Coinbase sees massive surge in trading

Coinbase saw record site traffic and a massive surge in 24-hour trading volume during the coronavirus-driven market swings.

The San Francisco-based crypto exchange said it processed $2 billion in crypto last Thursday and Friday (for comparison, Coinbase saw $394 million in volume over the past 24 hours, according to Bitwise). Last Thursday also beat Coinbase’s previous traffic record by over 50%.

The move comes, of course, as Coinbase and other firms deal with coronavirus-induced remote work mandates. CEO Brian Armstrong has for weeks publicized his exchange’s pandemic response in a regularly updated blog series.

Though Coinbase’s employees are currently remote (the exchange began implementing remote work last week in response to the COVID-19 outbreak), the engineering team used a combination of automated alerts and chatrooms to keep up with the spikes in traffic.

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