Brian Armstrong, co-founder and CEO of Coinbase, announced that the team is working on scaling Solana infrastructure to manage an unexpected increase in activity. The statement was made on X on January 19.
"Team is working hard on scaling our Solana infra now - lots of Solana activity last few days, we were not anticipating this level of surge," said Armstrong, co-founder & CEO.
According to Cointelegraph, Coinbase users have reported significant delays in Solana transactions, with some transfers taking hours to complete. These delays coincided with a surge in Solana network activity following the launch of memecoins by U.S. President Donald Trump and his wife Melania. This surge resulted in network congestion; however, Coinbase's delays appeared to be independent of Solana's issues. Some users observed that transaction settlement times lagged behind Solana’s network, with delays extending up to 15 hours. Despite these challenges, Solana maintained 100% uptime over the past 90 days. Coinbase is addressing the issue and working on scaling its infrastructure.
"Has taken 5 hours and Coinbase has still not sent my Solana to another wallet. This is unacceptable. This has potentially lost me money," said user Jon in an X post, responding to Armstrong's update on delays in Solana transactions caused by increased activity.
Armstrong is the co-founder and CEO of Coinbase, a cryptocurrency exchange established in 2012 that aims to create an open financial system globally. He also co-founded NewLimit in 2021, focusing on extending human health span using epigenetic reprogramming. Armstrong earned a bachelor's and master's degree in computer science from Rice University. His previous roles include Technical Product Manager at Airbnb, Founder of UniversityTutor.com, and Consultant at Deloitte.
Coinbase, founded in 2012, is a cryptocurrency exchange offering a platform for trading, staking, safekeeping, spending, and transferring crypto assets. It serves over 245,000 ecosystem partners across more than 100 countries, supporting both individual and institutional users. The company reports $185 billion in quarterly trading volume and $273 billion in safeguarded assets while employing over 3,600 people globally.