The Kraken exchange is one of the biggest digital asset trading platforms, with a vast quantity of customers. On January 10, the exchange told the public that it was “performing a system upgrade on Thursday, January 11 at approximately 5:00 UTC (Wednesday, January 10 at 9 pm PT).” The upgrade was initially only supposed to last two hours but that time passed with no restoration of service and customers started getting irritated. Kraken users on forums and social media complained as each hour passed during the day. As the day progressed the exchange updated the public via Twitter:
“We are in the final stage of installing the upgrade now — We are getting close but hard to give an exact ETA since it depends on how the final testing goes,” explained Kraken.
Earlier this week the San Francisco-based cryptocurrency exchange Kraken scheduled some downtime to upgrade the trading platform’s system. The upgrade for one of the world’s largest digital asset exchanges was supposed to last for only two hours, but the website remained down for well over 24 hours. Kraken is now back online and plans to offer zero fee trading until January 31 to make up for its customers’ inconvenience.
Kraken surely noticed its users upset over the downtime, especially when markets have been extremely bearish so the company apologized for the downtime. For this reason from now and until January 31, the trading platform is giving customers zero fees for all unleveraged trades until January 31, 2018 (UTC). Additionally, the exchange is reducing margin position fees to 0.005 percent until the end of the month as well.
The experience has reminded cryptocurrency proponents that exchanges can go down at any time and for very long periods. Unfortunately, many people also have memories of exchanges that never came back online and their funds are now gone forever. This made the Kraken experience unnerving for many of its users.