India’s Crypto Industry Is Imploding
Indian crypto exchange WazirX abruptly shut down its NFT marketplace “due to low volume and traction.” The company said it had collected a fee of just around $6 over the past 30 days while its “server expenses are in thousands of dollars.”
The development occurred about a month after WeTrade, an Indian cryptocurrency trading app, suddenly paused operations due to the “crypto winter deepening and the ambience turning increasingly hostile.” WeTrade had originally targeted a turnover of 100 crore rupees (around $12 million) for the 2023 financial year.
Photo courtesy of David Shares.
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- cryptocurrency, failure