Coinbase CEO shares select growth metrics, suggests whole crypto industry is growing 🚨 This article is 6 years old...
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Coinbase CEO shares select growth metrics, suggests whole crypto industry is growing
2 min read
Updated: Nov. 19, 2019 at 2:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Brian Armstrong shared a series of tweets indicating that multiple divisions of Coinbase were growing, including its Commerce, Earn, and Wallet services. He also suggests that the growth isn’t limited to Coinbase, either, suggesting the entire industry has been growing through the crypto winter.
Brian Armstrong, CEO of Coinbase, recently released “unaudited” charts of some of the exchange’s metrics.
Coinbase Commerce is growing nicely…. https://t.co/lamDEPoGXe
(note: all unaudited numbers) pic.twitter.com/S8rIeytQgl
— Brian Armstrong (@brian_armstrong) April 9, 2019
The charts suggest Coinbase’s business is growing on multiple fronts. Merchants are transacting more through Commerce, more people are learning about coins such as Stellar, Zcash, and 0x through Earn, and the USD value of crypto in the exchange’s Wallet service is growing.
However, Armstrong received flak for posting the charts without Y-axes, meaning no meaningful numbers could be pulled from the graphs aside for the general growth trend. That said, Armstrong does elaborate the graphs use a linear and not a log scale.
Since there are no numbers, it would be pretty challenging to audit them.
— Mike Dudas (@mdudas) April 9, 2019
In October, Bloomberg reported that Coinbase was projected to bring in $1.3 billion in revenue despite the industry-wide slump in prices.
If Bloomberg’s estimates are accurate, then this would represent a 40 percent increase in revenue over 2017. The charts presented by Armstrong could represent similar, or even greater, growth figures than revenue growth—especially after considering that many of these products are newer launches (which tend to have higher growth initially before tapering off when the user base becomes saturated).
Not only that, Armstrong suggests that the growth isn’t limited to Coinbase:
It's not just us either – whole industry seems to be growing nicely. If this is winter, let's hope it lasts!
— Brian Armstrong (@brian_armstrong) April 9, 2019
Numbers aside, the trend is clear that these particular divisions of Coinbase are growing. And, if Armstrong is right that Coinbase is not alone in its growth, then perhaps the industry will emerge from the bear market with a stronger foundation than before.
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Stellar
$0.23877
Stellar is a multi-currency payment backend that tens of thousands of people use every day.
Zcash
$43.1676
Zcash is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions using advanced cryptography.
0x
$0.42139
0x is an open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain..
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.