Coinbase acquires Routefire to reduce its outages
TL;DR Breakdown
- Coinbase acquire Routefire to help it combat its frequent connectivity issues
- The firm says its purchase of the firm is needed to improve its customer services
A leading crypto exchange firm in the United States, Coinbase, has announced Routefire, a trading engine startup, as its first acquisition of the year. This was according to a statement released by the Routefire team who confirmed that the organization was joining the bigger crypto company.
The exchange firm had purchased the new firm to help it improve on the frequent outages its platform tends to experience frequently. This acquisition had become necessary for the firm as it had set its eye on making an Initial Public Offering (IPO) filing with the Securities and Exchange Commission (SEC) later this year.
Coinbase in a tweet said that the firm’s acquisition was proof of the company’s commitment towards providing better services for its users. It added that they believe that Routefire was going to help in achieving its goal.
The report of the acquisition has also brought different reactions from the client base of the exchange. Some of them have asked the exchange firm to also improve on its user experience and the uptime whenever the crypto industry experiences price volatility.
Routefire began operation in 2017 and since then the firm has grown into one of the major institutions in the industry. It has been able to consolidate itself as a platform that would allow exchanges to carry out orders in a quick and efficient manner without any issues.
Coinbase frequent connectivity issue
Coinbase has constantly had to deal with connectivity issues whenever the crypto industry experiences price volatility.
Recently, the mobile application and the web platform of the exchange experienced such connectivity issues. Though the firm did not release a statement concerning this issue, it only said it had been able to restore the core functionalities of the site.
