Coinbase Delivers Knockout Report on Its Finances
Coinbase’s efforts to improve its services are detailed in a recent letter.
Coinbase is on the move.
It’s taken several steps that have resulted in a whopping surge increase, as well an increase in its market cap.
Here, we’ll discuss some of its efforts.
In a recently released letter, the exchange stated its team of professionals have worked hard to achieve greater efficiencies. This includes those in:
- database management
- caching to reduce load on its databases
- an overhaul of its APIs
- and substantial re-architecting of its code base.
These efforts and others have resulted in a 1000% increase in our surge, transaction capacity relative to Q3 of 2017. We expect to again double this capacity in coming months, all while maintaining the highest standard of security expected by our customers.
Coinbase seemed to acknowledge its problems with platform downtime, saying “we strive to provide near continuous support for our users.”
We are proud to have delivered 99.97% uptime to users of the platform in the period January 1 to present, and 99.99% uptime in the month of April.
More improved capacity to come
Coinbase expects to double its capacity again in coming months. To continue its growth, Coinbase plans to invest “heavily” in its technical backend and system stability.
It acknowledged having to operate in an extremely competitive environment. It stated that to stay competitive, it has more than doubled the size of its full-time employee engineering team in the past year, including addition of senior personnel to our teams supporting infrastructure, site reliability, and payments operations.
Coinbase has more than 300 employees in four offices around the world (with full time contractors, it has nearly 1,000 dedicated personnel).
Coinbase and its affiliates boast serving millions of customers around the globe, and securely stores billions of dollars-worth of virtual currencies on behalf of its customers. That’s to the tune of trading more than $150 billion in assets.
Through our strategy of operating the most trusted and easiest to use virtual currency exchange and wallet, we have grown into one of the largest and most successful virtual currency businesses in the world.
It has received more than $225 million in funding from some of the nation’s leading venture capital and financial service firms.
Of note are its valuation numbers. Coinbase reportedly valued itself at roughly $8 billion when it made an offer in a recent acquisition for Earn.com. According to Recode, that’s significantly higher than the $1.6 billion valuation it last reported.