On its blog today, Coinbase announced that they’ve reached one million consumer wallets. According to company, the milestone marks 7592% growth from the beginning of 2013 when they began the year with just under 2013.
A provider of both consumer and merchant tools for buying and receiving bitcoins, Coinbase has been one of the fastest growing firms in the bitcoin sector. Part of its appeal is its focus on creating a product that is both easy to use as well as secure. Along these lines, accounts are similar to that of traditional financial companies where passwords can be readjusted when they are lost. Also, also to explanations given by Founder and CEO Tim Armstrong about their security methods, Coinbase only keeps a minimum amount of bitcoins in hot wallets, while requiring private keys of multiple company employees to access cold storage.
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In terms of its business customers, Coinbase added on its blog post announcement that they currently have more than 25,000 merchant clients, including recent additions Overstock.com and Fiverr. The growth follows Coinbase sourcing $25 in series-B funding from notable venture funds Andreessen Horowitz and Union Square Ventures, which has allowed the company to increase its hiring as well as continue its program users for introducing new account holders.