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As the crypto market has been in the grip of a bear market because of the current global economic slowdown, Cryptocurrency exchange, WazirX laid off 40% of its employees.

WazirX lays off 40% of its employees amid crypto winter

WazirX daily trading volumes have been steadily declining from a one year high of 478 million on October 28, 2021 to 1.5 million on October 1, 2022

As the crypto market has been in the grip of a bear market because of the current global economic slowdown, Cryptocurrency exchange, WazirX laid off 40% of its employees.
According to reports, the Nischal Shetty-led company has laid off 50 to as many as 70 employees of the exchange's workforce of 150.&nbsp;
The company, in its statement, said, &ldquo;Our priority is to be financially stable and to continue serving our customers. To achieve this, we&rsquo;ve had to reduce our staff to weather the crypto winter.&rdquo;&nbsp;
This comes days after the Enforcement Directorate(<a href="https://www.editorji.com/india-news/politics/delhi-businessman-held-by-ed-in-alleged-excise-policy-scam-1664344354567">ED</a>) unfroze <a href="https://www.editorji.com/story/wazirx-starts-independence-week-contest-with-a-mega-rs-4-lakh-worth-crypto-giveaway-1628653784493">WazirX</a>&rsquo;s bank accounts, allowing the platform to resume banking operations. The platform&rsquo;s account was frozen by the regulator as a part of an ongoing probe into alleged fraud on instant loan applications, which provided short-term loans.
WazirX daily trading volumes have been steadily declining from a one-year high of 478 million on October 28, 2021, to 1.3 million on October 2, 2022.&nbsp;
Read More:- <a href="https://www.editorji.com/business-news/rbi-hikes-repo-rate-to-rein-in-inflation-lowers-gdp-forecast-1664518544931">RBI hikes repo rate to rein in inflation, lowers GDP forecast</a>

In another case of crypto recolation; Co-founders of India’s leading cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have reportedly shifted base to Dubai. Business Today reports that Shetty and Menon have relocated to the more 'tax friendly' Dubai with family though the Indian operations for WazirX continue to run smoothly. Nischal who has been quiet vocal on Twitter for the need of clarity and regulation for digital tokens and assets has been at loggerheads with the regulators on the ambiguity and high taxation that has hit the crypto traders and exchanges. Pressure and spotlight has been on before that on WazirX when in June 2021, the enforcement directorate (ED) had issued a show-cause notice to WazirX and its directors for contravention of the Foreign Exchange Management Act (FEMA) for transactions involving cryptocurrencies worth Rs 2,790.74 cr. But the WazirX founders are not the first to head to Dubai. Sandeep Nailwal, who co-founded Polygon — which operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system — in 2017, relocated to Dubai two years ago.


Cryptocurrency latest news: WazirX founders Nischal Shetty and Siddharth Menon shift to Dubai

Shetty and Menon have relocated to the more 'tax friendly' Dubai with family though the Indian operations for WazirX continue to run smoothly. 

Crypto latest news: WazirX founders shift to Dubai 

Ambiguity in regulation and high taxes have lead to significant exits from the crypto&nbsp;biz from India

In another case of crypto&nbsp;recolation;&nbsp;Co-founders of India&rsquo;s leading cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have reportedly shifted base to Dubai.&nbsp; Business Today reports that Shetty&nbsp;and Menon&nbsp;have relocated to the more 'tax friendly' Dubai with family though the Indian operations for WazirX&nbsp;continue to run smoothly.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-tax-at-30-in-india-explained-1649067356843" target="_blank">Crypto tax at 30% in India</a> Nischal&nbsp;who has been quiet vocal on Twitter for the need of clarity and regulation for digital tokens and assets has been at loggerheads with the regulators on the ambiguity and high taxation that has hit the crypto&nbsp;traders and exchanges.&nbsp; Pressure and spotlight has been on before that on WazirX&nbsp;when in June 2021, the enforcement directorate (ED) had issued a show-cause notice to WazirX and its directors for contravention of the Foreign Exchange Management Act (FEMA) for transactions involving cryptocurrencies worth Rs 2,790.74 cr.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/personal-finance/sbi-hikes-rates-loans-emis-get-more-expensive-1650259103266" target="_blank">SBI hikes rates, loans &amp; EMIs get more expensive</a> But the WazirX&nbsp;founders are not the first to head to Dubai.&nbsp;Sandeep Nailwal, who co-founded Polygon &mdash; which operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system &mdash; in 2017, relocated to Dubai two years ago.

Kotak Mahindra Bank becomes the first Indian lender to accept 'soon to be regulated' cryptocurrencies.
As per an ET report, one of the country's largest crypto exchanges WazirX has opened an account with Kotak which will be used for all its transactions with investors. 
Kotak would be the first among major banks to open its gates to the crypto community as for almost eight months most high-street banks stopped payments for all the crypto platforms amid uncertainty on their legal status.
The deal would be a big achievement for WazirX as most of its payments system was shifted to the fintech app Mobikwik which would face a lot of issues during peak time.
WazirX could see a lot of investors switching to its platform as its competitors continue to rely on the payments infrastructure that saw a strong dissatisfaction from Indian crypto investors.

Kotak banks on crypto, shakes hands with WazirX

WazirX gets Kotak's support as its investors will soon be able to transact through one of the largest Indian lenders.

Kotak gets cozy with crypto

WazirX&nbsp;investors could soon use Kotak&nbsp;Bank for all the deposits and withdrawals on crypto exchange

Kotak&nbsp;Mahindra&nbsp;Bank becomes the first Indian lender to accept 'soon to be regulated' cryptocurrencies.
ET reports that WazirX, one of the country's largest crypto&nbsp;exchanges has&nbsp;opened an account with Kotak&nbsp;which will be used for all its transactions with investors.&nbsp;
Kotak&nbsp;would be the first among major banks to open its gates to the crypto&nbsp;community as for almost eight months most high-street banks stopped payments for all the crypto&nbsp;platforms amid uncertainty&nbsp;on their legal status.
The deal would be a big achievement for WazirX&nbsp;as&nbsp;most of its&nbsp;payments system was shifted to the fintech&nbsp;app Mobikwik&nbsp;which would face a lot of issues during peak time.
WazirX&nbsp;could see a lot of investors switching to its platform as its competitors continue to rely on the payments infrastructure&nbsp;that saw a strong dissatisfaction from Indian crypto investors.

