Crypto adoption has hit its peak this bull season with millions of new users joining the ecosystem, some out of curiosity while others get in hopes of making quick money. A recent report from Business Insider suggests that crypto apps have dominated the chart of fastest-growing financial applications and among those crypto apps, Coinbase is currently at the top of the list.
As per the data on App downloads from Apptopia, Coinbase Pro was the fastest growing financial app with a rise of over 300% from the last week in the number of downloads. Arch rival Binance secured the fourth spot on the list.
Coinbase is one of the leading global crypto exchanges based out of New York, the crypto platform has reported 50 million registered users and over a billion dollars in profits in its quarterly report. The exchange also went public in April this year on Nasdaq, giving it the much necessary exposure to a broader set of investors.
Coinbase Plans to Continue Product Expansion Despite SEC’s Threat
Coinbase recently also filed with the National Futures Association (NFA) to obtain a license for offering crypto derivative services amid the rising popularity of derivative products. The announcement comes at the heal of revelation by the company that it was threatened with a lawsuit by the SEC over its unreleased lending product. The CEO of the firm bashed SEC for failing to offer clarity over security regulations and not establishing proper communications despite them trying their best to get an explanation.
Coinbase has vowed to continue its product and service expansions despite the threats and even raised $2 billion from security debt offering in the form of the company’s senior convertible notes. The high demand for the offerings made the crypto exchange change its early offering from $1.2 billion to $2 billion.