Crypto Avenue

Revolut goes down: the risks of centralized crypto

Revolut goes down: the risks of centralized crypto

Revolut experienced an outage today after a technical issue with Google Cloud's London infrastructure disrupted crypto services, card payments, and bank transfers.

The company said customers' money and data remained safe, and the affected services were later restored.

My opinion is that this is another reminder of the risks of centralized crypto platforms. Even if the blockchain itself is working perfectly, you might not be able to access your crypto or trade when you need to if the platform goes down.

What also makes me wonder is why a bank like Revolut doesn't seem to have enough multi-region and multi-cloud redundancy to avoid this kind of disruption. Revolut is a well-known financial company, yet a Google Cloud outage seems to have affected its services.

It's funny because, as a developer, in interviews with corporate companies, I've repeatedly been challenged on system designs involving multi-region deployments, multi-cloud providers, and avoiding vendor lock-in. Yet, from what I've seen in the companies I've worked for, these practices don't always seem to be as common in reality as they are in interview discussions.

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kasra_mp
kasra_mp

Crypto and tech enthusiast. Into free/open software, privacy and decentralized, self-governed platforms.


Crypto Avenue
Crypto Avenue

My blog focuses on providing up-to-date news and insights on the world of cryptocurrencies. I cover a range of topics including the latest developments in the industry, the differences between various cryptocurrencies, and which currencies are worth investing in. I strive to provide accurate and detailed information that is accessible to both beginners and experienced investors.

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