India&rsquo;s largest bank State Bank of India (SBI) has&nbsp;reportedly stopped UPI services for the crypto&nbsp;platform. It has directed crypto exchanges to disable its UPI through payment processors.
The move comes months after the Reserve bank of India issued a clarification&nbsp;to banks asking them not to block crypto exchanges.
WazirX, the country's largest crypto&nbsp;exchange platform, took a hit as it received numerous user complaints as they were not able to deposit funds.
Leading Indian banks had earlier, HDFC, Axis, YES, ICICI and Kotak Mahindra, stopped their services to cryptocurrency exchanges following a circular by&nbsp;the RBI. However,&nbsp;later, when the matter went to the Supreme Court,&nbsp;the apex court stated that the matter of blocking cryptocurrencies does not fall under the purview of the central bank,&nbsp;thus, reversing the order.

SBI halts UPI to crypto, WaxirZ feels the pain

WazirX&nbsp;services hit hard as SBI&nbsp;blocks UPI services for crypto&nbsp;platforms

India&rsquo;s largest bank State Bank of India (SBI) has&nbsp;reportedly stopped UPI services for the crypto&nbsp;platform. It has directed crypto exchanges to disable its UPI through payment processors, this move comes without any prompts from the central banker RBI.&nbsp;
The direct hit came to&nbsp;WazirX, the country's largest crypto&nbsp;exchange platform, as it received numerous user complaints as they were not able to deposit funds.
The fear the traders have is that other banks may follow suit.&nbsp;Significantly, the domestic umbrella body National Payments Corporation of India (NPCI), which developed UPI, has refused to block fund movements for cryptocurrency trades.
ET reported that&nbsp;WazirX chief executive Nischal Shetty said they were in talks with SBI.&nbsp;&nbsp;&ldquo;We&rsquo;re trying to discuss and put forward our points to SBI. WazirX follows KYC (know your customer) norms and AML (anti-money laundering) policies. Being the largest crypto exchange in India, millions of Indians are currently affected due to this move by SBI.&rdquo;
&nbsp;

SBI&nbsp;halts its UPI service for the crypto&nbsp;platforms

India&rsquo;s largest bank State Bank of India (SBI) has&nbsp;reportedly stopped UPI services for the crypto&nbsp;platform. It has directed crypto exchanges to disable its UPI through payment processors, this move comes without any prompts from the central banker RBI.&nbsp;
The direct hit came to&nbsp;WazirX, the country's largest crypto&nbsp;exchange platform, as it received numerous user complaints as they were not able to deposit funds. The fear the traders have is that other banks may follow suit.&nbsp;Significantly, the domestic umbrella body National Payments Corporation of India (NPCI), which developed UPI, has refused to block fund movements for cryptocurrency trades.
ET reported that&nbsp;WazirX chief executive Nischal Shetty said they were in talks with SBI.&nbsp;&nbsp;&ldquo;We&rsquo;re trying to discuss and put forward our points to SBI. WazirX follows KYC (know your customer) norms and AML (anti-money laundering) policies. Being the largest crypto exchange in India, millions of Indians are currently affected due to this move by SBI.&rdquo;
&nbsp;

Cryptocurrency king Bitcoin has reclaimed the $50,000-mark for the first time since May.

Crypto Corner: Bitcoin reclaims $50,000, first time in 3 months

Bitcoin reclaims the $50,000-mark, crypto assets across the board see a massive rally over the last 7 days.&nbsp;

Crypto Corner: the craze is back 

At its highest point over the weekend it was up 77.4%&nbsp;from the year's low of $27,734 on Jan. 4.

<a href="https://www.editorji.com/story/crypto-corner-paypal-launches-its-cryptocurrency-service-in-the-uk-1629699686416" target="_blank">Cryptocurrency&nbsp;</a>king Bitcoin&nbsp;has reclaimed the&nbsp;$50,000-mark for the first time since May. Bitcoin&nbsp;has been trading over it's 200-day moving average and technical analysts are optimistic about the upmove&nbsp;trend for the digital token.&nbsp;
Also watch:<a href="https://www.edtr.ai/a5pf" target="_blank">&nbsp;SEBI bets on blockchain, What is DLT and how it marks a big change</a>
Bitcoin hit a record $65,000 in mid-April but dropped down to&nbsp;$30,000 in May and has stayed in the $30,000-$40,000 range ever since.
Crypto&nbsp;assets are finding their feet again with traders as institutional acceptance and adoption becomes more widespread.&nbsp;Global crypto adoption&nbsp;has risen&nbsp;some 881% in the past 12 months, according to Chainalysis.
Also watch:&nbsp;<a href="https://www.edtr.ai/a16e" target="_blank">On Biz Buzz | Want to invest in Crypto? WazirX founder tells you how</a>
But Bitcoin&nbsp;is not the only winner in the past seven days there has been a&nbsp;18% rally in Cardano and also a 11% gain in&nbsp;Binance Coin, while Dogecoin is up about 9% over the period and Solana 73%, CoinGecko pricing showed.

 Finance Minister Nirmala Sitharaman said the regulation note on cryptocurrency is ready and now awaiting a clearance from the cabinet.

Crypto Corner: FM says cryptocurrrency bill ready, awaiting Cabinet nod

Pick your category - Currency vs Commodity? The finance minister says bill is ready, the blockchain&nbsp;backers await the final verdict, here is what can be expected.&nbsp;

Crypto Bill| Are you ready to have your crypto regulated 

15 million Indian investors have invested nearly $6.6 billion in crypto assets in the country

Finally a tune 15 million crypto&nbsp;investors in the country can sing to. Finance Minister Nirmala&nbsp;Sitharaman&nbsp;said the regulation note on&nbsp;cryptocurrency&nbsp;is ready and now awaiting a clearance from the cabinet.
Also watch: <a href="https://www.edtr.ai/a168" target="_blank">WazirX's&nbsp;Nischal&nbsp;Shetty&nbsp;on what the crypto&nbsp;industry&nbsp;expects from the finance minister</a>
The inter-ministerial panel on <a href="https://www.editorji.com/story/cryptocurrency-explained-bitcoin-to-blockchain-10-words-you-need-to-know-1623841223834" target="_blank">cryptocurrency </a>under the Chairmanship of Secretary (Economic Affairs) was set up to study the issues related to virtual currencies and propose specific actions has already submitted its report. The ever growing blockchain industry is awaiting clarity on taxation and reporting norms for those trading in the booming crypto&nbsp;market.&nbsp;Indians have parked&nbsp;nearly $6.6 billion&nbsp;(Rs 49,189 crore)&nbsp;in cryptocurrencies&nbsp;as per last available data.&nbsp; The industry pioneers however have been very careful in choosing the path of acceptance as being recognised as a currency would mean a higher level of scrutiny and a possible shutdown. However to be identified as a commodity or store of value is what most are hoping for as it would place the digital tokens under the supervision of a market regulator and not the central banker who had asked for a complete shutdown in 2018.&nbsp;

Cryptocurrency exchange platform WazirX is giving away prizes worth Rs 27 lakh this Independence week through multiple contests. 

