With everyone from chemists to street sweepers piling into Bitcoin, cryptocurrency exchanges are struggling to keep up with demand.
Exchanges worldwide are adding around 100,000 new users each day, even after the recent pullback in the Bitcoin price.
The surge in sign-ups peaked in January and caused lengthy delays in verification. A number of top exchanges were forced to stop accepting new users, or to impose limits on new sign ups while they upgraded their systems to cope. Users flooded social media to complain of server downtime and painfully slow transactions.
Binance had to put a cap on new users after 240,000 users signed up in a single hour. The exchange only opened in July 2017 but has since signed up 7 million users and has become so popular it sometimes trades more than $8 billion USD a day. In February it went offline for a day and a half — an outage that was lengthened by the huge amount of user data Binance has on its servers.
CEX.IO, Bitfinex, Bittrex, and Kraken have all reported similar difficulties in handling the flood of new users.
But the huge surge in demand has also created enormous commercial opportunities for new exchanges such as the Melbourne-based Nauticus Exchange.
Set to open by mid-year, the exchange will initially offer 100 cryptocurrencies, which will increase to more than 300 over the next 12 months. That’ll put it in the top ten exchanges worldwide.
The exchange will have a truly global focus and will support six major foreign currencies at launch — USD, EUR, JPY, HKD, AUD and ZAR. This will later expand to 16 fiat.
Only BTC, ETH and the Nauticus Coin will be able to be directly exchanged for all 100 of the other altcoins. Users of the Nauticus Coin will get a 50 percent discount on trading fees, which will drive the adoption, use and price of the coin.
A similar strategy by Binance, saw the Binance Coin increase in value by more than 22,000 percent to its highs. Even its current price is a 10,000 percent rise from the ICO.
Nauticus will also establish a sustainable, large-scale blockchain mining center next year that will provide additional revenue, and a sizeable amount of server capacity to ensure ultra-fast processing for all users of Nauticus services.
Profits will be reinvested in the business to support the development of a low-cost eCommerce marketplace, along with merchant and peer-to-peer payment platforms. These will be underpinned by the Nauticus Coin, Exchange, Mobile App and Wallet.
The company will also offer ‘one and done’ Know Your Customer (KYC) verification and create an ICO community, which will provide resources and services for new ICOs as well as a quality verification system.
Nauticus has just launched pre-registration for its Initial Coin Offering.
The presale begins on March 18 and the ICO itself runs from March 31 to May 18, 2018.
ICO backers who register on the website now will be rewarded with 100 FREE COINS. There are many more free coins on offer through our referrals program.
The Nauticus Coin will underpin six global banking and eCommerce solutions and can be traded on the Nauticus Exchange at the end of the ICO period.
Early supporters of the Nauticus ICO will be provided a BONUS OF UP TO 30 PERCENT FREE COINS.
For more information and to read our white paper, visit nauticus.io
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This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.