The quick read: Blockchain, the large British cryptowallet, entered the U.S. market late last week. As of now, American customers can only sell bitcoin using Blockchain. Buying bitcoin will become an option in the future. Blockchain’s British customers can buy and sell bitcoin. (CNBC)
The key facts: Cryptowallets have had a rough go of it on the customer service front and Blockchain is trying to capitalize on the frustration.
Given that backdrop, Peter Smith, CEO of Blockchain, said it’s better to start with just offering a sell service as it helps to control the launch in the U.S. and make sure people have a good experience. “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,” Smith told CNBC in an interview ahead of the launch announcement. (CNBC)
The bottom line: Competition will eventually create a better customer experience for cryptocurrency customers. That better customer experience is critical for the long-term viability of the industry.