Popularity of the Coinbase Application Has Plummeted After the Decrease in the Value of Cryptocurrency
On July 10, Quartz reported that the rating of the Coinbase cryptocurrency platform fell to a record low level, following the general market trends.
It is reported that in the overall rating of financial applications, Coinbase dropped to 40th position, which is the lowest indicator of the company since April last year. It is believed that the situation is connected with the volatility of retail traders, which have a big impact on the crypto-currency sphere since they make up the bulk of the trades. Let’s remind that in December the company occupied one of the leading positions among financial applications in the USA.
Also, Coinbase recently faced some difficulties after 134 complaints filed by platform users to the US Securities and Exchange Commission (SEC) were disclosed. On the statement that the growth of the company led to the inability of Coinbase to handle customer requests, a company representative said:
“…consumer demand for our services increased by 40x [in 2017] and we experienced transaction volumes in November and December of that year that grew by 295 percent.”
Co-founder and Chief Executive Officer of Coinbase, Brian Armstrong, assures that short-term price changes and a negative market situation have no effect on the company. He noted that the current situation on the market helps cleanse the market of players who were here by accident.
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