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Indian Crypto Exchange WazirX Experiences Disruptions

Indian Crypto Exchange WazirX Experiences Disruptions

Prominent Indian crypto exchange WazirX suffered disruptions caused by system failures for over four hours on Sunday. In a tweet, Nischal Shetty, the CEO of WazirX, reported that the crypto exchange had “hit some internal limits” established by one infrastructure provider. Wazir’s system’s load supposedly created “a ripple effect on all the services”. Thus, letting some of the exchange’s 1.8 million users report being incapable of seeing any funds in their accounts through the outage.

Nischal Shetty, in a series of tweets, mentioned that it’s because part of the system is not operative. One such system is the one that confers the fund value. He further said that the investors could see the funds once all the services are back up. Nevertheless, more than four hours later, the CEO reported that users could once again view funds in their accounts and cancel orders. However, he said that trading was still disabled.

As per the co-founder and COO of WazirX, Siddharth Menon, the exchange experienced all-time high trades over its systems shortly before the outage happened. Shetty reported that the firm had witnessed more than $270 million in trading volume 24 hours earlier today. Thus, making the crypto exchanges one of the largest Indian exchanges. Besides, the price of WazirX’s native token, WRX, has increased by over 160% in the last day to reach $4.15 at the time of publication. This news appears amidst the ongoing possibilities of the crypto ban in India. 

WazirX Introduces India’s First Marketplace for NFTs

Furthermore, recently, WazirX has launched India’s first marketplace for NFTs. The development has paved the way for exchanging digital assets and intellectual properties. It includes programs, art pieces, audio files, videos, and even tweets, apart from other digital goods and services. After the launch, Indian creators can now store their digital assets for auction across the blockchain-based NFT marketplace. Moreover, they can also receive royalty after that.

Moreover, WazirX will not charge its consumers for developing and listing NFTs on the platform. Nevertheless, since NFT develops on blockchains that enable smart contracts, a gas fee is paid to the miners in respective currencies. This cost is against the computer power employed to verify the transactions. WazirX is recently operating towards repealing this cost to make NFT minting cost-effective for artists and creators.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.