Crypto exchange WazirX posts $38B trading volume as its user base grows 10x in 2021

With the rally of the crypto market sending the prices of popular digital currencies such as Bitcoin (BTC) and Ethereum (ETH) to new all-time highs, interest in cryptocurrencies has increased among Indian investors. In fact, Mumbai-based exchange WazirX reported a ten-fold jump in the number of users as trading volume on its platform likewise surged to new highs.

On Friday, November 12, 2021, WazirX reported that crypto trading volume coursed through its platform soared to over $38 billion since the start of 2021, according to Coindesk. The figure represents an average monthly growth of 44 percent.

The Mumbai-based crypto exchange also reported a 10-fold rise in the number of users on its platform this year. WazirX currently has a user base of 10 million users.

The company attributed the fast-based growth of its user base to the increasing adoption of crypto among investors in Tier II and Tier III cities, especially among women. WazirX reported a 2,648 percent increase in user signups from these cities, which are large cities in India aside from the country’s six largest cities Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, and Mumbai.

WazirX’s growth in crypto trading volume, as well as user base, indicates the increasing popularity of crypto in India despite the uncertainties hounding the country’s digital assets industry. Earlier this year, reports were saying that the government would likely ban private cryptos such as Bitcoin and Ethereum but the government has shifted its position and is now inclined to regulate the market.

Lok Sabha, India’s lower house of parliament, has scheduled a November 15 meeting with the top crypto players in the country’s digital asset industry, which includes crypto exchanges such as WazirX. The forum will be hosted by the Parliamentary Standing Committee on Finance, according to India Today.

Experts are expected to discuss potential issues related to the meeting’s topic, which is “Hearing of the views of associations, industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges.” The meeting is viewed as the government’s first official step towards the regulation of the digital assets industry as opposed to its earlier stance of banning crypto’s use in the country.

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