Some of the major cryptocurrency trading platforms – Binance, Coinbase, Bittrex, Kraken, and Bitstamp – are likely to add more than 100,000 users per day. Some of these exchanges have renovated their systems to improve scalability. Some other trading platforms have temporarily stopped opening new user accounts. The entire team of Binance is engaged in providing better quality services at this point of time. Changpeng Zhao, the founder of Binance, said that the company had added more than 250,000 users on a single day. Coinbase and Kraken have also allocated a significant portion of their resources in improving the scalability and quality of customer support.
Korbit, South Korea’s third-largest cryptocurrency exchange, had acquired at a valuation of $140 million by a $10 billion gaming group in Nexon. Coinbase was last valued at $1.6 billion in its funding round. However, the exchanges like Bitstamp, and Bithumb could be more than $1 billion. In spite high-profit margins, massive market valuation, and huge resources, these cryptocurrency exchanges have been struggling to address the increasing demand from investors. All these exchanges are now adding more than 100,000 users per day.
The current infrastructure is degraded and unreliable as per Kraken development team. The company said: “We have made noteworthy progress in the past week. It helped us to realize the necessity of improvement in the performance. Unfortunately, we were not able to complete all of the upgrades, and the most impactful measures are yet to come. But, systems should still be considered degraded and unreliable.”