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Cryptopia announced on the 6th that the cryptocurrency exchange would pause registrations due to exponential growth. Although cryptopia is one of the less popular exchanges, the crypto exchange opened it’s doors to uses in December of 2014.
Since then, the exchange has seen significant growth over the years. Cryptopia states that they hit a milestone of 500,000 users on December 1st of 2017. Since then, growth has skyrocketed to a staggering 1.4 Million users in the month of January 2018. With this type of growth there are bound to be growing pains.
According to users of the exchange support response times became sluggish at best. However, this should be expected when a platform has such an amazing increase in users. To put this into numbers, the growth rate from December 2017 to January 2018, Cryptopia saw an increase of over 900,000 registrations in the short span of a month.
That is around 180% growth in merely one month.
To add insult to injury, the amount of growth the exchange has seen as since halted transactions. It would seem that Cryptopia’s hardware cannot keep up with the sheet amount of trades happening on the exchange.
In a tweet from Cryptopia, they annouced that they have since halted any transactions:
Markets are paused because the Trade engine cannot handle the number of trades occurring. Pausing markets = less trades happening. Pausing registrations = less users making trades. The two issues are related. We don’t have an ETA, we wish we did. We are doing our best.
— Cryptopia Exchange (@Cryptopia_NZ) January 7, 2018
While this may cause frustration among Cryptopia’s user base, users do need to understand that it’s not every day a platform see’s this much growth in such a short period and can sometimes be troublesome to plan for.
Despite the frustration, this pause is in Cryptopia’s users best interest to keep future issues from happening later on down the line as trade and registration volume increases.
As I have personally traded on the Cryptopia exchange, I find it refreshing that the platform is taking steps to prevent future issues and maintain a stable trading environment for it’s users.
What do you think? Should Cryptopia have had better measures in place or do you understand the process of growing pains? Let us know in the comments or discuss it on our discord.