Coinbase integrates one of the best Bitcoin and other cryptocurrency trading tool called Routefire. Coinbase aims to attract more investors from the institutional sector. Seeks to compete with business rivals through improving current infrastructure.
As per the latest Crypto Trading News, it was confirmed that Coinbase had recently acquired Routefire – a crypto startup. Although it certainly would have cost Coinbase to let go off a huge amount of money, however, the firm had not disclosed the amount.
Coinbase is one of those Cryptocurrency Brokers which are globally popular and overrun with a huge number of customers. It is also regarded as one of the largest crypto trading platforms of the world along with the likes of Binance and Huobi Global.
Earlier in 2017, Jason Victor, CEO of Routefire informed that they had launched a crypto-trading platform which was equipped with the high-speed trading tool. At that time Routefire also introduced products that came with auto-enabled functionality used for targeting favourable opportunities of crypto trading. The trading tool worked well and allowed users to explore lucrative trading ventures where prices were advantageous and the fee was cheaper.
However, Victor in a blog post message of 7th January, informed that his team was soon improving Coinbase’s execution services. While congratulating his team who had successfully executed the project, he also thanked Coinbase’s customers for being patient throughout this time.
Victor also stated that he felt proud to be a part of Routefire. He added furthermore that he and his team will soon be migrating to Coinbase for resuming their charge. He also ensured that they would continue to develop state of the art execution services from Coinbase’s platform for crypto assets.
It wouldn’t be surprising for many involved with a crypto industry that Coinbase had acquired Routefire. For the past several months, Coinbase had been announcing to extend its crypto trading services. More importantly, Coinbase’s ultimate aim seemed to be attracting more crypto investors from the institutional sector. The move is right because, in 2020, it was an institutional sector which single-handedly which helped Bitcoin and others to perceive the Bull-Run.
It was reported that Coinbase was the one which assisted Microstrategy to acquire one of the biggest Bitcoin’s holdings in 2020. But Microstrategy wasn’t alone which sought assistance from Coinbase for investing in the Bitcoin. But due to a large number of customer base and huge volumes of orders, Coinbase had suffered several blockages in 2020.
As a result of these blockages, a large number of its customers felt aggrieved as they were unable to grab the opportunities. For instance, when Bitcoin’s value took a nose dive and lost US$ 5,000, Coinbase’s customers wanted to buy Bitcoin. But due to outages, they couldn’t buy Bitcoin and next day Bitcoin went up accumulating gains of US$ 4,000 to 5,000. Certainly, the customers lost fair opportunities where they could have earned handsome profits.
However, in the business of crypto trading, efficient conducting of transactions means much more than anything. If an exchange’s trading platform is robust and equipped with high-speed executions, then this means – more customers more business.
Therefore, it made sense in acquiring a platform which was equipped with fast execution of transactions. The ultimate aim of Coinbase is glaringly evident i.e. to regain the confidence of its customers which it had lost in 2020.
Meanwhile, Routefire was once regarded as a prominent crypto space which provided the industry with state of the art crypto-trading tool. The trading tool developed by Routefire was considered a big breakthrough in the crypto industry. This tool helped traders in executing their trade transactions efficiently and robustly, better and faster than any other trading tool. The tool was designed to handle high volumes of orders without affecting its efficiency or compromising on speed. Because high volumes of orders can cause blockage in the execution, therefore, Routefire’s trading tool was an antidote against the blockage.
Acquisition of Routefire by Coinbase may work as an antidote for redressing the grievances of angry customers as well.