Cryptocurrency users may have noticed the issues affect the Kraken exchange. After months of terrible performance, the company finally upgraded its services. Or that was the plan, as a fair few things went wrong during the maintenance. Not only did it take three days longer than expected, the upgrades have made no real impact. In fact, some people would argue the service is even slower and error-ridden than before.

Building trust in the world of cryptocurrency is not all that easy. Even major cryptocurrency exchanges struggle on that front. Kraken is a solid exchange and one of the oldest platforms still running today. Unfortunately, their infrastructure and service have performed below expectations for some time now. An ugly website interface combined with a crappy API has not helped matters much. This is all despite the company securing tens of millions of US Dollars in funding over the years.

Kraken Remains a Very Messy Exchange

The necessary upgrade finally began a few days ago. At first, it was expected Kraken would be offline for a few hours. This eventually turned into three full days of the service being unavailable. A lot of users are genuinely annoyed, for obvious reasons. When the platform finally came back, the party did not last all that long. None of the upgrades seem to work and trading has been halted once again. Moreover, there is a slew of missing deposits, both in fiat and cryptocurrency values. Not a positive development by any means.

As part of the upgrade, Kraken had to cancel all open orders. None of the trading pairs have any liquidity to speak of either Buying, selling, and trading is impossible until services are available again. It is evident there is no real performance boost to speak of so far. The last update was shared nearly four hours ago. It is evident Kraken has a lot of explaining to do in the coming days. So far, no one is impressed by their actions, which is understandable.

How things will move forward, is unclear right now. Until services are resumed, there will be plenty of speculation. It is good to know user funds are safe and accounted for, even though balances still need to be updated. That process will take a maximum of two additional business days once things go back to normal. This is not an ideal situation, but there is nothing users can do about it either. This exchange has a ton of potential if they can get hardware and software to play nicely together. Right now, that seems a very steep challenge which may even be insurmountable.

Header image courtesy of Shutterstock

Tags: , ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.