Wednesday, February 8, 2023

Blockchain Bitcoin Wallet to Add U.S. Buy and Sell Functionalities

Blockchain Bitcoin Wallet to Add U.S. Buy and Sell Functionalities

Popular bitcoin wallet Blockchain just launched a bitcoin selling functionality to its service as of January 18th and will add buying possibilities in the near future. The U.K. company also declared its intention to add buys and sells for altcoins going forward. 

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Blockchain in the U.S.A.

Thanks to Blockchain’s new exchange functionality going live in the United States, American users will now have another reputable on- and off-ramp for bitcoin trading beyond current heavyweights like Coinbase and Gemini.

With buys and sells previously only being available to the wallet’s British customers, Blockchain is now trying to pivot to tap the “sleeping giant” potential that lies in currently booming American cryptocurrency investment base.

As of today, January 18th, users will be able to sell their bitcoins for dollars through their Blockchain wallet — a major point of convenience.

Per Peter Smith, Blockchain CEO, bitcoin buys have been tabled while the company focuses on getting its selling interface right:

“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.”


A Coinbase Killer?

Much has been said about projects claiming to be “Coinbase killers” — a reference to the desire to overturn Coinbase’s entrenched status among U.S. crypto investors.

But Blockchain might be uniquely positioned to be such a gamechanger, in that Blockchain has an extremely active user base that is akin in size to Coinbase’s.

Consider, for example, the insurgent service presently has around 22 million users — with around 8 million of these, or approximately 40 percent, estimated as being Americans. In contrast, Coinbase now has over 10 million users in the U.S., so Blockchain will be “picking on someone their own size,” as it were.

But, with CEO Smith declaring his intention to soon add altcoin buys and sells to the service, the company can certainly capture the initiative by listing new altcoins before Coinbase does. It’s something that Smith has surely thought about, as he’s asserted 2018 will be a dominant year for altcoins:

“What could happen this year is that I think we will see the dominance of bitcoin as a percentage of the market capitalization go down. That could be because other digital coins get strong, or that there are a lot more that are interesting.”

What do you think? Is Blockchain positioning itself to beat Coinbase as the biggest on-ramp for bitcoin buys in America? Let us know in the comments below.

Images via CNBC, Forbes

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