Overwhelmed Cryptocurrency Exchanges Are Hiring Staff by the Hundreds
19 Januar 2018 - 12:07PM
ADVFN Crypto NewsWire
Cryptocurrency exchanges have been overrun for months, as
record demand has caused throttling or restriction of service
altogether. With exchanges buckling under the strain, a number of
platforms have been forced to temporarily shut their books. On
Thursday, Bitstamp announced plans to recruit 100 new call center
staff as it struggles to feed the crypto frenzy.
Bitstamp Buttresses its Exchange
When crypto mania and bitcoin prices peaked in December, exchanges
were onboarding over a million users a day. Prices have since
dropped, but demand for admission to the crypto party has not.
Users are still flocking to exchanges, and exchanges are doing
their best to accommodate them whilst tending to their existing
customer base. In a frank and detailed
blogpost on Thursday, Bitstamp
CEO Nejc Kodri tried to sum up the extent of the problem. He
began:
"Our data confirms what was beyond even our most optimistic
forecasts for customer growth in the past year. Under normal
circumstances this would be cause for celebration, but we are
certainly far from feeling in celebratory mood."
He also hinted frustration at having to field so many queries from
newbs who lack the slightest understanding of the sector they’re so
hastily piling into, noting: “The arrival of so many people who are
completely new to the industry means we are also now fielding very
different questions about what crypto is”.
Madness and Mania
Other exchange CEOs can relate to Kodri’s situation. Last week
Michael Gokturk, co-founder of Canada’s Einstein Exchange described
the avalanche of customers trying to sign up as “madness”. CBC News
reports how the exchange was
forced to significantly increase its staffing, and now has over 50
employees working out of its Vancouver and Montreal offices. Goturk
claimed to have “lost his voice” apologizing to clients who’d had
funds held in limbo while the exchange played catch-up.
Bitstamp is also heavily investing in human resources. Nejc
Kodri writes:
"Aware that you need real-time contact with us, and much better
response times, we will be setting up a call centre with over 100
staff, which will be up and running in the coming weeks. We will
also have a new ticketing system in place in 2 weeks from now to
expedite the resolution of open tickets."
He finishes: “Don’t give up on us. I promise you that the efforts
we are making will soon show results.”
Denial of Service
Other exchanges have also been hit with growing pains, with
Bittrex, Cryptopia, Bitfinex, and Binance all temporarily shutting
up shop at some stage during the past month. Normal service has
since been resumed, and exchanges are reporting record trading
volume. On Thursday, Binance published a snapshot of its six-month
performance, revealing that it now serves three million active
users a day.
From Bittrex’ curious coin delisting policy to Kraken’s record
downtime, every major cryptocurrency exchange has been in the news
this week. Even Poloniex hasn’t been exempt; gremlins in its
trading platform caused users to report a spate of oddities,
including massive sell walls and orders disappearing from the
books. The problems now seem to have been addressed, but not before
Zcash was forced to publish a statement pointing out
that the ZEC sell wall on Poloniex was impossible, as at 3.9
million coins it was greater than the total number of Zcash in
existence.
From onboarding to uptime, cryptocurrency exchanges are being
vigorously stress tested. With only 1% of the world invested in
crypto, the avalanche of new users may still have a long way to
run.
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