Coinbase CEO Confirms Batched Transactions Are Coming, Should Free Up Mempool Space
- San Francisco-based cryptocurrency exchange Coinbase is planning to introduce batch transactions in the coming months.
- This, according to Coinbase CEO Brian Armstrong, who acknowledged that the current transaction processing method is quite inefficient.
Coinbase is now set to introduce batched transactions soon. The company, which is basically the most recognizable American crypto brand, is set to introduce these transactions “in a few months”, according to CEO Brian Armstrong.
He has revealed in a tweet today that the company is grouping several virtual currency transactions into the same common ID, which is what batched transactions are.
Slowing Down Bitcoin Adoption?
The announcement comes after the CEO of Bitrefill, Sergej Kotliar, called Armstrong and the CEO of BitMEX out because they did not allow this kind of technology yet. This, he affirmed, is slowing down the adoption of Bitcoin, the flagship cryptocurrency.
Why? Because Coinbase makes small transactions for each trade and this causes a lot of congestion to the Mempool space, which is where the transactions happen.
Even in seven years, Coinbase was still unable to address this issue. The company affirmed that it was looking into the idea back in January 2018, but more than a year has passed since then and nothing appears to have been done to resolve the matter.
The two main problems caused by the delay in starting this kind of transaction is that Coinbase not only it harms the Bitcoin ecosystem but it also results in significantly higher fees. Batched transactions can have considerably lower fees, so it is important to work in order to improve this aspect.
Coinbase Has Received A Lot of Criticism
Coinbase has received several complaints recently. For instance, the company hired key members from Neutrino lately. The group of hackers was employed by authoritarian governments in order to spy its citizens.
This has obviously not been pleasant for the community. People even started the #DeleteCoinbase movement over the backlash that was caused.