox brokerage partnership. This is evident after Coinbase claimed that all modern financial services businesses would want to provide their clients with digital assets as the asset class continues to grow and use cases broaden with advancements in crypto borrowing, lending, payments, staking, governance, remittances, derivatives, insurance, asset management, and more. This partnership would no doubt improve Coinbase clients number.
Coinbase in the recent Twitter hack
Coinbase was one of the crypto exchange firms affected by the recent Twitter hack used to run a giveaway scam. Brian Armstrong, Coinbase CEO, was also affected in the scam as his account was used to tweet about a giveaway scam also.
However, the exchange recently revealed that although some of its users fell for the scam and sent money to the hackers, it was able to block 1,100 of its users from being duped.
The exchange in the crypto Twitter hack prevented over 30 BTC from getting into the hands of the hacker, 14 of its users still sent about $3,000 in BTC to these hackers before the address was blacklisted.