WazirX starts Independence week contest with a mega Rs 4 lakh worth crypto giveaway

WazirX&nbsp;is giving away Rs 4 lakh&nbsp;worth UFT&nbsp;coins today.

WazirX&nbsp;will reveal one Indian crypto project giveaway each day from August 11 to 15.

Cryptocurrency&nbsp;exchange platform WazirX&nbsp;is giving away prizes worth Rs 27 lakh&nbsp;this Independence week through multiple contests.&nbsp;WazirX&nbsp;will reveal one Indian crypto project giveaway each day from August 11 to 15.
Also watch:&nbsp;<a href="https://www.edtr.ai/a3jw" target="_blank">Crypto Craze: Facebook co-founder's backing makes CoinDCX India's first crypto unicorn</a>
Talking about its first giveaway crypto&nbsp;project, WazirX&nbsp;in a tweet mentioned&nbsp;it sounds like an&nbsp;NFT and&nbsp;also where aliens come from. Some got confused between UFT&nbsp;and TLM, but it seemed like an easy guess for a lot of its users.
It finally revealed UniLend's&nbsp;token UFT&nbsp;worth Rs 4 lakh&nbsp;was up for grabs on August 11 for the top 150 traders. The 'Highest Trader Kaun' contest will giveaway UFT&nbsp;tokens of upto&nbsp;Rs 60,000 based on its users' trading performance for the entire 24-hours.
Also Watch:&nbsp;<a href="https://www.editorji.com/story/cryptocurrency-explained-bitcoin-to-blockchain-10-words-you-need-to-know-1623841223834" target="_blank">Cryptocurrency Explained: Bitcoin to blockchain, 10 words you need to know</a>
UniLend is a permission-less DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform.

Bitcoin has doubled from it's 2017 peak! It is never too late to start investing but start small and study, that's the advise coming in from India's most successful crypto exchange platform. Do not just follow the trend but research, that is another important tidbit from Nischal Shetty as he guides new investors and those sitting on the sidelines to come and be a part of the blockchain bonanza.

On Biz Buzz | Want to invest in Crypto? WazirX founder tells you how

Investing in cryptocurrency, is it too risky? is it too technical? how does one start, what should be your strategy ? Chief of&nbsp;Binance&nbsp;backed&nbsp;WazirX&nbsp;shows the way to safe and sound crypto&nbsp;investing. Watch to know more.&nbsp; 
@NischalShetty&nbsp;@cz_binance&nbsp;@binance&nbsp;@WazirXIndia
&nbsp;#Bitcoin&nbsp;#Binance&nbsp;#Blockchain&nbsp;#Cryptocurrency
&nbsp;

Bitcoin&nbsp;has doubled the past 3 ears from it's peak in 2017.&nbsp;

Bitcoin has doubled from it's 2017 peak! It is never too late to start investing but start small and study, that's the advise coming in from India's most successful crypto exchange platform. Do not just follow the trend but research, that is another important tidbit from Nischal Shetty as he guides new investors and those sitting on the sidelines to come and be a part of the blockchain bonanza.

WazirX appeals to north block to give clarity of regulation as 15 million cryptocurrency investors continue to invest into the global crypto craze. India&rsquo;s largest crypto platform WazirX's&nbsp;founder speaks candidly with Vikram&nbsp;Chandra and Rajeev&nbsp;Dubey and lists out the what the expect and hope from the finance minister is and how they do not expect crypto&rsquo;s to be accepted as a payment in India. Don&rsquo;t get India lag behind in the digital revolution is the message from Nischal Shetty .

On Biz Buzz| WazirX exclusive on revolution and risks of crypto to the need for regulation

Cryptocurrencies, crackdown concerns to clarity on regulation catch a candid chat with India&rsquo;s largest crypto trading platform WazirX founder.

Cryptocurrencies, crackdown concerns to clarity on regulation catch a candid chat with India&rsquo;s largest crypto trading platform WazirX founder.

WazirX appeals to north block to give clarity of regulation as 15 million cryptocurrency investors continue to invest into the global crypto craze. India&rsquo;s largest crypto platform WazirX's&nbsp;founder speaks candidly with Vikram&nbsp;Chandra and Rajeev&nbsp;Dubey and lists out what are the expectations and hope from the finance minister and how they do not expect crypto&rsquo;s to be accepted as a payment in India. Don&rsquo;t get India lag behind in the digital revolution is the message from Nischal Shetty .

It was a campaign that started a 1000 days ago with the cofounder of cyrpto platform WaxirX&nbsp;raising awareness towards the need for cryptocurrency acceptance in India.&nbsp;With early 15 million Indians invested in #cryptocurrencies&nbsp;early $ 6.6 billion&nbsp;(Rs 49,189 crore) have been invested in the blockchain based digital coins. India currently ranks 11 out of 154 nations in terms of cryptocurrency adoption, as per blockchain data firm Chainalysis.One of the biggest hurdles preventing wider adoption is the regulatory uncertainty. Despite the Supreme Court&nbsp;quashing a 2018 rule banning crypto trading by banking entities the resistance from North Block has kept main market participants from opening investment options as there is no clarity in taxation on the income from the digital token either.&nbsp;With no mention of the crypto&nbsp;bill in the Monsoon Session of parliament, expect the social campaign of #IndiaWantsCrypto take continue taking social media by storm.&nbsp;

Day 1000 for #IndiaWantsCrypto, WazirX ups the social crypto campaign with NFT sales

Day 1000 for #IndiaWantsCrypto, WazirX ups the social crypto campaign as 15 million Indians invested await regulatory clarity.&nbsp;
@WazirXIndia @BuddhaSource @NischalShetty @CoinSwitchKuber @CoinDCX

