Coinbase, the poster boy of regulated American cryptocurrency exchanges, will introduce batched transactions, confirmed CEO Brian Armstrong. In a June 6 tweet, Armstrong revealed that the grouping of virtual currency transactions into a common ID is coming in the next “few months.”
Sergej Kotliar, CEO of Bitrefill, strong-armed Armstrong into a reply following a series of tweets calling out the current condition of “fees and mempools” and the exchange’s role in the same. Kotliar called out two prominent exchanges in particular, BitMEX and Coinbase.
With reference to BitMEX, he stated that the exchange dumps about 4MB of “unoptimized withdrawal transactions,” at 0915 every day, leading to high fees during US office hours.
On the topic of the San Francisco-based exchange, Kotliar called out the lack of batching of transactions. He tweeted,
First, @Coinbase, still don’t batch their sending transactions, which eats up a significant % of mempool space to no benefit.
— Sergej Kotliar (@ziggamon) May 31, 2019
The January 2018 Armstrong tweet that Kotliar eluded to stated that the exchange is “working on batching transactions.” However, seventeen months later, Coinbase has failed to implement the same, rousing Kotliar and the crypto-community’s fire.
Six days after Kotliar called for the batching of Coinbase transactions, Armstrong finally responded with a somewhat timeline-based implementation for the same. He responded,
Batched transactions should be coming out in a few months. Embarrassing how long it has taken, turns out there is a lot of stuff to build in a growing company 🙂
— Brian Armstrong (@brian_armstrong) June 6, 2019
The past few months have been something of an ’embarrassment’ for Coinbase, in the CEO’s words. Several high-profile executives have departed the firm recently. Further, the exchange’s CTO, Balaji Srinivasan, and COO Asiff Hirji, parted ways with Coinbase too. However, they left on good terms.
Earlier this year, the exchange’s hiring of Neutrino, the blockchain analytics firm which had links to the controversy-ridden Hacking Team known to have provided insider information to governments with poor human rights records led to a #DeleteCoinbase campaign raging on Twitter.
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