The largest US crypto exchange operator Coinbase has taken a significant hit in terms of downloads amid the general decline of digital currency prices, Quartz has reported.
According to a July 10 report from the online publication, last month Coinbase fell to 40th place amongst US finance apps, which was its lowest download ranking since April, last year. In contrast, Coinbase clinched the No.1 spot in December, the same month that saw Bitcoin (BTC) rising to an all-time high of nearly $20,000. Reports of Coinbase’s rapidly growing user base were one of the factors that contributed to these gains.
Since the start of 2018, however, Bitcoin has lost two thirds of its value, as investor interest has waned amid increasing regulatory pressure, major crypto exchange hacks and security concerns. Coinbase’s drop in rankings appear to reflect that trend, which has affected no only Bitcoin, but the crypto market in general.
The Quartz report notes that Coinbase’s customers could also access the company’s services through its website. The company has also made moves in recent months to sharpen its focus on institutional investors. In May, Coinbase launched a suite of products for institutional investors, aiming to capitalise on the growing number of institutional investors showing interest in the cryptocurrency market. One of these products, a custodian solution called Coinbase Custody, recently accepted its first deposit, according to an announcement published earlier this month. The company said in the same post that, over the coming weeks, “we’ll continue on-boarding a set of world-class clients that includes leading crypto hedge funds, exchanges and ICO teams”.
Coinbase’s co-founder and chief executive officer Brian Armstrong recently said on Twitter that the company wasn’t worried about short-term prices and negative headlines. He added that downturns help clear out the people who were in the market for the wrong reasons.