Coinbase witnessed transaction surge of 1000 percent from the third quarter of last year and expecting a double growth in the activity in the coming months. It has hired double number of staff and revised code and has improved website up time in preparation.
Coinbase has been one of the preferred exchanges for buying Bitcoin and other cryptocurrencies and is expecting a double capacity surge in transactions in the coming months. This is after the transaction capacity surged by 1000 percent relative to the third quarter of last year.
The company disclosed this in a response letter to New York Attorney General Eric Schneiderman who is doing inquiry into crypto exchanges. The letter said the company is also preparing for the surge in activity on the exchange. It has also doubled the size of its full-time engineering staff in addition to overhauling platform code. It hired more than 300 full-time employees. This makes it around 1,000 people working for Coinbase when you consider contractors. Coinbase said nearly 20 percent work in compliance. The company also recently acquired Earn.com.
Company COO, Asiff Hirji said this was made necessary by the serious demand for cryptocurrency and blockchain.
Hirji told CNBC,
“More people are starting to realize that this is foundational and you have the best and brightest in crypto running to build applications. If you believe that, It’s not surprising to see ever increasing volumes and record transactions”.
It has now traded $150 billion in assets on the exchange.
It is to be remembered that some inconveniences occurred at end of last year as buyers flocked to the site to buy Bitcoin amid price surges. This caused temporary halts on the website due to increased traffic. It would be that essential for any exchange to prepare for upcoming surges in activity on their exchange.
Customers have previously complained about customer support and outage, although the company said they improved uptime to 99.97%.
And as Goldman Sachs enters Bitcoin markets through a Bitcoin trading desk. The company says it is preparing for entry of more institutional money in crypto markets.