On Thursday, Indian cryptocurrency trading platform WazirX said its trading volume increased a huge 1,735% year-on-year to over $43 billion in 2021.
As discussed in a report called “Highlights and Observations from 2021 The Year of Crypto”, WazirX’s massive growth numbers come on the back of Bitcoin, the top cryptocurrency good for roughly 50% of total crypto holdings, and other digital tokens experiencing a significant rally this year. The Mumbai-based exchange noted:
“As more people began to read about crypto and invest in this emerging alternative asset class, WazirX witnessed a massive surge in user signups leading to us crossing 10 million users.
During these uncertain times [of coronavirus pandemic], crypto has not only enabled common people with new ways to earn online but also fought the pandemic with the Indian crypto community stepping forward to help our country.”
Highlighting the demographics its users, WazirX confirmed that 66% of its total users are below 35 years of age. Number of new female users increased by 1,009% while male sign-ups during this year witnessed a 829% growth.
“There was also a 700% increase in the number of participants from smaller cities like Guwahati, Karnal, Bareilly, thereby signaling the growing interest from rural and semi-urban areas,” WazirX said in its report.
Non-fungible tokens (NFTs) also saw a rise in popularity with WazirX NFT Marketplace recording a huge participation from over 962 creators who minted 12,600 NFTs and sold over 5267 of them worth over 262,896 WRX (about ₹2.4 crores) in the year to date.
Although India’s the government has softened its position on cryptocurrencies in recent months, the Reserve Bank of India remains hesitant.
Nevertheless, WazirX is confident that the government will impose regulations rather than restrictions on cryptocurrencies in the country. It is expected that by February 2022 there will be more clarity on the government’s stance with a new crypto-bill under review.
Nischal Shetty, WazirX Chief Executive Officer, commented:
“The audience is evolving and recognizing crypto as an emerging alternative asset class. The government’s impetus towards a regulated approach for crypto would put India on the world map with other developed countries dealing in crypto. This, coupled with strong institutional participation in crypto would go a long way in paving the future of this popular asset class in India and helping us become Atmanirbhar Bharat.”
In November, a joint effort of India’s crypto businesses resulted in a front page advertisement in The Economic Times calling the government to bring regulatory guidance to the crypto industry in the country. The ad, “This is India’s crypto moment”, was backed by a group of Indian cryptocurrency exchanges like WazirX, ZebPay, CoinDCX and CoinSwitch Kuber.
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Source: Igaming
