Coinbase
Hit New Traffic Record During Crypto Market Crash
San Francisco-based
cryptocurrency exchange Coinbase has, according to its CEO Brian Armstrong,
seen record site traffic and a surge in 24-hour trading volume during this
month's crypto market crash, that saw BTC drop from $7,100 to $4,000 in two
days.
Coinbase’s daily trading volume
this month reportedly hit a $2 billion high, while its previous traffic
record was beaten by over 50%. Speaking to CoinDesk, Armstrong noted that
while other trading platforms experienced outages, Coinbase remained
operational as it has been preparing for a crisis “for the last couple
years.”
Armstrong was quoted as saying:
“This hard work contributed to our
stability ... while many platforms, in both crypto and traditional equities,
struggled with the increased volume.”
This month's market crash
is believed to have been fueled by the coronavirus outbreak, which also
affected commodity and equity markets. Coinbase’s response to the situation
has been to implement remote work.
