Coinbase as many other exchange platforms for cryptocurrency had a growth in the beginning of this year, as Bitcoin price went up high. People are selling and buying cryptocurrencies now more, and, as a result, it brings a lot of cash inflow to the exchange services. Exchange services make money on fees during deposits and withdrawal, and as the number of operations increase, the financial wealth of the services increases as well.
Coinbase reported new numbers on their main page on Friday, showing 90 billion dollars in assets on platform and 43 million registered users. This increase in numbers is probably triggered by their integration to many of the faucets and microwallets, which became popular as the Bitcoin’s transaction fees significantly increased. Those services support transactions to Coinbase at lower fees than to other wallet and exchange services. As we can see, integrating with many small services brings much more success than aiming to cooperate with selected big players in the market.
Coinbase now struggles to perform the operations for the new users, as the servers go down, freezing the transaction, and creating a big wave of coming from their clients on Reddit and other social platforms. Coinbase is working on solving all of the issues, and, meanwhile, Investment bank Goldman Sachs is working with the Coinbase on its Wall Street debut.