BlockFi Temporarily Suspend New Signups To Its Platform

BlockFi Temporarily Suspend New Signups To Its Platform

While the cryptocurrency space continues on its part of growth, many of its affiliates have also followed the same thread. Many crypto service firms and blockchain technology solutions outfits have spent the last few months building innovative product offerings and services to cope with the influx of individuals to space. However, some of the innovations and product offerings have come with a few glitches, which has caused a few uproars in the space. An example of such is crypto lender, BlockFi, whose new system upgrade has temporarily suspended signups into the blockchain’s system.

A new upgrade is yet to address the situation

In the official post on BlockFi’s website last Sunday, it announced that new users could not sign up due to a system glitch at the moment. The announcement also assured existing users that they have uninterrupted access to the crypto savings platform’s service. The anomaly was first observed on Sunday when a few crypto investors looking to signup to BlockFi’s platform were unable to do so.

However, the Crypto lending firm has now confirmed that there is currently an internal service situation that is derailing its service and has now assured its potential customers that it will soon be fixed with another upgrade. The new upgrade, according to the firm, was set to launch on 8th March 2021. The anticipated new upgrade, set to possess a whole new outlook and features, has now rolled out yesterday. However, unfortunately, the system is still unable to accept new signups. However, the firm is yet to address the new user’s issues, being unable to sign up, as many potential crypto investors wait on the sideline.

Many crypto exchanges can not handle high trading demands

The situation with BlockFi has been discussed by many analysts and crypto enthusiasts on social media. While some argued that BlockFi was intentionally restricting new customers because they did not want to pay them signup bonuses, others have argued that the crypto lending platform was trying to be like eToro, which disallowed new users to its system due to high trading volumes early in the year. In a bid to cope with the high influx of users into its system, the stock trading platform had to increase its customer’s initial deposit.

However, eToro, after a few difficulties, was able to resolve the situation shortly after the situation. Coinbase is another crypto firm that has had challenges coping with high customer demands and trading volumes, especially during the crypto heat period. However, the situation with BlockFi is still uncertain and unclear, as the crypto community demands that the crypto savings platform come out transparently to fix the issues surrounding its systems. The cryptocurrency space’s competitive nature means that crypto users can quickly move to another competitor company currently offering the same service. Fortunately for many crypto users, BlockFi has a few competitors who currently offers mouthwatering product and service offering, that also comes with juicy bonuses, much to their delight.