UK-based Blockchain.info, a digital wallet provider, has announced that they have begun offering users in 22 states the ability to buy and sell Bitcoin. According to the announcement, the company plans to continue adding services for US-based clients, including Ether and Bitcoin Cash exchanges in coming days.
The move is being seen as a direct assault on Coinbase, which has seen some user pushback in recent weeks over decisions to integrate Bitcoin Cash rather than focusing on implementing Segregated Witness. Blockchain.info CEO Peter Smith, speaking with CNBC regarding the current state of the market, said:
“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.”
Currently the company has approximately 22 mln users, with between 30 and 40 percent being US-based. The numbers seem to indicate that adoption is still in its infancy. Dr James Andrew Butler, Co-founder and COO of digital asset platform Sharpe Capital told Cointelegraph:
“The emergence of an increasingly large number of Blockchain service providers, and particularly those that reduce the technical barrier to entry for the mainstream adoption of cryptocurrencies, is an emphatic signal to the world of traditional banking and capital markets that Blockchain technology is not going anywhere. The market capitalization of all cryptocurrency currently sits at less than $600 billion, this is a tiny amount in the context of global capital markets. We’re beginning to see the earliest days of mainstream adoption – this is the internet in 1994.”
The day before the announcement saw a major sell-off for Bitcoin, as prices plummeted below $10,000 for the first time since November 30. However, in just 48 hours, the market had rebounded and was back on its feet.
At press time, Bitcoin was trading at $11,785, up 28% percent from the lows of the previous day.