Coinbase’s app enjoyed a seat at the top of the Apple App Store Monday (May 10), the first time that’s happened to the crypto exchange in almost four years.
According to figures from The Block Research, Coinbase broke into the store’s top 10 in the middle of April and made it all the way to the No. 2 spot on April 14, the same day Coinbase began trading on the Nasdaq.
Coinbase then dipped back below the top 10 list for a few weeks, before returning on May 4, which coincides the Coinbase and the auction house Sotheby’s announced a partnership in which Coinbase would accept bitcoin and ether for physical art payments.
Coinbase’s top 10 position had it ahead of apps such as TikTok, YouTube and Facebook.
The news comes at a moment in which cryptocurrencies are eclipsing standard-bearers of the “real” economy. As PYMNTS reported Wednesday, the cryptocurrency coinbase surged more than 400 percent so far this year to reach $4,000 a coin.
It had a market cap Wednesday at $497 billion, compared to the roughly $480 billion caps for companies like Visa and JP Morgan.
As PYMNTS noted this week, we’ll have a better picture of how the crypto economy is changing after Coinbase issues its earnings report Thursday.
Coinbase has said it expects to see verified users of 56 million, along with monthly transacting users topping more than 6 million. A report of assets of $223 billion, as expected, would make up more than a tenth of all crypto asset market share, while revenues of $1.8 billion — again, as expected and is the current Wall Street consensus — will be the number to beat.
It’s also worth noting that $1.3 billion represents the total top line for all of last year, which should provide an indication of how quickly trading has ramped.
May 12, 2021 at 08:33PM