Web 3 and DeFi Dominates Coinbase Investment in Q3, Hits Top Spot on Apple’s US App Store

The mobile app of cryptocurrency exchange Coinbase has climbed to the top spot on Apple's US App Store.

This isn’t the first time that the leading exchange is dominating the App Store in the US. Back in May, around the peak of the market and right before the major sell-off, Coinbase’s app ranked at number one, much like it did in the 2017 bull market.

But with crypto going mainstream, it makes sense that Coinbase is yet again climbing to the top.

The reason Coinbase is the most downloaded iOS app in the US over the last few days could be attributed to the zoomer meme coin SHIB surging more than 200% in less than a week. SHIB -0.03% Shiba Inu / USD SHIBUSD $ 0.00
$0.00-0.03% Volume 65.97 m Change $0.00 Open $0.00 Circulating 10 t Market Cap 5.08 b 1 y ETHBTC Hits New 2021 High, Dogecoin and Ethereum Price Leading Google Trends in 2021 1 y Terra Stablecoin Supply Surges by $5B In Under A Month, Bitcoin in Macro’s Clutches, SHIB Added to Balance Sheet 1 y Twitter CEO & Bitcoiner Jack Dorsey is Out, Ethereum Is In

As we have been reporting, Shiba Inu has been the top trading crypto asset on Coinbase for the last few days and accounting for the majority of the exchange’s trading volume, sometimes as much as 40%.

Also, during this time, Bitcoin made its way back above $60,000 and Ether has rallied above $4,000 to its new highs. BTC -0.05% Bitcoin / USD BTCUSD $ 27,040.51
-$13.52-0.05% Volume 10.02 b Change -$13.52 Open $27,040.51 Circulating 19.39 m Market Cap 524.4 b 1 y SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH -0.47% Ethereum / USD ETHUSD $ 1,883.62
-$8.85-0.47% Volume 4.08 b Change -$8.85 Open $1,883.62 Circulating 120.23 m Market Cap 226.47 b 1 y Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

As the bulls make a reentry, Coinbase has climbed up the ranks. Another crypto trading app Crypto.com’s iOS, has also become one of the most downloaded apps in the US, reaching the fifth spot on Apple’s U.S. App Store.

Record 49 investments

This week, the exchange also reported that their Coinbase Ventures has grown to become one of the most active VC investors in crypto by deal count, having made a record 49 investments in Q3. Back in Q2, Coinbase Ventures’ investment totaled 28 and 24 in Q1.

As of Q3 2021, the portfolio size of Coinbase Ventures stood at over 200 companies and projects, said the exchange.

Interestingly, 90% of the capital invested by Coinbase Ventures has been deployed this year so far.

Coinbase also reported its investment ranging from six-figure seed meals to multi-million dollar growth rounds in categories including Protocols + Web3 infrastructure (29%), DeFi (24%), CeFi (18%), Platform + Developer Tools (15%), NFT / Metaverse (9%), and others.

KYC Update

In other news, Coinbase has updated its KYC (know-your-customer), which financial regulators say is required to help ensure a safe and secure trading experience for its users, first noted by Mira Christanto, a researcher at crypto data site Messari.

In its updated KYC, Coinbase is asking its users to provide additional details about past and current occupation, businesses involved in, LinkedIn profile, a valid ID, source of the fund deposited on the exchange and supporting documentation, source of wealth and supporting documentation, nature of the use of Coinbase account, and bank statements bearing proof of address.

Coinbase also wants an explanation and documents for when the user started trading crypto and how the growth grew; as a result, provide them an expected activity on the account, nature of incoming and outgoing crypto transactions, and statements of digital assets held on other platforms.