PARIS, FRANCE - OCTOBER 05:  In this photo illustration, the Coinbase cryptocurrency exchange application is seen on the screen of an iPhone on October 05, 2018 in Paris, France. The California cryptocurrency platform is about to raise $ 500 million in the event of an IPO. After having exceeded 20 million users this summer, the cryptocurrency trading platform has seen its financial value further increase. The California start-up is now valued at $ 8 billion.  (Photo Illustration by Chesnot/Getty Images)
© Getty

Coinbase, the cryptocurrency exchange, has launched a tool offering customers insights based on the trading activity of its top users.

The California-based company, valued at more than $8bn in October, is among the biggest trading venues for cryptocurrencies, including bitcoin, the best-known digital coin.

Max Branzburg, head of consumer product, said the “trading signals” feature, which has launched globally on both the Coinbase website and its mobile app, would help customers “make more informed decisions” in crypto trading.

“This will be really useful for those who are new to the world of crypto. It will help them get up to speed and get to know the market better,” he said.

“We think trading signals, backed by verified transactional data, are an important step towards raising the level of trust in the crypto-economy.”

Drawing on anonymised data taken from the top 10 per cent of holders of each asset, such as bitcoin or ethereum, users will see regular updates on what is being bought and sold.

The signals will also show the median number of days a coin stays in a customer account, the relative popularity of different assets, and measure how different cryptocurrencies’ prices move in relation to one another.

Asked if Coinbase’s traders will have the option to refuse that their data be used as part of the new tool, Mr Branzburg insisted it was “completely decoupled” from what is presented to customers.

He said: “The data is aggregated and anonymised, so all you can see is a couple of very high-level metrics. It’s quite separate from the individuals concerned.”

The news follows the launch of the Coinbase card in the UK in April, allowing customers to make purchases and cash withdrawals directly from their accounts.

Last month, Coinbase rolled its new cards out in six more European countries, including France, Spain and the Netherlands.

Zeeshan Feroz, head of Coinbase in the UK, previously said there was “no timeline” for the card’s launch in the US.

Get alerts on Cryptocurrencies when a new story is published

Copyright The Financial Times Limited 2019. All rights reserved.
Reuse this content (opens in new window)

Follow the topics in this article