Kraken Suffers Connectivity Issues with Site, API and Mobile Apps

Kraken, one of the world's longest-operating cryptocurrency platforms, announced on its online page that it was experiencing slower than normal response times and that its application programming interface was down. Clients also reported difficulty connecting to the site, APIs and mobile apps.

Kraken attributed the issues to "the very heavy traffic." It has pointed to an unexpected surge in transaction and user volumes leading to a server outage.

Connectivity issues are also affecting payments using the 'Buy Crypto' tool as well as card payments via web and mobile.

"We are running to correct the factor and will update it as soon as we have more information," Kraken updated on his prestige page before adding "The factor has been known and a solution is being implemented. "

About Kraken

Kraken recently announced that it "is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets."

Kraken obtained a charter from the State of Wyoming to operate the world's first special purpose depository institution (SPDI). In 2019, Wyoming enacted a law to authorize the chartering of SPDIs as a new form of bank, to facilitate the establishment of financial institutions with the requisite expertise to provide banking services to blockchain innovators.

Kraken currently operates one of the largest cryptocurrency exchanges, and it noted that its SPDI's banking services "will be seamlessly integrated into the existing exchange services, providing clients better funding infrastructure, a better experience and enhanced regulatory clarity."