🌋 Coinbase to Ramp Up Infrastructure Investment
posted 20 Mar 2024
Coinbase CEO Brian Armstrong has acknowledged the need for increased investment in the platform's infrastructure, as some users have encountered issues during significant market fluctuations. For example, at the end of February, they experienced difficulties executing trades as the price of Bitcoin surged drastically.
Armstrong explained that while developers anticipated a tenfold increase in traffic and trading volumes, the actual surge surpassed all expectations, setting a new record high. Similar spikes in traffic occurred when Bitcoin reached its ATHs (around $70,000) almost daily, causing problems for some users.
It exceeded even our models of the amount of interest that could come in a short period of time,the Coinbase CEO elaborated.
Additionally, Armstrong emphasized that record trading activity signifies positive momentum for the entire cryptocurrency market, reflecting genuine investor interest and engagement from the general public. Therefore, he believes that a reliable infrastructure is one of the critical market elements for major crypto players like exchanges and swap services.
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