Crypto exchange startup Cryptokart shuts down operations

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CryptoKart which is a cryptocurrency exchange firm, Co-founder Gaurang Poddar revealed that now the company is shutting down all its operations.

In a LinkedIn post, Poddar said, “We’ve decided to shutdown Cryptokart. While it is difficult, given the hard work we’ve put in, it’s been a great experience, and I’m glad to have gotten to work with such a talented and passionate team, and proud of the platform we’ve built.”.

Poddar also further revealed that the dwindling interest and lack of clear regulations from the government were the major concerns for the company decisions to shutdown.

The exchange was founded by the Mihir Modi and Poddar in the year 2017.

The report also revealed that the Koinex, one of the largest crypto exchange wallet in India, shut its operations last month. Apart from that, some other exchanges which include the Coinome, Zebpay, and Coindelta have already shut down their operations in the past.

The momentum in the sector also got stalled after the Reserve Bank of India directed banks to desist from serving any type of cryptocurrency exchanges and firms in the month of April 2018.

WazirX and CoinDCX, the two leading cryptocurrency exchange are as of now betting on the global markets. Some of the investment from the ICO’s in India blockchain and cryptocurrency startups has been extremely low due to the lack of regularity clarity, according to the report.

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