Several investors and market experts are backing cryptocurrency to change the future of payments. Both Bitcoin and Dogecoin have become household names. Dogecoin has already given over 1000 per cent returns this month and has found backers in billionaires, celebrities and athletes. Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban believe that cryptocurrencies are here to stay. Rapper Snoop Dogg jumped on the Dogecoin bandwagon along with Kiss singer Gene Simmons and restaurateur Guy Fieri.
Both the digital currencies have also picked up in India but, investors are being let down by trading platforms that seem unequipped. Lack of proper infrastructure, inability to handle more traffic and inconsistent tie-ups with banking partners have left investors furious.
WazirX, which is India’s largest crypto trading platform, crashed last week as Dogecoin touched an all-time high of Rs 48. Many investors took to social media to complain that they were not able to complete transactions and missed out on potential profits. Many others were not able to add money to the wallet and were equally annoyed.
Company CEO Nischal Shetty had tweeted that the platform is working to resolve these issues.
“Team is still working on enhancing the trading experience in DOGE/INR market. Other markets are working fine. We’ll solve the issues soon. Not resting until then,” he had tweeted. The problem, however, is not limited to a busy investment day. Even on a normal day, users are often unable to add money to their wallet. The same has been blamed on banking partners.
The issues are not limited to WazirX. Another trading platform that went all out with its marketing campaign recently, Coinswitch Kuber, has stopped INR transactions completely. This means users are not able to trade in Indian rupee. This applies to both UPI and net banking transactions.
“Due to some unavoidable issues at our banking partner’s side, we have currently disabled all INR deposits. We regret the inconvenience caused because of this and our team is looking at fixing this on priority. We will update here as soon as we enable the INR deposits again,” it had tweeted on April 21.
In another tweet towards the end of April, the platform had said that it is yet to enable the transactions, and it is working to enable them. The transactions haven’t started yet.
Again, the interested investors are missing out on potential trading opportunities. Most platforms have limited tokens or cryptocurrencies listed on them, which also limits the opportunities for investors.
Then, there are other issues as well. Users are not shown wallet balance even if it has some. OTP authentication is turning out to be a big pain for investors as well. Many are able to get past these hurdles and actually buy crypto but, there are orders are not executed.
While it is understandable that the crypto industry is still trying to find its feet in the country, the current infrastructure is letting investors down badly. Some of these issues are very basic and need to be addressed as early as possible, if the crypto ecosystem has to grow.