WazirX reaches $5.4 bn in crypto transactions in April
By MYBRANDBOOK
WazirX claims to have hit $5.4 Bn in transaction volumes in April. WazirX had processed crypto transactions worth $500 Mn in December 2020, which means it has achieved a 10X growth in just 5 months. There are other significant growth metrics too. For instance, its user base shot up by 50% to 3 Mn in April, and last week it saw crypto trades worth over $380 Mn on its platform on a single day.
WazirX founder Nischal Shetty, said, “A lot of factors have contributed to the growth. Be it the Supreme Court lifting a ban on facilitating transactions related to cryptocurrencies by banks, the pandemic, the global landscape becoming more crypto-friendly or our efforts to make the platform better by giving more options to the user by having 150+ tokens. As the industry is growing, it is natural that we will also grow.”
The cryptocurrency market has been surging amid the pandemic - global crypto market capitalisation has risen 10X from over $200 Bn in March last year to more than $2 Tn - but there is a fear that these digital assets are just pegged on sentiment and no real value is associated with cryptos.
According to reports, the frenzy around Dogecoin was one of the key reasons that led to banks placing informal curbs on transactions related to crypto recently. However, digital payments regulator NPCI has said that it won’t place any such restrictions on virtual currencies.
However, WazirX faced a severe lag on its mobile application and website on May 4, which led to several users complaining about losses worth thousands. The incident happened just as the price of Dogecoin began to rise rapidly. WazirX’s server was unable to process these transactions at the time. For many users, the delay in processing resulted in heavy losses.
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
TP-LINK INDIA PVT LTD.
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
TEJAS NETWORKS INDIA PVT. LTD.
SAMSUNG INDIA ELECTRONICS PVT. LTD.
Technology Icons Of India 2023: Shailender Kumar
Shailender Kumar is senior vice president and regional managing direct...
Technology Icons Of India 2023: Vijay Shekhar Sharma
Vijay Shekhar Sharma is an Indian technology entrepreneur and billiona...
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
BEL leveraging next generation technologies to keep the country ahead in Defence space
Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry ...
NPCI leading India towards Digital payments
The National Payments Corporation of India (NPCI) is an initiative tak...
PGCIL transforming India with its wide power transmission network
Engaged in power transmission, POWERGRID or PGCIL is a stated owned In...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...
SATCOM INFOTECH PVT. LTD.
Satcom Infotech Pvt. Ltd is a distribution houses in security in India...
REDINGTON INDIA LIMITED
Redington (India) Limited operates in the IT product distribution busi...