Social Campaign #IndiaWantsCrypto

Daily trading values are up nearly 900% in last 12 months

It was a campaign that started a 1,000-day-ago with the co-founder of India's biggest&nbsp;crypto&nbsp;exchange platform WazirX&nbsp;raising awareness towards the need for cryptocurrency acceptance in India.&nbsp;
ALSO WATCH:&nbsp;<a href="https://www.edtr.ai/9zjp" target="_blank">Crypto group to self regulate! Advertising guidelines on the anvil</a> With early 15 million Indians invested in #cryptocurrencies&nbsp;early $ 6.6 billion&nbsp;(Rs 49,189 crore) have been invested in the blockchain-based&nbsp;digital coins. India currently ranks 11 out of 154 nations in terms of cryptocurrency adoption, as per blockchain data firm Chainalysis. One of the biggest hurdles preventing wider adoption is regulatory uncertainty. Despite the Supreme Court&nbsp;quashing a 2018 rule banning crypto trading by banking entities the resistance from North Block has kept main market participants from opening investment options as there is no clarity in taxation on the income from the digital token either.&nbsp; With no mention of the crypto&nbsp;bill in the Monsoon Session of parliament, expect the social campaign of #IndiaWantsCrypto to continue taking social media by storm.&nbsp;

With no sign of the cryptocurrency&nbsp;bill in the Monsoon session the crypto&nbsp;industry is moving to self regulate itself at least in the advertising space. These new guidelines will be applicable to crypto&nbsp;trading platforms such as&nbsp;WazirX,&nbsp;CoinDCX, and CoinSwitch Kuber.As per reports Industry association,&nbsp;Blockchain and Crypto Assets Council, part of the Internet and Mobile Association of India (IAMAI), will introduce a set of guidelines for advertising about&nbsp;crypto exchanges as part of its self-regulatory code framework.So what brought this on? A PIL was filed as&nbsp;Crypto&nbsp;industry came into the limelight as it took on the mantle of sponsorship of sporting events from Euro 2020 football championships, the Indian Premier League (IPL) cricket tournament, and T20 tour between India and Sri Lanka. The PIL&nbsp;in Delhi High Court argued that these new ads don&rsquo;t give enough warning to investors about the risks involved while investing in cryptocurrencies. According to them, the disclaimer text should cover 80% of the screen.Read/Watch Also: Crypto&nbsp;races ahead in sponsorshipsThe top platforms already place disclaimers but no guideline has yet been imposed and the&nbsp;&nbsp;Blockchain and Crypto Assets Council hopes that initative will provide a 'one size fits all' regulation for the blockchain&nbsp;biggies.&nbsp;

Crypto group to self regulate! Advertising guidelines on the anvil

As the cryptocurrency&nbsp;platforms gain popularity the blockchain&nbsp;backers look at self regulation! Click here to know the do's and don'ts the industry is imposing for itself to protect consumers.&nbsp; Please tag&nbsp;WazirX,&nbsp;CoinDCX, and CoinSwitch Kuber. @WazirXIndia @CoinDCX @CoinSwitchKuber @NischalShetty @BuddhaSource

Crypto takes the lead in regulation

Cryptocurrency&nbsp;platforms look at standardised disclaimer for OTT and television advertisements and directives on the do&rsquo;s and don'ts for advertising.&nbsp;

With no sign of the cryptocurrency&nbsp;bill in the Monsoon session the crypto&nbsp;industry is moving to self regulate itself at least in the advertising space. These new guidelines will be applicable to crypto&nbsp;trading platforms such as&nbsp;WazirX,&nbsp;CoinDCX, and CoinSwitch Kuber. As per reports Industry association,&nbsp;Blockchain and Crypto Assets Council, part of the Internet and Mobile Association of India (IAMAI), will introduce a set of guidelines for advertising about&nbsp;crypto exchanges as part of its self-regulatory code framework. So what brought this on? A PIL was filed as&nbsp;Crypto&nbsp;industry came into the limelight as it took on the mantle of sponsorship of sporting events from Euro 2020 football championships, the Indian Premier League (IPL) cricket tournament, and T20 tour between India and Sri Lanka. The PIL&nbsp;in Delhi High Court argued that these new ads don&rsquo;t give enough warning to investors about the risks involved while investing in cryptocurrencies. According to them, the disclaimer text should cover 80% of the screen. Read/Watch Also: <a href="https://www.edtr.ai/9qas">Crypto&nbsp;races ahead in sponsorships</a> The top platforms already place disclaimers but no guideline has yet been imposed and the&nbsp;&nbsp;Blockchain and Crypto Assets Council hopes that initiative will provide a 'one size fits all' regulation for the blockchain&nbsp;biggies.&nbsp;

WazirX&nbsp;founder Nishchal&nbsp;Shetty, in a recent interview with CNBC, pointed out that&nbsp;crypto is still early. The founder of India's largest crypto&nbsp;exchange platform said the last three to four years have been the time for building crypto&nbsp;exchanges and layer one blockchain&nbsp;products. While the next several years would be about building consumer-facing crypto&nbsp;products, Shetty&nbsp;mentioned.
ALSO WATCH:&nbsp;Cryptocurrency trading volume down 40% as market corrects
The 36-year-old crypto&nbsp;entrepreneur&nbsp;said he expects the next wave to be in consumer products that make digital currencies more accessible in day-to-day life.
Currently, there are around 50 million blockchain wallet users globally, according to&nbsp;Deutsche Bank estimates. By 2030, the bank expects that figure to rise to 200 million as digital currencies become more widely used.

Want to catch the next big trend in cryptocurrency? WazirX founder gives a headsup 

Want to catch the next big trend in cryptocurrency? WazirX&nbsp;founder gives a headsup&nbsp;
@NischalShetty
@WazirXIndia

WazirX's Nischal Shetty on the next big trend in cryptos

Deutsche&nbsp;Bank expects blockchain&nbsp;wallet users to rise to 200 million by 2030

Missed the first wave of the cryptocurrency&nbsp;, worry not as you still can hop onto the blockchain&nbsp;bus.&nbsp;WazirX&nbsp;founder Nishchal&nbsp;Shetty, in a recent interview with CNBC, pointed out that&nbsp;crypto&nbsp;investing and gains are still in the early stages. The founder of India's largest crypto&nbsp;exchange platform said the last three to four years have been the time for building crypto&nbsp;exchanges and layer one blockchain&nbsp;products. While the next several years would be about building consumer-facing crypto&nbsp;products, Shetty&nbsp;mentioned.
The 36-year-old crypto&nbsp;entrepreneur&nbsp;said he expects the next wave to be in consumer products that make digital currencies more accessible in day-to-day life.
Currently, there are around 50 million blockchain wallet users globally, according to&nbsp;Deutsche Bank estimates. By 2030, the bank expects that figure to rise to 200 million as digital currencies become more widely used. Read/Watch Also: <a href="https://www.editorji.com/story/cryptocurrency-explained-bitcoin-to-blockchain-10-words-you-need-to-know-1623841223834">Top 10 words you need to start a crypto&nbsp;chat</a>

