Coinbase, known as one of the most popular cryptocurrency exchanges based in San Francisco, United States has not fared well in the 3rd quarter of 2018. The figures show trade volume of Bitcoin at $5.4 billion, Ethereum at $2.8 billion, Bitcoin Cash at $875.4 million, Litecoin at $1 billion and Ethereum Classic at $213.6 million. Overall it has hit a one year low.
Coinbase had a brilliant Q4 of 2017 and Q1 of 2018 however things have not been very promising overall after that in the general cryptocurrency market.
There has been activity in improving its services. For example, Coinbase Bundles which will consist of a group of the five cryptocurrencies has already been rolled out for the public to use.
An overall improvement to its listing process with compliance to local laws. This means it will allow a faster way of tokens being included in their exchange.
It was also reported that Coinbase would soon be one of the most valuable American startups at a whopping $8 billion if Tiger Global does indeed invest. Tiger Global is reported to spend $500 million in the cryptocurrency company.
Along with technological and financial improvements, Coinbase has improved its staff. It has reportedly hired over 500 new staff and has brought in experienced Wall Street individuals such as Jonathan Kellner. The improvement in staff is an indication of the company doing well, as compared to Kraken. Kraken cut 10% of its employees in a unit, and even Coinfloor firing many in the team.
Diar disclosed that Bitstamp fared much better than Coinbase. Bitstamp is seen to witness $4.4 billion in trading volume for Bitcoin, $669.1 million for Ethereum, XRP was at $598.7 million, and Litecoin was at $113.4 million.
The key takeaway of this year has been tokenised securities which exchanges such as Binance and Circle have taken an interest.
Diar, a publication which handles the market intelligence of digital assets tweeted their latest findings-
We've published our latest issue for your read:#Bitcoin Miner Revenues Near $5 Billion, But Profitability Dwindles#Cryptocurrency Exchanges Gear Towards Tokenized Securities
3Q18: @coinbase Volumes Hit 1-Year Low, Ether Plummets on @binance https://t.co/mgTa3svusF
— Diar (@DiarNewsletter) October 8, 2018