Key takeaways
- Wazirx’s trading volume increased by 44% to 38 USD Billion in 2021, the exchange revealed on Friday.
- The platform saw a remarkable 2,648% increase in user signups from Tier-II and Tier-III cities and widespread adoption by women, particularly in India’s Tier-2 and -3 cities.
Binance-owned Indian crypto exchange WazirX reported that it had seen a year-to-date trading volume of over $38 billion, representing a 44% month-over-month increase. This year, the site saw a 10x increase in signups, reaching 10 million users. In addition, with the growing popularity of cryptocurrency, the platform saw a 2,648% increase in user signups from tier-II and tier-III cities and widespread use by women, particularly in these parts of India.
Regarding user signups, the business recorded a 2,648% increase in Tier II and Tier III cities- large cities in the country other than the six largest: Mumbai, Delhi, Kolkata, Chennai, Bengaluru, and Hyderabad.
“While aiding job creation, financial freedom with crypto is another important factor resulting in the influx of new investors,” the exchange stated in a statement.
According to the company, net sales of non-fungible tokens (NFTs) totaled 2,05,126.66 WRX, or $309,741.26 at today’s exchange rate. 1 WRX equals $1.51. The cryptocurrency exchange WazirX’s utility token is WRX. In June 2021, the company launched India’s first NFT marketplace.
Despite lingering doubts about whether the government would prohibit crypto, the exchange’s success this year illustrates the growing popularity of crypto in India.
India’s government was planning to outright ban cryptocurrency at the start of this year but has since changed its mind and decided to regulate it as an asset class. According to industry estimates, Indians have invested $6 trillion in crypto assets so far.
WazirX has been invited to meet with the government next week and other crypto players to discuss their perspectives on the business.