Cryptocurrency&nbsp;presence is zooming ahead as Hong&nbsp;Kong based&nbsp;cryptocurrency&nbsp;exchange&nbsp;Crypto.com signs $100 million sponsorship deal with Formula 1.Crypto.com with with over 10 million users worldwide is the fastest-growing crypto platform globally.&nbsp;The partnership furthers Crypto.com's presence at major sporting events; the exchange&nbsp;sponsored&nbsp;Italian soccer's Coppa Italia final in May.It also&nbsp;signed&nbsp;a deal with the National Hockey League team Montreal Canadiens in March.The trend of crypto&nbsp;exchanges stepping into mainstream sports sponsorship is evident is India too.&nbsp;Cryptocurrency exchange and liquidity aggregator CoinDCX Go took on being the the co-presenting sponsor for live-streaming of the inaugural World Test Championship Final. While Indian bitcoin exchange platform WazirX picked co-presenting sponsorship of live streaming of Euro 2020 on SonyLIV.With the battle for financial acceptance and legality for the crypto&nbsp;gang continues in India, the step up to sponsorship is ensuring a global reminder of the growing interest in the blockchain bet.&nbsp;

Cryptocurrency Watch: Formula 1 races in to get $100 million cryptocurrency sponsorship

Cryptocurrency backers race ahead; the blockchain bets take on sports sponsorship. Formula 1 gets a new inaugural sponsor for the 'Sprint' format

Cryptocurrency backers race ahead 

Crypto.com becomes inaugral&nbsp;of F1's new sprint format.&nbsp;

Cryptocurrency&nbsp;presence is zooming ahead as Hong&nbsp;Kong-based&nbsp;cryptocurrency&nbsp;exchange&nbsp;Crypto.com signs a $100 million sponsorship deal with Formula 1. Crypto.com with over 10 million users worldwide is the fastest-growing crypto platform globally.&nbsp;The partnership furthers Crypto.com's presence at major sporting events; the exchange&nbsp;sponsored&nbsp;Italian soccer's Coppa Italia final in May. It also&nbsp;signed&nbsp;a deal with the National Hockey League team Montreal Canadiens in March.
<a href="https://www.editorji.com/story/cryptocurrency-explained-bitcoin-to-blockchain-10-words-you-need-to-know-1623841223834" target="_blank">ALSO WATCH:&nbsp;Bitcoin to blockchain, 10 words you need to know</a> The trend of crypto&nbsp;exchanges stepping into mainstream sports sponsorship is evident in India too.&nbsp;Cryptocurrency exchange and liquidity aggregator CoinDCX Go took on being the co-presenting sponsor for live-streaming of the inaugural World Test Championship Final. While Indian bitcoin exchange platform WazirX picked co-presenting sponsorship of live streaming of Euro 2020 on SonyLIV. With the battle for financial acceptance and legality for the crypto&nbsp;gang continues in India, the step up to sponsorship is ensuring a global reminder of the growing interest in the blockchain bet.&nbsp;

The Enforcement Directorate (ED) has issued a show-cause notice to cryptocurrency exchange M/s Zanmai Labs Pvt Ltd popularly known as&nbsp;WazirX, and its Directors Nischal Shetty and Sameer Hanuman Mhatre under Foreign Exchange Management Act, 1999, (FEMA) for transactions involving cryptocurrencies worth ₹2,790.74 crore.
ED initiated FEMA investigation on the basis of the ongoing money-laundering investigation into Chinese-owned illegal online betting Applications.
During the course of the investigation, it was seen that the accused Chinese nationals had laundered proceeds of crime worth ₹57 crore approximately by converting the INR deposits into cryptocurrency Tether or&nbsp;USDT&nbsp;and then transferring the same to Binance&nbsp;Wallets.
In the period under investigation, users of WazirX via its pool account, have received incoming cryptocurrency worth ₹880 crore from Binance accounts and transferred out cryptocurrency worth ₹1,400 crore to Binance accounts. None of these transactions are available on the blockchain for any audit/investigation.
As per some reports,&nbsp;WazirX does not collect the requisite documents in clear violation of the basic mandatory Anti Money Laundering (AML) and Combating of Financing of Terrorism (CFT) precaution norms and FEMA guidelines.

ED issues show cause notice to WazirX, its directors under FEMA

The Enforcement Directorate (ED) has issued a show-cause notice to cryptocurrency exchange M/s Zanmai Labs Pvt Ltd popularly known as&nbsp;WazirX, and its Directors Nischal Shetty and Sameer Hanuman Mhatre under FEMA

The Enforcement Directorate (ED) has issued a show-cause notice to cryptocurrency exchange M/s Zanmai Labs Pvt Ltd popularly known as&nbsp;WazirX, and its Directors Nischal Shetty and Sameer Hanuman Mhatre under Foreign Exchange Management Act, 1999, (FEMA) for transactions involving cryptocurrencies worth ₹2,790.74 crore.
ED initiated FEMA investigation on the basis of the ongoing money-laundering investigation into Chinese-owned illegal online betting Applications.
During the course of the investigation, it was seen that the accused Chinese nationals had laundered proceeds of crime worth ₹57 crore approximately by converting the INR deposits into cryptocurrency Tether or&nbsp;USDT&nbsp;and then transferring the same to Binance&nbsp;Wallets.
In the period under investigation, users of WazirX via its pool account, have received incoming cryptocurrency worth ₹880 crore from Binance accounts and transferred out cryptocurrency worth ₹1,400 crore to Binance accounts. None of these transactions are available on the blockchain for any audit/investigation.
As per some reports,&nbsp;WazirX does not collect the requisite documents in clear violation of the basic mandatory Anti Money Laundering (AML) and Combating of Financing of Terrorism (CFT) precaution norms and FEMA guidelines.

