A major cryptocurrency exchange in India, Wazirx, has reported “a massive surge in user signups” this year, with 82% of its users making profits on their crypto investments. Its trading volume also rose 1,735% from the previous year. Meanwhile, the Indian government is actively working on the country’s crypto regulation.
$43 Billion in Trading Volume, 82% of Users Earned Profit
Indian cryptocurrency exchange Wazirx released its “2021 Year of Crypto” report Thursday. “Wazirx witnessed a massive surge in user signups leading to us crossing 10 million users,” the report details, adding that the exchange clocked a trading volume of over $43 billion, a 1,735% increase over the previous year.
The report notes:
As of 30th November 2021, 82% of Wazirx users have made profits on their crypto investments, i.e., seen a growth in their crypto portfolio.
The exchange explained that bitcoin (BTC) remained the most traded cryptocurrency on its platform. Other heavily traded cryptocurrencies were tether (USDT), shiba inu (SHIB), dogecoin (DOGE), wazirx token (WRX), and matic (MATIC).
“In our efforts to make crypto accessible to everyone in India, Wazirx has added 200+ market pairs in 2021,” the exchange wrote.
The report includes a survey the exchange conducted of its users. Overall, 44% of respondents said that cryptocurrencies accounted for up to 10% of their investment portfolios. Wazirx detailed:
We witnessed over 700% growth in signups from smaller cities like Guwahati, Karnal, Bareilly among others. It shows growing crypto adoption in the semi-urban and rural India.
In addition, 61% of respondents said that crypto has helped them while 78% specifically said that it has helped them financially. The exchange also saw a 1,009% increase in the number of female signups and an 829% increase in the number of male signups.
Meanwhile, the Indian government is actively working on cryptocurrency legislation. A cryptocurrency bill has been listed for consideration in the current session of Lok Sabha, the lower house of India’s parliament. However, the government is reportedly reworking the bill and will likely introduce it in the budget session instead.
Prime Minister Narendra Modi has also been involved in India’s cryptocurrency legislation. He is reportedly taking a final call on how India will regulate cryptocurrencies. While the government has not made its plan public, there are reports that India is planning to regulate crypto assets.
What do you think about the findings reported by crypto exchange Wazirx? Let us know in the comments section below.
The Indian cryptocurrency community has reacted swiftly to the recent Reserve Bank of India (RBI) action against it, which directed all regulated entities including banks not to provide services to businesses dealing in instruments such as bitcoin. Both entrepreneurs and everyday users came out on various online forums and social media to explain the follies in the central bank’s approach.
The petition appeals to the Indian government’s desire to improve the economic situation and asks the country not to drive away innovators with overbearing regulations. It points to the fact that the current CEOs of both Microsoft and Google are of Indian decent and could have built up local internet companies if given the chance, subtly warning that the next generation of tech talent might leave the country.