Traders of cryptocurrencies that are using Coinbase are experiencing difficulties accessing their accounts and executing market orders. While another Silicon Valley exchange, Kraken, is known to have experienced major issues in recent weeks during volatile times, the service outage at Coinbase for some clients today is news.
The company stated on its real-time status page that it is investigating “performance issues” at 06:31 PST. About half an hour later Coinbase updated the information to reflect that it has identified the issue and it is working to fix it.
Increased traffic to crypto exchanges in recent weeks might have caught some of them unprepared to welcome so many traders at the same time. Coinbase stated at 07:38 PST that it is working to restore access for all of its customers after elaborating that some might be experiencing difficulties with using the exchange.
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The on-boarding of new clients is another issue which one of the most popular exchanges is experiencing issues with. As of 08:16 PST Coinbase has updated its status page to include a message that at present it is unable to verify IDs of clients.
The last major outage of Coinbase was on September 25th, when the company experienced a partial outage for about an hour and a half.
During the startup phase of an industry, such difficulties are not unusual. Coinbase is facing an increasing challenge as it would have been difficult for the company to predict the scale to which it is going to grow in merely a couple of months.
On November 2nd, the San Francisco-based exchange reported that it has onboarded 12 million users. Since then the demand for BTC continued soaring, prompting the deployment of vast additional resources to support the website and the matching engine.