Crypto Exchanges Need To Level Up
1 min read
The surge in the general crypto market over the last few years has attracted a tsunami of companies launching their own version of crypto exchanges. Suddenly, we find non-financial executives launching and running a financial platform.
It is one thing to build a car. It is another to build a Ferrari. The volume of trades over the last few months have easily quadrupled since BTC broke through the $20,000 price level. This has brought wealth to old guards like Coinbase and Binance. But, at the same time, these trading platforms came under immense stress. Coinbase, Binance, Kraken and many others experienced outages during periods of high volatility.
One can easily google for a whole list of crypto exchanges which were brought down as a result of extreme market exuberance. Traders are often vexed for not being able to place profitable trades or to cut their losses. The savvier ones would use trading bots like CryptoHero to make trades via API connections in such desperate moments.
And it seems that only the more established crypto exchanges have embarked on an overall system upgrade (an expensive endeavour) in order to meet surges in trading volume. Just today, Binance has completed their trading system upgrade. We hope and believe more will follow.
As time passes, the simple value of being available 100% of the time would attract the crypto trading community to the crypto exchange like bees to nectar.
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