Indian Beehive

Crypto startup WeTrade ceases operations in India

A Bengaluru-based crypto firm ‘WeTrade’ is shutting down its platform by the end of this month (February). This comes at a time when the winter round of funding fell steeply and was further exacerbated by the extreme unpredictability in the crypto sector.

‘WeTrade’ was founded in 2022 aiming to give users access to smooth crypto transactions with rewards. In a LinkedIn post-WeTrade announced that “the crypto winter deepening and the ambience turning increasingly hostile, we have decided to pause our services.” The trading services were resolved from the platform on January 17, 2023 however the entire operation will be disabled by the end of the month. Last year WeTrade raised funding of Rs 15 crore from external investors, venture capital firms, and angel investors.

WeTrade focused on offering customers an advantage of buying and selling coins with no trading fee at all and if applicable the fee was as low as ₹100, by eliminating its trading fee for the 50 coins which were available on the platform such as Bitcoin, Solana, and Ethereum.

In recent times, the crypto market was slightly on the weaker side, especially in the last few weeks, with Bitcoin and Ethereum trading flat. Regulators have been keeping a close watch on crypto lately and thanks to them BNB was tumbling. Edu Patel co-founder and CEO at Mudrex said “Bitcoin traded at a multi-week low on Monday. Bulls have lost the initiative to bears.” He further added that “The immediate support of Bitcoin lies at the $21,650 level, while the resistance is at the $21,800 level. On the other hand, Ethereum also fell to a one-month low. It has been changing hands between $1,400 and $1,500. it has not yet acquired the strength to make a mid-term price recovery”.




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