Good news for cryptocurrency traders! The prominent cryptocurrency exchange Kraken came back online, effective 13th Jan at 11:30 UTC. And what’s more, they have even announced that free unleveraged trading on their Twitter and site both, until the end of this month. Kraken, said to be the “the world’s largest bitcoin exchange in euro volume and liquidity”, had gone offline on 11th Jan for a scheduled system upgrade of two hours. Kraken, based out of the United States, operates in Canada, the EU and Japan as well.
For large bitcoin traders, it introduced Ethereum dark pool trading and even Ven (currency) has been traded on this crypto exchange. It has had performance issues throughout the last year, 2017. The intended system upgrade of 2 hours on 11th Jan, however, lasted for over 48 hours, inconveniencing the users. The only updates from Kraken were progress assurances and explanation of a production environment bug. Considering that the users were already facing some issues, this downtime just added to their woes.
The 12th Jan update
Interestingly, on 12th Jan, Kraken put out the below update on their website.
“We are close but rather than launch immediately ahead of the team passing out; we will push off a bit to get some rest and be able to better monitor systems and react to problems following launch. Unfortunately, this means several more hours of delay.”
It meant that though they had managed to get things under control, they actually decided to send their engineers home for a much needed rest, instead of going online immediately. That further added to the downtime and the frustration.
The bright spot
The bright spot has been that since the launch, the site has been functioning well, without many hitches. Trading was halted for several hours because of problems in displaying order book data, but that has been since resolved. And as if to make up for the troubles, they came out with the free unleveraged trading, which should hopefully satisfy a lot of users. This was the longest interruption in the services of Kraken, since their launch in 2011. Earlier, in November 2017, their CEO Jesse Powell had apologized for the issues with the site, but also cited an impeccable record in terms of security.
The other exchange issues
Kraken, by the way has not been the only cryptocurrency exchange to face issues. The recent developments in bitcoin trading have seen a great influx and perhaps that has added to the woes of many systems, which did not foresee it. Another cryptocurrency exchange, Coinbase also had to go offline for several hours, sometime in May.
Many others like Bitfinex, Luno and Bitstamp also had issues leading to maintenance downtime. This has been attributed to the huge unexpected increase in trading, with people looking to make a kill, because of the bitcoin surge, being reported every day. The price of bitcoin has been on a rise and this meant that the trading volumes were rather huge.