Blockchain co-founder Nic Cary told CoinDesk the downtime was down to the company "installing some new equipment", adding that it has been "growing fast" lately.

The company’s outage follows a six-hour period of downtime experienced by global bitcoin marketplace LocalBitcoins earlier this week.

LocalBitcoins’ community manager 'Max' said in a post on Reddit the problem was related to server issues: "It seems a server got hung up ... We're about to move to new equipment as the current servers are quite old, sad that they had to crash before we moved."