SAN FRANCISCO - Cryptocurrency platform Uphold has been experiencing technical difficulties that are causing delays in cryptocurrency withdrawals, including for the digital currency XRP . The issues were first acknowledged by Uphold on Monday, with the company swiftly informing its users via X (formerly Twitter) about the ongoing problems.
The withdrawal delays seem to be part of a broader pattern of transactional congestion. Today, reports have emerged of a Coinbase (NASDAQ: COIN ) user facing a seven-hour wait, at the time of disclosure, for an Ethereum transfer to be completed, highlighting the frustration among customers over the prolonged transaction times across various platforms.
Although Uphold has not specified the exact cause of the current withdrawal delays, past service interruptions at the company have been attributed to increased demand following favorable legal decisions regarding XRP. It is speculated that the current issues may be related to the registration process for the Evernode airdrop, which involves over two billion qualifying XRP tokens. The anticipation for this event could be contributing to higher-than-usual traffic and subsequent stress on the system.
Cryptocurrency exchanges like Uphold and Coinbase are no strangers to challenges brought about by sudden spikes in activity. Users of these platforms are often reminded of the volatile nature of digital asset markets, not just in terms of price but also in operational performance during periods of high demand.
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