A recent report reveals that Binance-owned Indian cryptocurrency exchange WazirX has surpassed $200 million daily trading volume. The report revealed that it’s the first-timer the exchange is reaching such a landmark since it was launched in 2018.
CoinMarketCap recently reported that WazirX is the 27th largest crypto exchange in the world based on trading volumes. The platform now has about 137 coins available for trading, with its daily trading volume standing at $218 million.
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The trading is also the highest by any Indian-based crypto exchange. surprisingly, the company, along with other crypto exchanges in the country, is facing strict regulatory issues within the Indian market. The Indian government has even proposed to ban private cryptocurrency businesses in the country.
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Exchanges still thriving despite regulatory challenges
WazirX’s daily trading volume shows that despite the regulatory challenge, the exchange is still seeing an increasing number of traders and user-base on the platform.
With more volume comes more liquidity, ensuring that traders are given the best prices with minimum spreads between the buy and sell option.
Nischal Shetty, WazirX’s founder commented on the recent milestone and pointed out 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 facing issues
Outages have always been an issue with crypto exchanges, especially those still trying to expand their offerings. As the user-base grows, the platform may not be expansive to accommodate increased demands.
WazirX had a major outage shortly after its all-time high announcement. It caused system failures that lasted for over four hours. The crypto exchange reached its internal limit set by its infrastructure providers, causing the systems to shut down. As a result, users of the platform were not able to carry out normal transactions within that period. However, the systems are restored and trading on the platform has resumed fully.
