Wazirx, India’s largest cryptocurrency exchange, reported a “massive surge in user signups” this year, with 82 percent of its users profiting from their crypto investments. Its trading volume increased by 1,735 percent year over year. Meanwhile, the Indian government is actively working on crypto regulation in the country.
With $43 billion in trading volume, 82% of users profited
Wazirx, an Indian cryptocurrency exchange, released a report titled “2021 Year of Crypto” on Thursday. “Wazirx saw a massive surge in user signups, resulting in us crossing 10 million users,” the report says, adding that the exchange’s trading volume increased by 1,735 percent year over year to $43 billion.
The following is taken from the report:
“As of November 30th, 2021, 82 percent of Wazirx users had profited from their crypto investments, i.e., their crypto portfolio had grown.”
According to the company, Bitcoin (BTC) remained the most traded cryptocurrency on the exchange. Tether (USDT), Shiba Inu (SHIB), dogecoin (DOGE), wazirx token (WRX), and matic were among the most widely traded cryptocurrencies (MATIC).
“Wazirx has added 200+ market pairs in 2021 as part of our efforts to make crypto accessible to everyone in India,” the exchange wrote.
A survey of the exchange’s users is included in the report. In total, 44 percent of respondents said that cryptocurrencies made up to 10% of their investment portfolios. Wazirx in-depth:
“We saw a 700% increase in signups from smaller cities such as Guwahati, Karnal, and Bareilly, among others.” It demonstrates that crypto adoption is increasing in India’s semi-urban and rural areas.”
Furthermore, 61% of respondents said that cryptocurrency had aided them, with 78 percent specifically stating that it has aided them financially. The number of female signups increased by 1,009%, while the number of male signups increased by 829 percent on the exchange.
In the meantime, the Indian government is working hard to enact cryptocurrency legislation. A cryptocurrency bill has been introduced in the Lok Sabha, India’s lower house of parliament, for consideration during the current session. The government, however, is said to be reworking the bill and will most likely introduce it during the budget session.
Prime Minister Narendra Modi has also influenced India’s cryptocurrency legislation. He is said to be making prime Minister Narendra Modi has also influenced India’s cryptocurrency legislation to regulate crypto assets, though the government has not made its plans public.
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