Cryptocurrency Exchanges Are Growing at an Alarming Rate

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Several major bitcoin and other cryptocurrency trading platforms have been growing at an exponential rate as of recently. Some have reported gaining as much as 100,000 users per day according to a new report. The report stated that “Many of the leading cryptocurrency exchanges such as Coinbase (GDAX), Binance, Bittrex, Bitstamp and Kraken have struggled in dealing with the abrupt surge in demand for cryptocurrencies. Some exchanges have overhauled their systems to improve their scalability, while others have temporarily stopped opening new user accounts.”

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The founder and CEO of Binance, the global market’s largest cryptocurrency exchange with an over $9.5 billion daily trading volume stated recently that they have added as much as 250,000 users in a single day. He stated that “Sorry guys, servicing existing members is a higher priority at this point. Full team working around the clock. Both tech and support. Just too much demand. Added 250,000 new users in the last 24 hours.” Binance stated that “due to the overwhelming surge in popularity, Binance will have to temporarily disable new user registrations to allow for an infrastructure upgrade.

We apologize for any inconvenience caused.” The development team at Kraken, another major exchange stated that “We have made significant progress in the last week with the system upgrades and have realized moderate improvement in performance. Unfortunately, we were not able to complete all of the upgrades and the most impactful measures are yet to come. For the time being, systems should still be considered degraded and unreliable.” The cryptocurrency industry is still relatively new, with many people coming into the space as of recently. The hopes are high that this new market will be able to constantly and consistently add growth to it, to continue the proliferation of such a groundbreaking market.”

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