Coinbase Increases Capacity by 1000%, Evaluates Themselves At $8 Billion
The world's most recognized bitcoin exchange is Coinbase – and they are doing everything they can in their power to increase its capacity for processing transactions, as evidenced by the growth of its full-time growing team of engineers and developers.
In an open letter by Mike Lempres, Coinbase’s Chief Legal and Risk officer, the exchange is looking to at least double the number of transactions it’s able to process over the next few months. The letter was addressed to the New York Attorney General, Eric Schneiderman.
“We expect to again double this [transaction] capacity in coming months, all while maintaining the highest standard of security expected by our customers.”
The letter also went into detail about how it increased the scale and scope of its operations over the last year alone.
For example, in Q3 of 2017, it’s reported that Coinbase saw a 1000% increase in its transaction capacity. This increase of capacity was due to a decision to double the number of its engineering staff. Also, the exchange underwent a restructuring of its codebase and made an overhaul to its APIs. They have hired many talented headliners, like Rachael Horwitz and Balaji Srinivasan, seem to remain on the hunt for more talent and skillets to join the team.
The move by Coinbase to increase its capacity mirrors that of many major players in the cryptosphere, including that of Goldman Sachs, which has recently announced its plans to begin trading cryptocurrencies. The New York investment bank said that it would start trading Bitcoin futures from a trading desk over the next few months.
Coinbase’s letter also sought to provide information for regulators who are formulating laws and other protections for every day investors, introduced as the Virtual Markets Integrity Initiative. This new proposal is claimed to help the transparency and accountability of platforms like Coinbase, announced in April 2018.
The letter also mentioned that Coinbase has over 300 full-time staff and has traded over 150bn worth of cryptocurrencies and other assets since it started operations back in 2012. If these figures hold true, this means that Coinbase alone has traded the total value of cryptocurrency market as it stands today.
Another story line recently for Coinbase was Brian Armstrong's tweet:
At present, Coinbase trades in only four cryptocurrencies, being the major players of Bitcoin, Ethereum, Bitcoin Cash and Litecoin – although it has previously stated that it will add support for ERC20 tokens of the Ethereum network shortly.
With all of the recent Coinbase related moves, who knows if Coinbase is really valued at $8,000,000,000+ but a quick look at some of the main 2018 strategic advancements coming from the Coinbase camp will surely have you thinking what's next:
- Index Fund
- Chicago base
- Block Trading
- Cipher Browser / Ethereum Wallet
- Protocol Team
- Open Source Fund
- Earn.com acquisition
and even the Silicon Valley TV show logo appearance – one thing is for certain with Coinbase, they are trying to remain at the helm of the bitcoin-lead crypto throne.