India's biggest cryptocurrency&nbsp;exchange, WazirX&nbsp;has launched the country's very first&nbsp;trading platform for&nbsp;NFTs&nbsp;or Non-Fungible Tokens.
The platform, which will be used to trade NFTs will&nbsp;run on the Binance Smart Chain, a blockchain platform created by Binance, which acquired WazirX back in 2019.
According to the company, the marketplace currently has 15 creators, and WazirX has received over 15,000 applications from creators and collectors already.
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WazirX launches India's first NFT trading platform

Want to join the latest fad and buy an NFT? WazirX&nbsp;is launching it's very own platform to auction these digital pieces. Here is all you need to know&nbsp;

Adding to the blockchain buzz, WazirX launches India's first digital NFT platform

India's biggest cryptocurrency&nbsp;exchange, WazirX&nbsp;is looking to tap into yet another hot digital market as it&nbsp;launched the country's very first&nbsp;trading platform for&nbsp;NFTs&nbsp;or Non-Fungible Tokens.
So, What is a NFT? Non-fungible tokens are&nbsp;unique digital tokens and as the name suggests can not be exchanged with anything&nbsp;else.&nbsp;The digital tokens are really certificates of&nbsp;ownership either&nbsp;to something physical or even virtual.&nbsp;These assets could be a piece of music, picture, meme, social media post, or even someone's identity.&nbsp; It was made popular when&nbsp;Twitter Boss Jack Dorsey secured a $2.9 million bid for an NFT to his first ever tweet and the eccentric billionaire Musk also played his role in promoting the latest digital fad.&nbsp;
WazirX's&nbsp;platform, which will be used to trade NFTs will&nbsp;run on the Binance Smart Chain, a blockchain platform created by Binance, which acquired WazirX back in 2019.&nbsp;Backed by same system as cryptocurrencies such as Bitcoin, NFT records are maintained in a digital ledger with blockchain technology.&nbsp;
According to the company, the marketplace currently has 15 creators, and WazirX has received over 15,000 applications from creators and collectors already.

A day after leading lenders sent clampdown messages to customers on crypto dealings the RBI has clarified their stand on the digital tokens.&nbsp;
The RBI reiterated that the action or caution sent out from the banks was adhering to the 2018 RBI and was in contrast to the legal ruling.&ldquo;Such references to the above circular by banks/regulated entities are not in order as this circular was set aside by the Hon&rsquo;ble Supreme Court on March 04, 2020, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.&rdquo; the central banker said.
Reacting to this clarification from RBI WazirX CEO&rdquo; and Founder Nischal Shetty said, &ldquo;This is a very positive development for the whole industry. There was a lot of confusion among banks whether they can service their clients in the industry. This notification makes it clear.&rdquo; WazirX is expected to bring back all its banking related services pretty quickly.

Relief for crypto investors, RBI sends clarification 

Relief for crypto investors, RBI sends clarification says dealings with digital tokens legal as per Supreme Court ruling.&nbsp; Please tag WazirX, Polygon, to this tweet&nbsp;

A day after leading lenders sent clampdown messages to customers on crypto dealings the RBI has clarified their stand on the digital tokens.&nbsp;
The RBI reiterated that the action or caution sent out from the banks was adhering to the 2018 RBI&nbsp;circular and was in contrast to the legal ruling.&ldquo;Such references to the above circular by banks/regulated entities are not in order as this circular was set aside by the Hon&rsquo;ble Supreme Court on March 04, 2020, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.&rdquo; the central banker said.
Reacting to this clarification from RBI WazirX CEO&rdquo; and Founder Nischal Shetty said, &ldquo;This is a very positive development for the whole industry. There was a lot of confusion among banks whether they can service their clients in the industry. This notification makes it clear.&rdquo; WazirX is expected to bring back all its banking related services pretty quickly.

The crypto collapse script may have had Bitcoin as the lead actor but the supporting cast from altcoins to&nbsp;cryptoexchanges&nbsp;all felt a jolt as at the&nbsp;lowest point&nbsp;$1,000,000,000&nbsp;was&nbsp;wiped out&nbsp;from the crypto universe.&nbsp;&nbsp;The crypto in lead supporting role was Ethereum&nbsp;that collapsed over 44% from $3400 to $1900, as brutal selling spread to the second-biggest cryptocurrency&nbsp;sas&nbsp;the&nbsp;bitcoin rout extending.&nbsp;Meme inspired&nbsp;Dogecoin, which is the recent&nbsp;favourite&nbsp;of&nbsp;tecknoking&nbsp;Elon Musk, also halved from 43 cents before&nbsp;rebounding sharply as well.&nbsp;Closer home Sandeep&nbsp;Nailiwal&nbsp;founded&nbsp;MATIC/Polygon&nbsp;that crossed $10 billion in&nbsp;marketcap&nbsp;last week also fell from $2.5 level to as low as $1, only to bounce back to $2.3.&nbsp;&nbsp;&nbsp;Adding to the woes of the crypto investors, leading crypto exchanges like&nbsp;Binance,&nbsp;WazirX&nbsp;and&nbsp;CoinCDX&nbsp;crashed during the peak hours on Wednesday sell-off. As investors started complaining about the outage on Twitter, network congestion and huge traffic were some of the reasons quoted by these exchanges.&nbsp;"Some of our fiat channel partners can't handle the load on their side now. But they are very excited about the growth in users we brought to them,&rdquo; World&rsquo;s leading crypto exchange&nbsp;Binance&nbsp;said on Twitter&nbsp;apologising&nbsp;for the inconvenience. India&rsquo;s largest crypto exchange&nbsp;WazirX&nbsp;also acknowledged that its users were facing delays in trading, viewing order book and trade history on&nbsp;WazirX&nbsp;app and website. A lot of users were automatically logged out of their&nbsp;CoinDCX&nbsp;account and were not able to login post that, as seen in a lot of twitter complaints. However, the issues were resolved later in the night on Wednesday.&nbsp;(Add a&nbsp;wazirx&nbsp;quote)&nbsp;Even though many influencers and experts in the crypto ecosystem asked their followers to not panic and that it was the time to &lsquo;buy the dips&rsquo; but most of the investors who lost money on Wednesday were those who were leveraged heavily. As&nbsp;Zerodha&nbsp;founder Nithin Kamath pointed out, that crypto exchanges offer 10 to 100 times leverage these days. He added that if an exchange offers 50 times leverage and say Bitcoin goes down 4% in one tick, a customer with $1K, can lose $2K. As per the data from&nbsp;bybt, more than&nbsp;7.25 lakh traders and $8.11 billion have been liquidated in the last 24 hours. It should be noted that almost one-third of the liquidation happened on Chinese crypto exchange platform Huobi. As many experts pointed out, liquidations indeed played a major role&nbsp;in the&nbsp;meltdown&nbsp;on May 19.&nbsp;&nbsp;Then the question that came across investors mind is this is the best time to #buythedip as those who had sat out&nbsp;the&nbsp;dizzying&nbsp;crypto rally.&nbsp;HIstorical&nbsp;data clearly&nbsp;favoured&nbsp;the argument as every sharp drop has&nbsp;been followed by an equally ferocious rebound.&nbsp;&nbsp;Siddharth Menon, founder of India&rsquo;s biggest crypto exchange&nbsp;WazirX, in a tweet said that a&nbsp;market correction is a good thing and there is no need to panic. Nothing goes up in one direction he added. Menon also posted Gold&rsquo; 1980 chart and wrote that Gold's volatility was (-)66% in 30 months. New markets are volatile in nature, but as it matures and as we see more investors like institutes come on board it gets better, Menon said in a tweet.&nbsp;&nbsp;The path ahead for crypto is&nbsp;set to be volatile&nbsp;with&nbsp;&nbsp;Chinese&nbsp;authorities&nbsp;now looking&nbsp;to crack down on mining and trading of&nbsp;digital tokens as well. As India awaits formal legal framework the central bank continues to &lsquo;direct&rsquo; lenders to distance themselves from&nbsp;cryptocurrency exchanges like&nbsp;WazirX,&nbsp;BuyUCoin&nbsp;and&nbsp;Zebpay.&nbsp;So&nbsp;if you are looking for ride on the crypto craze make sure you have your seat belts on and know your way to the nearest exit.&nbsp;&nbsp;

