Cryptocurrency exchanges Coinbase and Crypto.com are now two of the most downloaded apps for the United States Apple App Store, topping the charts at first and third place, respectively.
According to the Top Charts list on the Apple App Store, Coinbase has regained its position as the most popular app in the United States ahead of TikTok. However, Crypto.com’s app surged in the number of downloads on Thursday to jump ahead of both YouTube and Instagram, moving from the fifth to the third position in a matter of hours. Robinhood’s app, which previously held positions in the top ten, sits at number 48 under Walmart.
First listed on the app store in 2014, Coinbase was the most popular download in the U.S. in 2017 and in May 2021. Notably, the description of the trading app now lists Shiba Inu (SHIB) following Bitcoin (BTC) and Ether (ETH) — the price of the dog-themed token has surged significantly in the last year, creating new crypto billionaires.
Crypto.com’s rising popularity could be the result of the exchange releasing an ad campaign featuring actor Matt Damon. The “fortune favors the brave” ad, which went live early on Thursday, is aimed at reaching a global audience of potential crypto users and investors. According to data from the analytics site SensorTower, the exchange’s app had roughly 600,000 downloads in September.
The number of downloads for a company’s app can be an indicator of market interest. Facebook, currently under scrutiny following the release of documents showing that the company was not doing what it claimed in regard to removing hate speech and posts encouraging violence, now sits under Snapchat as the 8th most popular iOS app in the U.S.
Coinbase Cloud Aims to Become the AWS of Crypto, Says CPO
The Coinbase official claimed that Coinbase Cloud could become the “Amazon Web Services of cryptocurrencies.”
Coinbase wants its Coinbase Cloud division to become the cryptocurrency equivalent of Amazon Web Services (AWS). The infrastructure product of the exchange will “help developers build their applications” at a faster step, said Surojit Chatterjee – Chief Product Officer.
How Does Coinbase Cloud’s Future Look Like?
Established nearly 20 years ago, Amazon Web Services (AWS) – a subsidiary of the e-commerce giant Amazon – is now the company’s main profit engine. It generated more than $13 billion in annual operating earnings in 2020 on a revenue base of nearly $45 billion (64% of its parent firm’s total).
At its core, AWS provides on-demand cloud computing platforms to individuals, firms, and even governments on a pay-as-you-go basis. One of its services includes Amazon Elastic Compute Cloud (EC2), which provides users with a virtual cluster of computers available 24/7 through the Internet. Currently, AWS is the leader in the cloud sector, surpassing its closest competitors Microsoft Azure and Google Cloud.
Having said that, it is no wonder that Coinbase wants one of its infrastructure products to look like AWS, as Surojit Chatterjee – CPO at the exchange – said in a recent interview with Forbes:
“We want to be the AWS of crypto. We are building this whole Coinbase Cloud suite of products that you can think of as crypto computing services to help developers build their applications faster.”
Price swings in the cryptocurrency market occur quite frequently. As such, the exec revealed that Coinbase is seeking to boost trading income by providing subscription services that can withstand the fluctuations. For that purpose, the venue provides staking possibilities, custody options, an e-commerce checkout system, and Visa debit cards to customers.
The acquisition of Coinbase Cloud (formerly known as Bison Trails) marked another vital step in Coinbase’s transition into a “mature financial system,” he added.
“Crypto is not just buying and selling tokens, it’s building this whole financial system on top of blockchain. We think we can play a big part in leading our customers to the utility phase of crypto from this first phase, which is more investment or speculation driven…our goal is to be the primary financial account of the crypto economy for our customers,” Chatterjee concluded.
Currently, Coinbase Cloud supports funds, decentralized applications, crypto custodians, and holders. Some of its prominent clients include New York-based fintech capital Current, venture firm Andreessen Horowitz (a16z), and Turner Sports.
Coinbase’s Success in 2021
Arguably the most significant achievement for Coinbase this year was the public listing on Nasdaq in the middle of April. By doing so, it became the first major exchange with a presence on the global marketplace.
Upon listing, a single COIN share peaked at nearly $400, while at the moment of writing these lines, it is hovering around $270.
Without any doubt, the development caused massive excitement in the cryptocurrency space as it might have been one of the reasons for bitcoin’s all-time high price (until then) of nearly $65,000 registered a few days later.
Crypto Giant Coinbase Launching Full Retail Support for Small-Cap Altcoin Built on Ethereum
Top US crypto exchange Coinbase is expanding support for a little-known Ethereum-based altcoin across its full retail platform.
The Biconomy (BICO) token is now available on Coinbase.com and the exchange’s mobile apps. Coinbase Pro listed the crypto asset earlier this week, triggering a massive rally.
BICO is an Ethereum-based governance token for the Biconomy Network, a multichain platform that aims to connect its users’ wallets with decentralized applications.
Node operators can use the crypto asset to pay transaction fees, and BICO holders can vote on decisions affecting Biconomy’s protocol and network.
The token also went live on Huobi, Bybit, OKex, SushiSwap, BitMart, MEXC Global and Crypto.com’s mobile app this week, according to the project’s Twitter account.
Additionally, Biconomy rolled out a rewards and airdrop program on Wednesday.
After skyrocketing 200% on Wednesday, BICO is trading at $9.32 at time of writing and has retraced 37% in the past 24 hours.
Coinbase added support for BICO amid a flurry of new altcoin listings over the past several months. The exchange’s chief executive, Brian Armstrong, noted in July that they plan to list as many altcoins as possible.
“Reminder about how Coinbase lists assets: our goal is to list every asset where it is legal to do so.”
Coinbase will establish presence in Israel through purchase of Unbound Security
Cryptocurrency exchange Coinbase will acquire cryptographic security company Unbound Security in a move that will also have the U.S. company launch a research facility in Israel.
In a Tuesday blog post, Coinbase said it would be purchasing Unbound to gain access to its cryptographic security experts as well as establish a presence in Israel. The exchange cited Unbound’s work in multi-party computation to provide users with the “virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets.”
“We’ve long recognized Israel as a hot bed of strong technology and cryptography talent, and are excited to continue to grow our team with some of the best and brightest minds in these fields,” said Coinbase. “The Unbound Security team will form the nucleus of this new research facility, which we plan to grow over time.”
The Unbound acquisition is the latest of many for the major crypto exchange following its public listing on Nasdaq in April, giving the firm a roughly $100 billion valuation. Last week, the team at crypto wallet provider BRD announced it would be joining Coinbase in an effort to “help accelerate Web 3.0 adoption” as well as provide “deep expertise in self-custody.”
Coinbase did not immediately disclose the terms of the Unbound acquisition. The exchange has already purchased firms including Agara, an artificial intelligence-enabled support platform with operations in India, data aggregator Zabo, and data analytics platform Skew, with each agreement likely in the millions if not more.
As cryptocurrency prices continue to be volatile, Coinbase announced in August that it had stockpiled a war chest worth roughly $4 billion in cash to prepare for a potentially harsh crypto winter, spurred by decreased crypto retail trading volumes and higher operating costs from regulatory hurdles. The company reported revenue of $1.2 billion in the third quarter of 2021, with profits totaling $406 million.