This bull season has seen a surge in crypto adoption, with millions of new users joining the ecosystem, some out of curiosity and others in the hopes of making quick money. According to a recent report, crypto apps have dominated the chart of the fastest-growing financial apps, with Coinbase currently at the top of the list.
According to Apptopia data on app downloads, Coinbase Pro was the fastest growing financial app, with a 300 percent increase in downloads over the previous week. Binance, Binance’s archrival, came in fourth place on the list.
Coinbase is a leading global crypto exchange based in New York. In its quarterly report, the crypto platform reported 50 million registered users and over a billion dollars in profits. The exchange also went public on Nasdaq in April of this year, giving it much-needed exposure to a broader set of investors.
Despite the SEC’s threat, Coinbase intends to continue product expansion.
Coinbase recently applied to the National Futures Association (NFA) for a license to provide crypto derivative services, owing to the increasing popularity of derivative products. The announcement follows the company’s disclosure that it was threatened with a lawsuit by the SEC over an unreleased lending product. Despite their best efforts to obtain an explanation, the firm’s CEO chastised the SEC for failing to provide clarity on security regulations and for failing to establish proper communications.
Despite the threats, Coinbase has pledged to continue expanding its product and service offerings, and has even raised $2 billion through a security debt offering in the form of senior convertible notes. Because of the high demand for the offerings, the crypto exchange increased its initial offering from $1.2 billion to $2 billion.