fbpx
Skip to content Skip to sidebar Skip to footer

Trading Volume on Coinbase Reaches $2 Billion Amid the Market Crash

Last week’s global market crash triggered by the Coronavirus pandemic has caused a surge in trading volume on Coinbase. Reportedly, the spike in trading volume occurred between Thursday and Friday, sending the trading volume on the exchange to a high of $2 billion. 

Brian Armstrong, Chief Executive Officer of Coinbase, ensured users that the company is prepared for a higher influx of traffic and demand and will be planning for some upgrades in features to cope with this..

“Over the last couple years, we’ve invested heavily in increasing reliability and scalability of our systems. This included increasing the redundancy and throughput of our exchange, expanding the capacity of our core products, and improving our internal processes and responses when things go wrong,” Armstrong stated on the company’s blog.  

He also gave credit to the company’s engineering team as he wrote: “This hard work contributed to our stability last week while many platforms, in both crypto and traditional equities, struggled with the increased volume”.

Previously, the company announced that it will be introducing Bitcoin batching to its users. Bitcoin transaction batching is utilized to reduce processing time on the Bitcoin blockchain and allows Coinbase users to enjoy lower network fees.  The ‘bundled’ bitcoin transactions will reduce the traffic on the network and Coinbase expects to save more than 50% on the network fees.

You may also want to read: ‘Circuit Breaker’ Added to Huobi’s Crypto Derivatives Exchange Platform

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us