Just as trading in Bitcoin futures is starting next week on the CME, one of the bigger crypto exchanges, Kraken, has announced that it is preparing a major upgrade to its systems. The company has been going through some tough times recently with the performance of the exchange being highly criticised by users.
In an apologetic post on its website, Kraken has highlighted that its recent troubles are caused primarily by continually increasing demand. The exchange states that it has seen a sharp spike higher in the number of users that use its services.
The company acknowledges that it was overwhelmed by about 50,000 registrations per day with close to 10,000 new support tickets. The demand coincides with surging demand for altcoins and the rise in the likes of Ethereum, Dash, IOTA, Ripple, Cardano and other smaller cryptocurrencies.
Kraken states that the number of users it is servicing is hitting all-time highs with the performance of the website being “extremely degraded and unreliable”. The company states that users should expect “severe latency” and “difficulty interacting with all web and API services”.
No solution for the problems is provided in the company’s statement. Customers are advised to wait and try again later.
During the coming week, Kraken will upgrade its systems and states that it is expecting to resolve the scaling issues of the current framework. The firm is outlining that the upgrade has been delayed due to the crypto exchange’s ongoing efforts to support its existing system.
Kraken is also highlighting that it is not offering phone support and some users have been contacted to provide their account details to phishing scammers. The firm is informing its users that refraining from actively advertising a client’s involvement in cryptocurrencies is the best course of action.
Kraken concludes its statement with the following lines: “We regret that we cannot at this time offer what we feel is an acceptable quality of service to our clients. We hope to make it up to you in the coming weeks. In the meantime, please trade with caution. The markets are highly volatile, and you are likely to have trouble managing your orders.”