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Coinbase offers customer warning about exchange’s growing pains, risks of investing in cryptocurrency.
The past week has been a huge one for Coinbase, as the exchange became the most downloaded app on the iTunes store, surpassing even YouTube. With all the demand, the site experienced unprecedented delays as well, leaving some customers frustrated. The company has since sent out a warning letter, encouraging customers to invest in responsible ways.
The letter, sent to customers via email, explains that the company is obviously excited about the prospect of massive gains in their platform and are working hard to get customer support up to speed. Further, the post makes clear that investors should expect trading delays over time, as the platform continues to experience growing pains.
The email concludes with a rather stiff warning to investors about the risks associated with investing in cryptocurrencies and an encouragement to invest responsibly. The company states:
“We also wanted to remind customers of some of the risks associated with trading digital currency. Digital currencies are volatile and the prices can go up and down. Due to the rapidly changing price of digital currencies, some customers may not have sell limits that are sufficient relative to the value of total digital currency they are storing on Coinbase. Sell limits are one of the many measures Coinbase takes to protect client accounts and assets.”
While the statement does not speak to Coinbase’s assessment of the cryptocurrency market, the company is clearly seeking to inform investors about the potential for loss in such a volatile market. Long term Bitcoin holders, however, are aware of this issue, having weathered a number of large scale price corrections already.
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