WEB3

Can India’s Crypto Exchanges Survive the Ongoing Crypto Winter?

by BSC News

October 18, 2022

chain

WazirX VP Rajagopal Menon told BSC News his company is building through the crypto winter, which has been especially harsh for India's crypto exchanges.

WazirX VP Compares 2022 Crypto Bear Market to 2018

India’s crypto exchanges have been going through hard times in the past year. However, an executive at one of the country’s largest exchanges told BSC News that his company is focusing on building through the bear market.

“This situation is similar to the trying times the industry faced in 2018 when the [Reserve Bank of India] banned crypto; then, we doubled down and built our innovative P2P engine. We will continue to focus on our customer needs and continue to build,” said WazirX Vice President Rajagopal Menon.

While the current global economic slowdown is impacting all financial markets, India’s crypto industry faces unique problems with respect to taxes, regulations and banking access. Those have contributed to the significant fall in trading volumes on all Indian crypto exchanges.

The pain is expected to worsen with the country’s new 1% TDS (Tax Deducted at Source) regime.

Menon remained optimistic and focused on building.

“ We are still at a nascent stage in the crypto ecosystem, especially in terms of awareness. We are launching a slew of initiatives on the education front apart from making incremental improvements in the site and apps,” he said.

What Is WazirX:

WazirX is one of the largest and most well-established cryptocurrency exchanges in India. Launched in 2018, WazirX has about 15 million registered users and had an annual trading volume of $43 billion in 2021.

Where to find WazirX:

Website | Twitter

Related News