Coinbase Crypto Company Has Plans to Rival Fidelity, But Currently $6.8 Trillion Behind
Crypto Shows Promise as Coinbase Falls $6.8 Trillion Behind Fidelity
Statistics compiled by Bitmain in its recently released IPO filing document, as relayed and translated by Messari’s Katherine Wu, the Argentinian cryptocurrency commentator, has shown that although Coinbase trails behind Fidelity Investments, one of America’s leading financial institutions by 7 million customers, the crypto industry has shown great promise.
At present Coinbase customers sits a little over 20 million but some analysts say the crypto and blockchain industry still have to expand and mature.
Commenting via a Twitter thread, Alex Kruger, who is renowned for his analysis of the cryptocurrency industry, cited the stats:
“Coinbase, US largest crypto exchange: 20 million users, $10-$20 billion assets, $750 per user on average.”
According to him, these stats can be read two ways:
“I see potential for growth once the bull kicks back in, noting that crypto has an opportunity to see exponential growth over the next few years and decades, although Fidelity purportedly holds the keys for over $6.9 trillion worth of customer assets, while Coinbase is only responsible for $10-20 billion.”
Binance CEO Changpeng Zhao also shared Krugers sentiments when he recently doubled-down on his forecast that predicts that the cryptocurrency market cap could grow by upwards of 1,000 times, as reported by NewsBTC.
Kruger also showed that the average Coinbase consumer holds $750 worth of cryptocurrencies on-site, while Fidelity has customers that often put over $255,000 worth of assets through the firm’s diverse lineup of services and investment opportunities.
In perspective, Coinbase’s average user has about 0.3% worth of the assets on the San Francisco-based platform that an average Fidelity customer would have.
Although it is rather a long shot to compare the cryptocurrency industry to legacy capital markets, the statistics show that there is still upside in store for this market, even though all the odds are against this technology.