Crypto Winter influences CoinDCX to stop withdrawals.
The plummeting of market and loss of billions of dollars from the market have influenced the crypto based companies to take hostile and hard decisions to survive the market’s situations. Many renowned crypto exchanges such as Coinbase are resorting to the termination of employees to cut costs. Many crypto companies have gone ahead to freeze the accounts of customers. One such company is CoinDCX that went on to halt cryptocurrency withdrawals and remarked that the situation of the market has influenced the company to take such a harsh decision.
Indian Investors fear the decision taken by the crypto exchange.
The decision of halting the withdrawal process by the crypto exchange CoinDCX didn’t go down well with Indian Investors in particular. The decision stoked fears among the investors, who are already facing the heat from the crypto market explosion.
The declining market and no backing from the government has all added up to cause the unwanted pressure for the Indian Investors of crypto. But, to calm the investors down, the CoinDCX issued an official statement which read that there is nothing to worry about and that the funds are completely safe with them.
Words of the CEO of CoinDCX.
The founder and the CEO of the crypto exchange CoinDCX, Sumit Gupta, stated that, the company is backed by investors scattered across the globe. He claimed that, the investors believe in the vision of the company. He went on to add that, the company envisions to build the next generation of crypto in India with DCX ventures, investment and trading platforms in a more compliant and secure manner.
Sumit Gupta about the effects of Crypto Winter.
Sumit Gupta, claimed that the market is a bearish condition and is in a tough phase. He said that the deadly “Crypto Winter” is here. The prestigious projects that the investors had faith in have started to look shaky. As in the times of adversity, the true warrior prevails, Sumit Gupta says that there is nothing to worry about from the market’s situation. He claimed that, the funds in the company are completely safe and secure. The crypto winter will have no impact in the vision of the company, he claimed. He believes that India has a great potential to be a crypto hub in the future and his company will be in the quest to make India a key player in crypto eco system.