Coinsecure struggles to cope with flood of Indian users as Bitcoin skyrockets

Sriram Sharma May 25, 2017

As Bitcoin breaches the Rs 2 lakh mark, Delhi-based Bitcoin trading platform Coinsecure is struggling to cope with new customers, who complained about website downtime, delays in new customer verifications and support issues.

Coinsecure’s handle on Twitter has been flooded by a rash of angry complaints from users in the past 24 hours. One complained about withdrawals pending for six days, others about being unable to log into the app and being unable to access the site.

A recent news story published Wednesday by Cryptocoinsnews quotes a Coinsecure user who visited the company’s premises as saying that the company was struggling to cope with the surge in users, withdrawals, and deposits.

Coinsecure is yet to respond to emails and phone calls from FactorDaily requesting for comment. We will update this story as we hear from them.

“To help with pending INR withdrawals, we have contacted our banks to assist us. We hope to process them through NEFT and RTS tomorrow. If everything goes well, all pending withdrawals will be cleared out tomorrow and we will move to processing pending deposits,” reads a statement published on their FAQ page.

Bitcoin rates breached the Rs. 200,000 mark on Indian virtual currency exchanges for the first time on Wednesday. Chart via Bitcoinrates.in

Meanwhile, Bitcoin’s value continued to skyrocket, breaching the Rs 200,000 mark for the first time on Wednesday. In the last 24 hours, its value has risen by 20%, with buy rates rising all-time high of Rs 2,25,012 per Bitcoin. According to Coindesk, a virtual currency focused news site, Bitcoin values have risen by a whopping 111% — from $1252 to $2643 — in the past month.

One of the top-funded Bitcoin exchanges in the country, Coinsecure closed a Series A round of $1.2 million on January 2016. Other well-funded Indian Bitcoin startups include Ahmedabad-based Bitcoin wallet Zebpay and Bangalore-based Unocoin.

 


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