Digital currency exchange, Coinbase Inc which in the past one and a half month suffered a trading crash and the post Bitcoin split, has received $100 million investment. This has come from a group led by IVP
Battery Ventures, Greylock Partners, Section 32 and Spark Capital did participate. Coinbase will use the money by greatly expanding its engineering and its staff on customer support. They also plan to open a New York office for its professional trading platform GDAX and grow Toshi which is a mobile browser for the ETH network which provides universal access to financial services all around.
Coinbase has seen unprecedented growth since 2016 and it has help customers buy and sell more than $28 billion worth of cryptocurrencies such as BTC and ETH. Cryptocurrencies like BTC has seen enormous price gains. In June this year ETH crushed to 13 cents on Coinbase's GDAX exchange. This fall was caused by the $12.5 million trade that took place for just 45 milliseconds. Afterwards computer algorithms started buying and drove prices back up to $300 within 10 seconds. All customers affected were reimbursed. Coinbase is now preventing a repeat of the crash by developing circuit breakers will pause trading. This came after consulting experts in the industry like New York Stock Exchange which has an investment in the company.
This month BTC updated its software to increase the amount of transactions which it can process. Hence creating a digital currency called Bitcoin Cash. Coinbase will allow customers to access their Bitcoin Cash come January 1st after many customers were angered leading to lawsuits.