Crypto Collapse ke side effects

The crypto collapse script may have had Bitcoin as the lead actor but the supporting cast from altcoins to&nbsp;cryptoexchanges&nbsp;all felt a jolt as at the&nbsp;lowest point&nbsp;$1,000,000,000&nbsp;was&nbsp;wiped out&nbsp;from the crypto universe.&nbsp;&nbsp; The crypto in lead supporting role was Ethereum&nbsp;that collapsed over 44% from $3400 to $1900, as brutal selling spread to the second-biggest cryptocurrency&nbsp;sas&nbsp;the&nbsp;bitcoin rout extending.&nbsp;Meme inspired&nbsp;Dogecoin, which is the recent&nbsp;favourite&nbsp;of&nbsp;tecknoking&nbsp;Elon Musk, also halved from 43 cents before&nbsp;rebounding sharply as well.&nbsp;Closer home Sandeep&nbsp;Nailiwal&nbsp;founded&nbsp;MATIC/Polygon&nbsp;that crossed $10 billion in&nbsp;marketcap&nbsp;last week also fell from $2.5 level to as low as $1, only to bounce back to $2.3.&nbsp;&nbsp; &nbsp; Adding to the woes of the crypto investors, leading crypto exchanges like&nbsp;Binance,&nbsp;WazirX&nbsp;and&nbsp;CoinCDX&nbsp;crashed during the peak hours on Wednesday sell-off. As investors started complaining about the outage on Twitter, network congestion and huge traffic were some of the reasons quoted by these exchanges.&nbsp;"Some of our fiat channel partners can't handle the load on their side now. But they are very excited about the growth in users we brought to them,&rdquo; World&rsquo;s leading crypto exchange&nbsp;Binance&nbsp;said on Twitter&nbsp;apologising&nbsp;for the inconvenience. India&rsquo;s largest crypto exchange&nbsp;WazirX&nbsp;also acknowledged that its users were facing delays in trading, viewing order book and trade history on&nbsp;WazirX&nbsp;app and website. A lot of users were automatically logged out of their&nbsp;CoinDCX&nbsp;account and were not able to login post that, as seen in a lot of twitter complaints. However, the issues were resolved later in the night on Wednesday.&nbsp;(Add a&nbsp;wazirx&nbsp;quote)&nbsp; Even though many influencers and experts in the crypto ecosystem asked their followers to not panic and that it was the time to &lsquo;buy the dips&rsquo; but most of the investors who lost money on Wednesday were those who were leveraged heavily. As&nbsp;Zerodha&nbsp;founder Nithin Kamath pointed out, that crypto exchanges offer 10 to 100 times leverage these days. He added that if an exchange offers 50 times leverage and say Bitcoin goes down 4% in one tick, a customer with $1K, can lose $2K. As per the data from&nbsp;bybt, more than&nbsp;7.25 lakh traders and $8.11 billion have been liquidated in the last 24 hours. It should be noted that almost one-third of the liquidation happened on Chinese crypto exchange platform Huobi. As many experts pointed out, liquidations indeed played a major role&nbsp;in the&nbsp;meltdown&nbsp;on May 19.&nbsp; &nbsp; Then the question that came across investors mind is this is the best time to #buythedip as those who had sat out&nbsp;the&nbsp;dizzying&nbsp;crypto rally.&nbsp;HIstorical&nbsp;data clearly&nbsp;favoured&nbsp;the argument as every sharp drop has&nbsp;been followed by an equally ferocious rebound.&nbsp;&nbsp;Siddharth Menon, founder of India&rsquo;s biggest crypto exchange&nbsp;WazirX, in a tweet said that a&nbsp;market correction is a good thing and there is no need to panic. Nothing goes up in one direction he added. Menon also posted Gold&rsquo; 1980 chart and wrote that Gold's volatility was (-)66% in 30 months. New markets are volatile in nature, but as it matures and as we see more investors like institutes come on board it gets better, Menon said in a tweet.&nbsp; &nbsp; The path ahead for crypto is&nbsp;set to be volatile&nbsp;with&nbsp;&nbsp;Chinese&nbsp;authorities&nbsp;now looking&nbsp;to crack down on mining and trading of&nbsp;digital tokens as well. As India awaits formal legal framework the central bank continues to &lsquo;direct&rsquo; lenders to distance themselves from&nbsp;cryptocurrency exchanges like&nbsp;WazirX,&nbsp;BuyUCoin&nbsp;and&nbsp;Zebpay.&nbsp;So&nbsp;if you are looking for ride on the crypto craze make sure you have your seat belts on and know your way to the nearest exit.&nbsp;&nbsp;

