From a one-year peak of 478 million on October 28, 2021, to 1.3 million on October 2, WazirX daily trading volumes have been rapidly falling.
WazirX, an Indian cryptocurrency exchange, explained on Sunday that it has let go of 40% of its workforce in order to survive the current bear market. Our goal is to maintain our financial stability while providing excellent customer service. To do this, WazirX stated in a statement, “We have had to cut our team to weather the crypto winter.
Coindesk reported earlier on Saturday that 50 to 70 employees, or 40% of the 150-person workforce at the exchange, had been laid off, according to three people familiar with the matter.
According to statistics from CoinGecko, WazirX daily trade volumes have been slowly decreasing from a one-year high of 478 million on October 28, 2021, to 1.3 million on October 2, 2022.
The statement went on to say that the present global economic downturn is to blame for the bear market that has gripped the cryptocurrency sector. The crypto business in India has faced particular issues with taxes, rules, and banking access.
“This circumstance is comparable to the challenging times the industry had in 2018 when we doubled down and developed our ground-breaking P2P engine. The cryptocurrency market cycles and a spectacular bull market invariably follow a bad market. When the bull market starts, we are convinced that we will be stronger than before,” the business added.
A number of problems have also arisen for the Indian exchange recently, including an online argument between WazirX CEO Nischal Shetty and Binance CEO Changpeng Zhao about whether Binance is the parent company of the Indian exchange. Changpeng Zhao, CEO of Binance, announced its separation from Binance in a series of tweets on August 5, 2022. The off-chain fund transfer mechanism between WazirX and Binance has been closed by Binance in the interim.
The Indian Directorate of Enforcement also looked into WazirX for money laundering, which resulted in a raid on one of the company’s directors.
