March 7

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.

Source: Rest of World (link opens in a new window)

Finance, Technology
cryptocurrency, failure