The crypto collapse script may have had Bitcoin as the lead actor but the supporting cast from altcoins to crypto exchanges&nbsp;all felt a jolt as at the&nbsp;lowest point&nbsp;$1,000,000,000,000 were wiped out&nbsp;from the crypto universe.
The crypto in lead supporting role was Ethereum&nbsp;that collapsed over 44% from $3400 to $1900, as brutal selling spread to the second-biggest cryptocurrency&nbsp;extending the&nbsp;bitcoin rout.&nbsp;Meme inspired&nbsp;Dogecoin, which is the recent&nbsp;favourite&nbsp;of&nbsp;tecknoking&nbsp;Elon Musk, also halved from 43 cents before&nbsp;rebounding sharply as well.&nbsp;Closer home&nbsp;Sandeep&nbsp;Nailiwal&nbsp;founded&nbsp;MATIC/Polygon&nbsp;that crossed $10 billion in&nbsp;marketcap&nbsp;last week also fell from $2.5 level to as low as $1, only to bounce back to $2.3.
&nbsp;
Crypto&nbsp;exchanges outage
Adding to the woes of the crypto investors, leading crypto exchanges like&nbsp;Binance,&nbsp;WazirX&nbsp;and&nbsp;CoinCDX&nbsp;crashed during the peak hours on Wednesday sell-off. As investors started complaining about the outage on Twitter, network congestion and huge traffic were some of the reasons quoted by these exchanges.&nbsp;"Some of our fiat channel partners can't handle the load on their side now. But they are very excited about the growth in users we brought to them,&rdquo; World&rsquo;s leading crypto exchange&nbsp;Binance&nbsp;said on Twitter&nbsp;apologising&nbsp;for the inconvenience. India&rsquo;s largest crypto exchange&nbsp;WazirX&nbsp;also acknowledged that its users were facing delays in trading, viewing order books, and trade history on&nbsp;WazirX&nbsp;app and website. A lot of users were automatically logged out of their&nbsp;CoinDCX&nbsp;account and were not able to log in&nbsp;post that, as seen in a lot of Twitter complaints. However, the issues were resolved later in the night on Wednesday.
&nbsp;
Leverage trading
Even though many influencers and experts in the crypto ecosystem asked their followers to not panic-sell, most of the investors who lost money on Wednesday were those who were leveraged heavily. As&nbsp;Zerodha&nbsp;founder Nithin Kamath pointed out, crypto exchanges offer 10 to 100 times leverage these days. He added that if an exchange offers 50 times leverage and say Bitcoin goes down 4% in one tick, a customer with $1K, can lose $2K. As per the data from&nbsp;bybt, more than&nbsp;7.25 lakh traders and $8.11 billion were liquidated in those peak hours. It should be noted that almost one-third of the liquidation happened on a Chinese crypto exchange platform Huobi. As many experts mentioned, liquidations indeed played a major role&nbsp;in the&nbsp;meltdown&nbsp;on May 19.
&nbsp;
"Buy the dip" &nbsp; Then the question that came across investors' minds was that the best time to #buythedip as those who had sat out&nbsp;the&nbsp;dizzying&nbsp;crypto rally.&nbsp;Historical&nbsp;data clearly&nbsp;favoured&nbsp;the argument as every sharp drop has&nbsp;been followed by an equally ferocious rebound.&nbsp;Siddharth Menon, founder of India&rsquo;s biggest crypto exchange&nbsp;WazirX, in a tweet, said that a&nbsp;market correction is a good thing and there is no need to panic. Nothing goes up in one direction he added. Menon also posted Gold&rsquo; 1980 chart and wrote that Gold's volatility was (-)66% in 30 months. New markets are volatile in nature, but as it matures and as we see more investors like institutes come on board it gets better, Menon said in a tweet.&nbsp;
&nbsp;
China's crack down &nbsp; The path ahead for crypto is&nbsp;set to be volatile&nbsp;with Chinese&nbsp;authorities&nbsp;now looking&nbsp;to 'crack down' on mining and trading of&nbsp;digital tokens as well. As India awaits a formal legal framework the central bank continues to &lsquo;direct&rsquo; lenders to distance themselves from&nbsp;cryptocurrency exchanges like&nbsp;WazirX,&nbsp;BuyUCoin&nbsp;and&nbsp;Zebpay.&nbsp;
&nbsp;
Fear &amp; greed index
Fear and greed index,&nbsp;a multifactoral&nbsp;crypto&nbsp;market analysis tool, fell to as low as 11 after Wednesday's sell-off. The index ranges from 0 to 100, where '0' means the highest level of fear and '100' means greed. The index was above 70 levels before Elon&nbsp;Musk started criticism of Bitcoin&nbsp;in the second week of May. Crypto&nbsp;markets experts, however, suggest the smartest time to invest is when the fear is high.
So&nbsp;if you are looking for a ride on the crypto&nbsp;craze, make sure you have your seat belts on and know your way to the exit.

India's largest cryptocurrency exchange WazirX is facing heat on social media as its users could not place fresh bets due to a payment snag. For the last two-three days, multiple users have been complaining about their deposit service.
WazirX said that the delay in accepting funds was due to a network issue at its banking partner's end. It added that the money that was debited from traders' accounts would be credited back ASAP.
Even last&nbsp;week, many&nbsp;users had posted complaints on social media about transaction delays, payment failures and their money getting stuck.&nbsp;To which the company had said&nbsp;its servers were being overwhelmed by traffic caused by the massive demand for Dogecoin. In the past 10 days, the crypto&nbsp;world has seen a sharp surge in demand for Dogecoin&nbsp;and Ethereum.
An upsurge in traffic could also be the potential reason for the glitch.&nbsp;WazirX&nbsp;added one million users during April and is eying to onboard 10 million customers on its platform by the end of the ongoing quarter.
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Cryptocurrency traders annoyed with India's largest exchange WazirX

Delay in deposits and payment snags is leading to social media outrage&nbsp;against India's largest crypto exchange WazirX

India's largest cryptocurrency exchange WazirX is facing heat on social media as its users could not place fresh bets due to a payment snag. For the last two-three days, multiple users have taken to social media to complain about their deposit service.
WazirX&nbsp;in response said that the delay in accepting funds was due to a network issue at its banking partner's end. It added that the money that was debited from traders' accounts would be credited back ASAP&nbsp;and the funds were safe.&nbsp;
This is not a new issue for users even last&nbsp;week, many&nbsp;users had posted complaints on social media about transaction delays, payment failures and their money getting stuck.&nbsp;To which the company had said&nbsp;its servers were being overwhelmed by traffic caused by the massive demand for Dogecoin. In the past 10 days, the crypto&nbsp;world has seen a sharp surge in demand for Dogecoin&nbsp;and Ethereum.
An upsurge in traffic could also be the potential reason for the glitch.&nbsp;WazirX&nbsp;added one million users during April and is eying to onboard 10 million customers on its platform by the end of the ongoing quarter.
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wazirx

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