Cryptocurrency exchange KuCoin has announced the temporary closure of deposit and withdrawal services for Avalanche (AVAX), citing node maintenance as the reason behind the move. In a statement released on their official website, the exchange stated that they have taken this step to ensure the safety of user accounts and assets during the maintenance process.
The temporary closure of AVAX deposit and withdrawal services has been announced by KuCoin in response to the node maintenance on the network. The exchange has not specified when these services are likely to resume. However, KuCoin has assured its users that they will be notified through a further announcement when the services have been restored.
The temporary suspension of AVAX deposit and withdrawal services on KuCoin is likely to cause inconvenience to its users who hold the cryptocurrency on the exchange. However, it is worth noting that the exchange has taken this step to ensure the safety of its users’ accounts and assets during the node maintenance process.
A look into AVAX and KuCoin
AVAX is the native token of Avalanche, an open-source platform designed to facilitate the creation of decentralized applications (dApps) and enterprise blockchain solutions. Avalanche is also known for its high transaction processing speed, with the network capable of processing over 4,500 transactions per second.
AVAX is relatively doing well in today’s market session ahead of the recent recovery being witnessed today on the market.
Trading at $17.66, AVAX had recorded an increase of over 3% within 24 hours with the trading volume also surging by 14.5%. The asset’s market cap also recorded a 3.5% increase as of press time.
KuCoin is a global cryptocurrency exchange that offers trading services for various cryptocurrencies, including AVAX. The exchange has a large user base and has been operational since 2017.
