After experiencing a bull run in the first half of 2021, the Indian crypto exchanges, including WazirX, CoinSwitch Kuber and CoinDCX, have been paused for a while.
As per data released by WazirX, the largest crypto exchange in Indiaby volume, specifies that in June 2021, the trading activities on its platform slump 60 percent.
WazirX is not the only exchange that is facing difficulties, CoinSwitch Kuber and COinDCX are also there. These exchanges not only experienced a fall in the trading activities but also in user signups. Since the market started declining, the platforms were not able to attract more customers.
Apart from India, the crypto exchanges are facing challenges in other countries like China. When exchanges were questioned regarding the outages they have been facing, globally, the crypto trading platform gave the mix reasons.
Notably, it became difficult for investors to trade their digital assets on the platform after the market crash.
A few months ago, the crypto exchanges were crashed because of the high activities on the platform. The crypto market is presently, experiencing a bear run, the exchanges have decided to use this time period to measure activities on their platform.
While sharing his view on the matter, Nischal Shetty, the CEO of WazirX, said, “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.”
Sharan Nair, the chief business officer of CoinSwitch Kuber, backed Shetty’s statement and said, “Bear markets gives that ability to scale, build a robust system and launch new products.”
He further added that the crypto exchange is planning to improve its security and introduce an educational initiative related to crypto.