WazirX is now valued at over $1 billion, the first for any crypto-currency exchange in India. In the last 24 hours, the market capitalisation of the crypto-exchanges' token 'WRX' grew by nearly 200% to $1.23 billion. As a result of this surge in demand and higher trading volumes on the platform, on Sunday the exchange faced a server outage. WazirX's founder and chief executive officer, Nischal Shetty said, via Twitter, that trading volumes on the exchange shot up significantly to over $270 million and as a result the platform breached the internal limits set by one of its infrastructure providers which is why the exchange went down. For many users on the platform, trades and settlement information were not available on the exchange in addition to delays in processing transactions. "When one part of the system fails, it causes a ripple effect on all the services. Takes time to bring things back up due to the scale at which we operate. Please have patience, it’ll be back up soon. Team is on it," Shetty said. [embed]https://twitter.com/NischalShetty/status/1378767202770317314[/embed] Last week WazirX's crypto token WRX witnessed an exorbitant amount of demand leading a surge of 1,170 % in its value to over $5.5 as of mid-Monday morning compared to $0.47 a week ago, as per Coinmarketcap. In the last 24 hours, trading volumes on the platform grew by 2,224% worth a total of $3.17 billion. The supply of the token has been set at close to 1 billion and so far a little…
- Is age-verification the answer to protecting children from online harms? #NAMA March 30, 2023
- Here are 6 ways the Indian government is collecting your facial data March 30, 2023
- India’s telecom regulator Directs Telcos to Report Major Network Outages March 30, 2023
- No report available on economic cost of internet shutdowns in India: Telecom Dept in Parliament March 30, 2023
- MediaNama Daily: Fraud vs Fintech March 30, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...