There is no doubt that Blockchain.com boasts of being one of the biggest online wallets for Bitcoin and Ethereum holders in the world, with millions of transactions on its platform. The Thursday announcement on its website with regards to the launching of a buy-and-sell service for digital currencies on its platform is by no means a paltry statement; millions of cryptocurrency enthusiasts stand to benefit.
With its headquarters in the UK, Blockchain.com announced that its US platform users will be able to “Seamlessly buy and sell digital assets with greater reliability and without compromising user security or control”
Here Is Why Blockchain Decided to Start With the US
The US cryptocurrency market is by and large at the top of the list of the crypto industry’s most influential and biggest communities. As a result, the move to introduce the Bitcoin sell service with the promise of a buying service later on, will obviously set up huge competition with Coinbase (a renowned and well established crypto exchange in the US)
These developments come amidst complaints by users in the US over the lack of liquidity on most cryptocurrency trading platforms. With regards to the platform’s decision to only make selling services available at the moment, Blockchain CEO Perter Smith said that the move to start with the sell service will help achieve better control of the product launch, while ensuring a good customer experience in the process.
In a conversation with CNBC right after the launch of the product, Peter Smith further added that the whole idea is to create a long-term unforgettable impression on users.
If we are prioritizing short-term gains, we would prioritize buy — that is what most people have done. But it’s really time to make sure we nail that experience,
Looking at the Competition
The announcement concerning the launch of Blockchain’s new products comes just days after the leading cryptocurrencies had a huge sell-off that started on Tuesday, leading to a bloodbath in the market. This saw Bitcoin’s price drop by a huge margin. Although the market seems to have stabilized at the moment, the announcement to launch a sell option by Blockchain will no doubt be a relief to over 22 million users ( 40 percent of them being in the US) who will have another option for selling their Bitcoin, apart from Coinbase.
Do you think the announcement by Blockchain.com will intensify the sell-off and price drop of Bitcoin? Share your thoughts and opinions with us in the comments section.