U.S Bitcoin and Ethereum Exchange Coinbase Reaches Five Million Users

The recent IRS predicament has not stopped Coinbase from reaching a new milestone in client adoption.

Coinbase, the San Francisco headquartered Bitcoin and Ethereum cryptocurrency exchange and wallet provider, has reached a new milestone in client adoption. According to statistics on its website, the firm has now already served its five millionth customer.

Founded in June 2012, Coinbase has issued 10.9 million cryptocurrency wallets, making it the dominant player in the US market. It also supports 45,000 merchants and 9,000 developer apps.

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The exchange has recently been in the news when it was discovered that the IRS (Internal Revenue Service) demands thath Coinbase transfer all its records on its American clients so that the agency can prosecute tax evaders using bitcoin. A federal judge presiding over the case decided that the firm needs to surrender its user data for 2013-2015 to the American tax agency, but Coinbase remains resolved to fight the violation of its clients’ privacy rights within the American justice system.

Back in July we reported that Coinbase has secured an additional $10.5 million in capital at its latest funding round. The new funds came from a small group of Japanese investors including Sozo Ventures and the Bank of Tokyo-Mitsubishi UFJ, Ltd.(MUFG), the largest bank in Japan, as well as its subsidiary Mitsubishi UFJ Capital (MUCAP).

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