Blockchain.com Says 50,000 User Wallets are Being Created a Day
While the cryptocurrency market is experiencing a protracted downturn, this gives the outward impression that appetites for crypto have depreciated as well. But according to the news from the Cryptocurrency wallet, Blockchain, that's not essentially true for them, especially as it reports that it's adding more than 50,000 new users on a daily basis.
Through the social media outlet, Twitter, Blockchain's CEO and Co-founder, Peter Smith, boasted of this upward trend, while also appearing to take a poignant stab at Coinbase.
In Defiance of Downturn
In response to a Bloomberg hosted interview with the Coinbase CEO, Brian Armstrong, in which Armstrong stated that Coinbase was signing up over 50,000 new users every day during the peak of Bitcoin's rise, Smith tweeted out that Blockchain is currently proving successful at signing up that many new members right now. Smith also added that the service helps them to actually use and engage practically with crypto, as against other unspecified use cases.
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
Many onlookers that saw Smith's Tweeted correction to Bloomberg's interview are certainly likely to take it as a stab at Coinbase for allegedly getting more people into cryptocurrency for speculative purposes instead of for practical applications, unlike Blockchain.
By Smith's implication, he hints at the trading and investment heavy model of Coinbase, provides users with only a limited scope of what cryptocurrencies can and should be used for, doesn't help matters when it comes to the long-term adoption and use of cryptocurrencies and blockchain. Smith may also be hinting at the fact that Coinbase's limited exposure of the potential of cryptos may be one of the reasons why the market has undergone such a drastic negative correction.
Blockchain's Big Words and Bigger plans
No company can make themselves ‘above' a little self-congratulation, Blockchain being one of them, especially considering that they're self-described as the ‘most trusted crypto company'.
It remains difficult to ascertain the true intentions of Smith's Twitter comment, one thing is for certain, and that's that it's in keeping with the company's ongoing aggressive growth, and why not? the company recently announced that it hit its latest milestone very recently, with over 25 million wallets being opened and used.
The company offers its users the ability to send, receive, trade and store their cryptocurrency, which makes it a direct competitor with the likes of Coinbase, while providing a more extensive list of things to do with a users cryptocurrency than the latter does.
While being in direct (more or less) competition with Coinbase, that would lead some to think that Blockchain is a little out of its depth, but so far it appears to be more than holding its own, since successfully closing a $40 million Series B funding round led by Google in 2017.
Blockchain has its sights on more than just speculative trading of a small number of cryptocurrencies, it intends to take both the investment and retail markets by a profound, disruptive storm. It's for that reason that the company was once listed among Virgin's UK Top Ten list for Most Disruptive Businesses. One of the steps in this direction, according to various news sources, was that the company launched a product aimed at institutional investors called Blockchain Principal Strategies.
The product provides institutions and family offices customized and unique access to cryptocurrency investment markets, including research in the light of growing interest from endowments, pension, hedge and mutual funds in the crypto industry.
When it comes to the world of retail, Blockchain has also been making waves, highlighting itself as being on the cutting edge of retail innovation, especially for crypto transaction engineering. An example of this includes the addition of Segregated Witness (Segwit) and its intriguing use of a transaction fee estimation program, which allows users to allocate fees on a Satoshis per byte basis.