WazirX, CoinSwitch experience heavy bear markets; cryptocurrency companies in India look to build capacity, improve security

The largest cryptocurrency exchange by volume, WazirX reported a 60 percent slump in the trading activity in June in comparison to May.

WazirX app (Image: By sdx15/Shutterstock)

Indian cryptocurrency trading platforms – including WazirX, CoinSwitch Kuber and CoinDCX – are now experiencing a lull after a historic bull run in the first half of 2021.

India’s largest cryptocurrency exchange by volume, WazirX, reported a 60 percent slump in trading activities in June in comparison to May, a report in The Economic Times said. Similarly, CoinDCX and CoinSwitch Kuber also experienced a decline in addition to the reduction in user signups. the report added.

Cryptocurrency exchange outages were reported not just in India but globally – following a crash in crypto assets including Bitcoin and Ethereum on May 19. Exchanges gave a mix of reasons for outages after angry users and traders reported difficulty in trading their digital assets.

The platforms are using this bear run to scale capacities after these trading platforms crashed due to high activity in the previous months. Nischal Shetty, WazirX CEO told the publication that the idea is to now work on both improvement and new features as there was no “bandwidth to build anything new in the past five to six months because of crazy volumes.”

A similar sentiment was shared by Sharan Nair, the chief business officer of CoinSwitch Kuber who said that bear markets “gives that ability to scale, build a robust system and launch new products”. He added that the company was also looking to enhance security and launch cryptocurrency educational initiatives.

Moneycontrol News