WazirX server crashes as trading volumes surge 2,000%, token up 1,000%
April 5, 2021
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.
Ola announced that the company was offering a new product to its users an electric flying car.
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