Coinbase, the $1.6-billion-valued company and also the
world’s most popular exchange platform for converting fiat into crypto,
became the most download app in Apple’s U.S. App Store for the first time
as the price of bitcoin whizzed past $17,000 thanks via a price jump of over 20
percent in 24 hours.
world’s most popular exchange platform for converting fiat into crypto,
became the most download app in Apple’s U.S. App Store for the first time
as the price of bitcoin whizzed past $17,000 thanks via a price jump of over 20
percent in 24 hours.
And now, due to the downtime time experienced during that
period, the company is sending a warning signal to investors to be wary of
future downtime or crash. Read the statement sent to me via mail below:
period, the company is sending a warning signal to investors to be wary of
future downtime or crash. Read the statement sent to me via mail below:
“We at Coinbase
couldn’t be more excited by the explosion of interest in digital currencies.
The last few weeks has seen an unprecedented increase in the price of digital
currencies. More people are engaging with our platform than ever and that bodes
well for the future of the digital currency. At the same time, it does create
extreme volatility and stress on our systems. We take this very seriously and
wanted to share some important thoughts.
couldn’t be more excited by the explosion of interest in digital currencies.
The last few weeks has seen an unprecedented increase in the price of digital
currencies. More people are engaging with our platform than ever and that bodes
well for the future of the digital currency. At the same time, it does create
extreme volatility and stress on our systems. We take this very seriously and
wanted to share some important thoughts.
We’re continuing to invest heavily to scale our platform
Over the course of
this year we have invested significant resources to increase trading capacity
on our platform and maintain availability of our service. We have increased the
size of our support team by 640% and launched phone
support in September. We have also invested heavily in our infrastructure
and have increased the number of transactions we are processing during peak
hours by over 40x.
this year we have invested significant resources to increase trading capacity
on our platform and maintain availability of our service. We have increased the
size of our support team by 640% and launched phone
support in September. We have also invested heavily in our infrastructure
and have increased the number of transactions we are processing during peak
hours by over 40x.
There may be downtime which can impact your ability to trade
Despite the sizable
and ongoing increases in our technical infrastructure and engineering staff, we
wanted to remind customers that access to Coinbase services may become degraded
or unavailable during times of significant volatility or volume. This could
result in the inability to buy or sell for periods of time. Despite ongoing
increases in our support capacity, our customer support response times may be
delayed, especially for requests that do not involve immediate risks to
customer account security. You can read more in our Coinbase User
Agreement.
and ongoing increases in our technical infrastructure and engineering staff, we
wanted to remind customers that access to Coinbase services may become degraded
or unavailable during times of significant volatility or volume. This could
result in the inability to buy or sell for periods of time. Despite ongoing
increases in our support capacity, our customer support response times may be
delayed, especially for requests that do not involve immediate risks to
customer account security. You can read more in our Coinbase User
Agreement.
Be an educated investor
We also wanted to
remind customers of some of the risks associated with trading digital currency.
Digital currencies are volatile and the prices can go up and down. Due to the
rapidly changing price of digital currencies, some customers may not have sell
limits that are sufficient relative to the value of total digital currency they
are storing on Coinbase. Sell limits are one of the many measures Coinbase
takes to protect client accounts and assets.
remind customers of some of the risks associated with trading digital currency.
Digital currencies are volatile and the prices can go up and down. Due to the
rapidly changing price of digital currencies, some customers may not have sell
limits that are sufficient relative to the value of total digital currency they
are storing on Coinbase. Sell limits are one of the many measures Coinbase
takes to protect client accounts and assets.
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As a proactive
measure, we encourage customers to check the following items on their accounts:
measure, we encourage customers to check the following items on their accounts:
- Ensure your email
address is properly receiving all communications and notifications from
Coinbase. To learn more about ensuring email delivery, please refer to this support
article.
- Ensure your two-factor
authentication is updated and functional. If you have recently switched mobile
devices, your two-factor authentication needs to be properly migrated to the
new device. In addition, please migrate from SMS two factor to Google
Authenticator to enhance the security on your account, if you have not already
done so. To learn more about two-factor authentication, please refer to this FAQ.
- Familiarize yourself
with your buy and sell limits. They can be found here.
- Complete any pending
identity verifications. During times of significant volatility, ID verification
may become degraded or unavailable. To learn more about identity verification
on Coinbase, please refer to this FAQ.
- Expect payments to
take the maximum number of days indicated when making a deposit or withdrawal.
Stay up to date
We will continue to
update customers for our website, our status page, in our apps, via email, on our blog
and on Twitter.
update customers for our website, our status page, in our apps, via email, on our blog
and on Twitter.
We will keep you
informed
informed
We are committed to
safety, security and transparency. We are working tirelessly to provide the
best service and support but we can’t promise perfection during the periods of
extraordinary demand. We will continue to do our best to keep our customers
informed.
safety, security and transparency. We are working tirelessly to provide the
best service and support but we can’t promise perfection during the periods of
extraordinary demand. We will continue to do our best to keep our customers
informed.
Thank you,
The Coinbase Team”
