The largest U.S. based bitcoin exchange now has more users than big time broker-dealer Charles Schwab.
That is not a typo.
A few weeks ago Charles Schwab reported that they had 10.6 million active brokerage accounts through October of 2017. A figure that also represented a 5% increase from the same period a year ago.
A few days ago, Coinbase reported that they had 11.7 million users through October. Which represented 148% growth from the same period a year ago.
That means that Coinbase had/has roughly a million more users than Charles Schwab, which by the way is the second largest broker-dealer in terms of assets under management.
That sounds great, but here's the kicker, Coinbase isn't done...
In fact it's likely just getting started.
Looking at the numbers from yesterday (Sunday), Coinbase now has 13.3 million accounts. That means that in the last 2 and half months, Coinbase has added roughly 1.5 million users.
Which means they have been adding about 100k new accounts per week on average since that time.
Whoa.
It gets better...
The really impressive thing is that over the last half a week, starting around the thanksgiving holiday, Coinbase has added close to 300,000 accounts alone.
Growth is coming in exponentially right now!
Not quite apples to apples.
Coinbase is a long ways from competing with Charles Schwab in terms of assets under management, as Schwab currently has the second most assets under management of any brokerage with $3.26 trillion under management at the end of October.
While Coinbase merely has traded right around $50 billion worth of cryptocurrency, ever.
However, the really impressive thing is the rate of growth.
If this current growth rate of Coinbase were to keep up (more than doubling in the last 12 months), that would give Coinbase approximately 26 million users by this time next year.
A figure that would dwarf even Fidelity, which is the largest broker-dealer in terms of assets under management, and a firm that currently has 25 million accounts.
Put that in your pipe and smoke it.
Incredible growth indeed.
Stay informed my friends.
Sources:
https://www.cnbc.com/2017/11/27/bitcoin-exchange-coinbase-has-more-users-than-stock-brokerage-schwab.html
Image Sources:
https://www.coinbase.com/dashboard
https://www.cnbc.com/2017/11/27/bitcoin-exchange-coinbase-has-more-users-than-stock-brokerage-schwab.html
