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.