RATE Group | Major US Banks Go Down Due to Stimulus Payout Demands
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Major US Banks Go Down Due to Stimulus Payout Demands

17 Apr Major US Banks Go Down Due to Stimulus Payout Demands

Posted at 03:59h in Bitcoin News by

Some U.S. banks have been unable to handle the increased demand generated by the stimulus checks being distributed to 80 million Americans.

On April 15 the online platforms for US Bank, PNC, and Fifth Third Banks went down, apparently unable to handle the inflow of stimulus funds. On April 16 some users of the online-only Ally Bank reported outages, with US Bank customers reporting ongoing problems as well. 

Banks have shown they are unable to scale with the increased demand. Ironically, the “lack of scalability” is a typical criticism of Bitcoin (BTC) and other blockchain networks, that have been happily chugging along in the meantime without any hiccups. 

Banks like friction

Alex Mashinsky, CEO and founder of Celsius Network (CEL), who is known for his critical stance toward the banking industry, told Cointelegraph the issue highlighted problems with the legacy infrastructure:

“We live in this technological age and everybody can scale, but it’s not what’s happening. But…

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