It appears the massive influx of new participants in the crypto space is telling on crypto exchanges as recently, the largest crypto exchange by volume, Binance, revealed that its system experienced the after effects of an overload after new crypto merchants emerged. Because of this, the exchange briefly stalled withdrawals.
The CEO of the leading exchange by volume, Changpeng Zhao, noted that the sign ups and buying and selling activities have scaled massively.
Bitcoin and other Altcoins enjoyed a huge upward turn of events following their hall of fame moment when Tesla’s Musk upgraded his Twitter profile with the word “Bitcoin”. Doge also scaled in value after Musk alluded to it.
Read Similar Articles: VISA Set to Enable Crypto Payments- VISA CEO
“We almost ran out of DOGE coin addresses. Our system couldn’t generate new addresses fast enough to match new users coming in. It’s crazy.”
Currently, users are able to withdraw and things are back to normal on the crypto trading site. The exchange’s Twitter page welcomed all the new users on board and assured old users that their monies and assets were safe amidst the temporary lockdown.
Binance also used the opportunity to tell users that they had insurance for their monies as the Crypto brand sets aside 10% of its trading fees into an insurance fund just in case of rainy days.
What are your thoughts, let’s hear it in the comment section below.