Coinbase will implement SegWit

One of the largest cryptocurrency exchanges Coinbase has announced that it plans to finally implement SegWit protocol in 2018
19 December 2017   2031

Coinbase, a San Francisco-based digital currency exchange which aims to create an open financial system for the world, has published an update on Bitcoin SegWit protocol. It was stated in the announcement that apart from secure storing of customer funds, the company wants to ensure that the platform performs perfectly during periods of peak volume, and that became a reason for implementation of SegWit, which will occur in 2018.

The decision to implement SegWit was made because this upgrade helps reduce the size of transactions and fees customers pay on Bitcoin transactions, and improves the overall transaction capacity of the Bitcoin network.

Coinbase vice president stated that they will inform the users as soon as the service gets closer to launching the feature.

It is worth reminding that Segregated Witness was activated on the Bitcoin Network on August 24 of 2017 on block #481824.

Coinbase to Close Chicago Office

Despite half of billion 2018 revenue, 30 employees of the biggest US crypto exchange are going to lose their jobs
24 April 2019   86

The leading cryptocurrency exchange and the wallet provider Coinbase decided to close its office in Chicago. About 30 employees will lose their jobs, said President and COO Asiff Hirji in an interview with the Wall Street Journal.

The Chicago unit focused on high-frequency trading (HFT) traders, and the potential increase in activity in this area could lead to an increase in Coinbase trading volumes and revenues. However, this direction, apparently, is no longer included in the priority list.

HFT companies play a large, albeit controversial role in the US stock and futures markets. According to some estimates, they account for about half of the daily trading volume on the stock exchanges, but more traditional investors are wary of them, suggesting that such firms take profits from them, going in and out of stocks, while slower players make deal.

Coinbase announced plans to attract HFT traders through technical updates, including speeding up the engine for matching trade requests last year.

Asiff Hirji also noted that as of the end of 2018, Coinbase had about 600 employees, and despite the elimination of 30 jobs in Chicago, the company intends to further expand this number.

Earlier this month, it was reported that in 2018, a Californian company, despite the market decline, earned about $ 520 million.