The top American cyber money trading venue has been tranquilly getting ready for a super-rise in trading volume, CNBC reports. That bourse, apparently, is Coinbase, one of the most known crypto-exchanges around the globe.
Coinbase Playing Hard
Earlier the city of New York expressed its desire to get crypto-venues explained themselves. The city’s Attorney General Eric Schneiderman has already issued the inquiry into crypto-bourses, and, finally, they have disclosed some of their essential data. Coinbase is the one that it is known about.
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This California-headquartered crypto trading venue, serving 32 countries worldwide, shed light on its private developments. In particular, it has been unveiled that it has enlarged the size of its engineers (on the full-time basis) two-fold. Furthermore, it has carried out the renovation of the largest part of Coinbase’s code.
In a public statement the company mentioned:
"These efforts and others have resulted in a 1000% increase in our surge, transaction capacity relative to Q3 of 2017. We expect to again double this capacity in coming months, all while maintaining the highest standard of security expected by our customers."
This effort was important due to two key factors:
- The growth in the demand for cyber assets
- The growth in the demand of the blockchain
This is what the Coinbase’s COO Asiff Hirji said. According to his words, cryptos and blockchain are “foundational.” He clarified that “you have the best and brightest in crypto running to build applications."
Therefore, he believes, it is not wondering that there have been growing the volumes of crypto-transactions.
Apart from that, the notorious cyber-exchange is accelerating its development to allow larger sums of institutional funds flow into the market. When saying this, Hirji referred to the Thursday’s report by New York Times in which it is mentioned that Goldman Sachs is considering the possibility of setting off a BTC trading desk.
In the public letter, Coinbase also revealed that it has traded on the platform a number of assets equivalent to $150 billion. But most importantly, these assets helped the company to get over $225 million in funding.
But it’s not only things related to the company’s strategy and past that were disclosed. In order to satisfy the appetites of New York’s attorney general, the exchange unveiled the number of its staff members. Actually, Coinbase claimed it has employed over 300 people on a full-time basis.
“When contractors are factored in, the company has 1,000 people working for Coinbase,” CNBC report reads.
At the same time, approximately 20% of them “work in compliance.” That’s what Coinbase claimed as well.
The crypto-exchange decided to expand its borders to follow the demand which has surged after cyber-money prices went up last year.
As it is known, bitcoin itself saw an increase of nearly 1,500% last year, creeping to the rate of $20,000 in mid-December. Despite the drop in February 2018, it remains the most valuable cyber-coin as well as the largest one by the market cap. Therefore, it is not surprising why Coinbase has been trying hard to keep up with that.
However, not everything has been so seamless. The growth of Coinbase has led to the fact that some of its clients got dissatisfied about site’s outages and customer support. Hence, the company optimized the scope of the time at which the platform is working well. The company announced:
"We are proud to have delivered 99.97% uptime to users of the platform in the period January 1 to present, and 99.99% uptime in the month of April.”
Interestingly, allegedly Coinbase estimated itself to be worth around $8 billion when making an offer for the purchase of Earn.com.