The biggest cryptocurrency brokerage and wallet, Coinbase, has been losing popularity since Bitcoin started losing acceptance.
Not so long so, the question on everyone’s lips was, “Do you have a Coinbase account?” It was similar to how Facebook was once popular. This is one fact that made the difference between people who were aware of what’s going on from those that didn’t.
Coinbase at one point in time as the top downloaded app and very popular in Apple’s App Store on November 27, 2017. During that time, Coinbase outshined apps such as Hooked, Wemo, Hallmark Movies Now, or even the seasonal Christmas Ringtones. Everyone was fascinated over cryptocurrencies and Bitcoin’s record price.
But that was just the beginning for the platform as shortly after, Coinbase became the number one app in Apple’s App Store. From nowhere, a rather new app coming from a very mysterious industry was able to shatter giants including YouTube, Facebook Messenger, Instagram, Snapchat, Amazon, and others.
Similar to Bitcoin, Coinbase was registering record numbers on new user accounts. In November 2017, Coinbase supposedly added over a million unique users.
Things have taken a complete turn for Coinbase. As Bitcoin began losing popularity, so did the app. As interest in cryptocurrencies dwindled and coin valuations decline, Coinbase also dropped. Was this situation preventable? Well, not so likely. They are not actually not doing anything wrong.
Coinbase has made several attempts to increase its services in the past few months. It recently launched Coinbase Custody and rebranded GDAX to Coinbase Pro, in an attempt to improve its brand image.