As per a blog post made by the US-headquartered exchange three days back, clients will be facilitated with Bitcoin (BTC) transaction batching.
The initiative taken by Coinbase “requires no action from customers” and will permit single on-chain trades of cryptos to be grouped into one.
The exchange forecasts this will minimize the burden on the BTC network and the subsequent charges clients pay for remitting funds.
Eli Haims, Coinbase Product Manager, pointed that the initiative will enable clients to save on transaction charges.
By minimizing the burden on the network by over 50%, the trade fees would reduce by a similar amount.
“Supporting transaction batching is one way that Coinbase can help make Bitcoin more usable by lowering network fees overall and freeing up space on the blockchain. This enables the network to increase transaction throughput, and helps to increase scalability.”
As per CoinMetrics, BTC network is currently recording average transaction fee of $0.30. It has been a while after works on the aforementioned feature started.
Last June, CEO Brian Armstrong tweeted that it is “embarrassing how long it has taken” to roll out transaction batching facility.
Batched transactions should be coming out in a few months. Embarrassing how long it has taken, turns out there is a lot of stuff to build in a growing company 🙂
— Brian Armstrong (@brian_armstrong) June 6, 2019
Batching facility is now offered by both Coinbase and Coinbase Pro. Notably, other cryptocurrency exchanges such as Kraken and Switzerland headquartered ShapeShift is also offering transaction processing.