A recent report reveals that Binance-owned Indian cryptocurrency exchange WazirX has surpassed the daily trading volume of $ 200 million. The report revealed that it is the first time the exchange has reached such a milestone since it launched in 2018.
CoinMarketCap recently reported that WazirX is the 27th cryptocurrency exchange in the world based on trading volumes. The platform now has around 137 currencies available for trading, with its daily trading volume of $ 218 million.
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The trade is also the highest of any India-based crypto exchange. surprisingly, the company, along with other cryptocurrency exchanges in the country, faces strict regulatory issues within the Indian market. The Indian government has even proposed to ban private cryptocurrency companies in the country.
Exchanges continue to thrive despite regulatory challenges
WazirX’s daily trading volume shows that despite the regulatory challenge, the exchange continues to see a growing number of operators and user base on the platform.
With more volume, you get more liquidity, ensuring that traders receive the best prices with minimal spreads between the call and put option.
Nischal Shetty, founder of WazirX, commented on the recent milestone, noting that the exchange is now the largest in India when it comes to daily trading volume. WazirX has the highest liquidity and trading volume in the INR market in India, ”he stated.
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WazirX still faces issues
Disruptions have always been a problem with cryptocurrency exchanges, especially those still trying to expand their offerings. As the user base grows, the platform may not be broad to accommodate the increased demands.
WazirX had a major outage shortly after its highest announcement of all time. It caused system failures lasting more than four hours. The cryptocurrency exchange reached its internal limit set by its infrastructure providers, causing the systems to shut down. As a result, the platform users were unable to conduct normal transactions within that period. However, the systems are restored and trading on the platform has fully resumed.