02:55 PM EDT, 03/19/2024 (MT Newswires) -- Coinbase Global ( COIN ) plans to invest in upgrading its infrastructure after soaring volume resulted in trading and platform woes, Bloomberg News reported Tuesday, citing Chief Executive Officer Brian Armstrong.

The platform outages were caused by higher-than-expected trading surges, the CEO said, according to Bloomberg.

Coinbase shares fell 3.3% in recent trading Tuesday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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