Coinbase reduces Bitcoin transaction fees by 75% through batching.

The largest U.S. cryptocurrency exchange Coinbase helped customers save 75% on Bitcoin network transaction fees through batching.

Earlier this year, Coinbase rolled out Bitcoin batching. This post explores the benefits of batching for Coinbase customers, internal operations, and the Bitcoin network:https://t.co/ZbuCJnq5uk

— Coinbase (@coinbase) August 11, 2020

Coinbase rolled out batching technology in March. It consolidates multiple transactions into a single one, reducing transaction fees.

By batching, the exchange also reduced its total daily transaction volume by 95%. The company noted that this positively affects the entire Bitcoin network. Earlier this week, the average transaction fee on the network fell by 58%.

In late July, Veriphi concluded that the use of batching by all participants in the Bitcoin network could save about 21 132 BTC in fees. The adoption of SegWit by all infrastructure providers would save an additional 36 686 BTC.

Meanwhile, a Coinbase spokesperson Ermin Wong announced the exchange’s withdrawal from the Blockchain Association of the United States, according to The Block. The decision is attributed to the organization’s controversial moves in recent weeks, in particular its failure to meet strict membership criteria.

On Monday, August 10, Binance.US, the American arm of the exchange, announced its entry into the association. Coinbase did not specify whether this affected the company’s decision to leave the organization.

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