Coinbase, the popular cryptocurrency exchange that allows users to trade bitcoin for fiat, has announced that its stock is up by over 20% in the past 24 hours.
The stock price increased by almost 20% yesterday, when the crypto-currency surpassed $1,000.
“In the wake of the news of the crypto market boom and subsequent crash, we’ve seen a massive increase in our bitcoin trading volume and trading volume as we have a larger team,” Coinbase CEO Brian Armstrong wrote in a blog post.
“We are now one of the largest crypto exchanges in the world, and we continue to see massive value being generated for our users and our investors.”
Coinbase also added that the firm is now “a few weeks away from reaching our goal of reaching $1 million in bitcoin trading volumes.”
Armstrong said that Coinbase has been receiving “thousands of orders” from investors who want to buy bitcoin.
“The demand is huge,” Armstrong wrote.
“There are now over 100 million bitcoin wallets in existence.
These wallets are also used to store bitcoins in the bitcoin network, which makes Coinbase the largest decentralized cryptocurrency exchange.”
Bitcoin has skyrocketed in value in recent weeks.
Last month, it hit a record $1.2 million, with many users buying and selling their cryptocurrency on the site.
The price of bitcoin, however, has plummeted in recent days, and has been trading below $700.