Amid Surging Activities of Bitcoin, Can Coinbase Keep up with Pace

January 11, 2021 2:49 PM UTC

As Bitcoin soars above $41000, the daily trading volume of Bitcoin has also smashed a new all-time high of $99 billion, according to metrics site CoinMarketCap.

The surging Bitcoin activities are exerting pressure on several crypto exchanges. Coinbase is the hardest-hit exchange, as reported earlier. The California-based exchange has a history of connectivity issues during periods of high traffic. These disturbances have stopped users from taking advantage of price fluctuations. 

According to the reports, Coinbase isn’t the only one to experience technological issues amid the price rallies of Bitcoin. Binance has also suffered outages as Bitcoin’s price soars. On Thursday, Binance stated that system complications occur as the number of users appear on the platform. Binance CEO Changpeng Zhao tweeted that “Bitcoin ATH [all-time high] comes with ATH loads,” and said the exchanges “is experiencing a small WebSocket issue.”

Coinbase Acquires Routefire to Develop its Prime Suite of Brokerage Tools

To handle high traffic activities, Coinbase has purchased Routefire in order to improve trade execution. Jason Victor, CEO of Routefire, stated that the platform would be developing its offering services for Coinbase.

Based on the report, the Routefire team will be designing tools and services for Coinbase Prime, a professional trading platform developed for institutional investors. The premier brokerage platform intends to support financial institutions that are planning to enter the crypto sphere. 

In September, MicroStrategy, a mainstream business intelligence firm, had selected Coinbase as the primary execution partner for a Bitcoin purchase worth $425 million, as per an official announcement. As of now, Microstrategy is the fifth-largest individual hodler of Bitcoin. It possesses almost 70,470 BTC, acquired at an average price of $15,964 per Bitcoin.

Follow us on
Daily updates

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    1 + seven =