Key Points:
Read more: Coinbase Review: Top Trading Platform With Many Supported Features
Bitwise Chief Investment Officer (CIO) Matt Hougan drew parallels to Facebook‘s past technical woes, suggesting they didn’t impede the social media giant’s growth.
Hougan expressed support amidst user frustrations, highlighting that Coinbase’s history includes frequent crashes during bullish market periods, yet it still experienced remarkable growth. Comparing it to Facebook’s early days, he noted that despite recurrent crashes, the platform amassed billions of users.
Recently, Coinbase reported delays in customer support responses exceeding 48 hours due to high volume. This announcement followed Monday’s disclosure of Coinbase issues resulting in some users seeing zero balances in their accounts, echoing similar incidents amid Bitcoin‘s price spikes.
Hougan emphasized that these Coinbase issues primarily affect retail users, contrasting with institutional clients, whose custodial services for spot Bitcoin ETFs remain unaffected. He clarified that institutional operations and custody are separate entities, with most ETFs trading through diverse OTC counterparties, tapping into ample liquidity beyond Coinbase.
Coinbase notably serves as custodian for Bitwise’s spot Bitcoin ETF, BITB, which currently holds approximately $1.8 billion in assets under management, according to The Block.
The ongoing technical challenges at Coinbase prompt reflections on the resilience of cryptocurrency exchanges amidst escalating market activity.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Port Charlotte, United States, 2nd June 2024, Chainwire
Linea Blockchain experienced a temporary block production halt during the Velocore hack, but operations have…
Pierce, who initially co-founded Tether in Hong Kong a decade ago, expressed enthusiasm for the…
The remaining 15 million FTX shares in Anthropic have been sold for $450 million, with…
Despite regulatory hurdles and amendments by Ethereum ETF issuers, industry experts predict a June-end launch…
Polygon Labs calls for legal cost coverage, opposing Matter Labs trademark application claims alongside other…
This website uses cookies.