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.
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