USA-based crypto exchange Coinbase has just reported it has added a new functionality that allows its users to save on fees.
According to the announcement on Coinbase's blog, this new feature allows the users of the platform to bundle their Bitcoin transactions, which in turn allows them to pay lower fees.
Users need not do anything to do anything on their side to enable this functionality, which "will allow different transactions to be bundled into one, which in turn will help reduce the load on the Bitcoin network as well as the fees users must pay."
Coinbase product manager Eli Haims has reported the load on the Bitcoin network will be reduced by 50%, so the fees are also expected to be reduced by a similar percentage. He said:
"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."
According to CoinMetrics, the standard fee for making transactions on the BTC network is $0.30.
Coinbase is not the first exchange to launch this type of service, as other trading platforms such as Kraken and ShapeShift started offering this functionality to their users some time ago.
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