- Last Thursday and Friday the crypto exchange Coinbase processed $2 billion in crypto. According to a source, Coinbase saw $394 million in volume over the past 24 hours.
- While both crypto and traditional equities struggled with the increased volume, Coinbase was in its stable position. This was due to the hard work by the company’s engineering team contributed to this stability.
- Coinbase and other firms deal with coronavirus-induced remote work authorization.
Last Thursday and Friday the crypto exchange Coinbase processed $2 billion in crypto. According to a source
, Coinbase saw $394 million in volume over the past 24 hours.
Coinbase hit its previous traffic record by over 50 percent
The CEO of Coinbase Brian Armstrong notified that the exchange has also hit its previous traffic record by over 50 percent. While other platforms experienced issues and outages, Coinbase remained operational. For the last couple of years, the exchange has been preparing for the crisis.
Adding to this Armstrong penned, while both crypto and traditional equities struggled with the increased volume, Coinbase was in its stable position. This was due to the hard work by the company’s engineering team contributed to this stability.
The head of engineering for Coinbase, Jese Pollak said that the platform is preparing since the 2017 bull’s run, targeting actual exchange’s matching engine and consumer products like API. Some of the works included horizontal scaling on the database end.
The Coinbase can monitor the data stored on its servers while continuously adding new data without slowing down the operation as the transactions are executed.
Coinbase’s reaction on the coronavirus outbreak
Coinbase and other firms deal with coronavirus-induced remote work authorization. Armstrong was regularly updating his blog series about the exchange’s pandemic response. Last Thursday, California declared a shelter in place order.
The exchange began implementing remote work last week due to COVID-19 outbreak, Pollak said the engineering team used a combination of chatrooms and automated alerts to keep up track of traffic.
Adding to this he said, if the exchange is hitting higher from what it has seen, it will generally pull people into a hangout. Trading platforms are complex and lack of mistakes doesn’t mean that a platform won’t experience any issues.
Headquartered in San Fransico, Coinbase is a digital currency exchange who deals with Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Tezos also including fiat currencies.