Financial services company Robinhood faced issues while processing cryptocurrency trades on Tuesday morning, after a spike in the price of Dogecoin that sent users huddled on the app. The website Down Detector stated that the interruption of service started around 9:30 AM ET and its severity reduced about an hour later.
The company confirmed that it faced a ‘partial outage’ in crypto trading and claimed that the issues had been settled around 11:15 AM ET. The interruption was specifically noticeable after it happened during a spike and a further dip in Dogecoin prices.
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At the start of the day, coins were priced at about $0.40 USD. Around 8 AM ET, they surged past $0.50 USD and reached as high as $0.60 USD at around 10 AM ET. Just in a matter of weeks, this became the second Dogecoin-related crypto trading outage of the company.
On April 16th, Robinhood stated that fervor for Dogecoin resulted in ‘sporadic crypto order failures.’ At the time, the company added, ‘These interruptions aren’t acceptable to us.’
The Financial service corporate is expected to go public later this year.