CoinBase Exchange, the largest digital currency exchange provider in the United States, has announced in its latest announcement the addition of batching capabilities to reduce currency transfer fees on the platform.
According to the CoinBase announcement released on Friday, CoinBase has added batching or grouping of transactions to its platform.
Users do not need to take action to enable this feature. Batching allows on-chain transactions to be executed in a single transaction. The move is expected to reduce the bitcoin network burden and lower transaction fees, according to CoinBase.
Eli Haims, product manager at CoinBase, has cited the addition of the feature as a factor in reducing transactions. With a 50% reduction in the bitcoin network burden, transaction fees are also halved. The announcement by CoinBase says:
Supporting batching by Coin Base helps Bit get more used by reducing overall network fees and freeing up more space on the China block. This will increase the efficiency of transactions in the bitcoin network and increase its scalability.
According to CoinMetrics data, the average transaction fee on a bitcoin network is $ 0.30.
Batching has long been tested and developed by Coin Base. Brian Armstrong, CEO of Coin Base, tweeted in June last year that he would welcome any extension of batching time in Coin Base.
Batching is now available for both CoinBase and Queen Base Pro. Other competitors such as Kraken and Shapeshift have long been using batching services.
Though batching will now be available for both Coinbase and Coinbase Pro platforms, others were quicker on the uptake. U.S. based crypto exchange Kraken and Switzerland-based ShapeShift already offer transaction batching.
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