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. The trading volume increased 1,735% over the year before. Meanwhile, the Indian government is actively working on the country’s crypto regulation.
$43 Billon in Trading Volume; 82% Users Made 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.
According to the report:
At 30 November 2021 82% of Wazirx users had made profit on crypto investments. This means that they have seen an increase in their crypto portfolio.
BTC (Bitcoin) was the most frequently traded cryptocurrency on the platform, according to the exchange. Tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), Wazirx Token (WRX) and matic (MATIC) were other highly traded cryptocurrency.
“In our efforts to make crypto accessible to everyone in India, Wazirx has added 200+ market pairs in 2021,” the exchange wrote.
A survey was done by the exchange to gather feedback from its users. Overall 44% said that cryptocurrency accounted for 10% or more of their investments portfolios. Wazirx detailed:
Over 700% of signups were from small cities, such as Guwahati or Karnal. The growing adoption of crypto in rural and semi-urban India is evident.
61% stated that cryptocurrency has been a help to them and 78% claimed that crypto has directly helped their finances. There was also a 1,009% rise in female signups, and an 8299% increase for male signups.
While cryptocurrency legislation is being developed, India’s government has been actively involved in its development. A cryptocurrency bill has been listed for consideration in the current session of Lok Sabha, the lower house of India’s parliament. The government, however, is said to be reworking and will probably introduce the bill in the budget session.
Prime Minister Narendra Modi has also been involved in India’s cryptocurrency legislation. Modi is believed to be making the final decisions on India’s regulatory approach for cryptocurrencies. The government has not yet made the plans public but there is speculation that India will regulate crypto assets.
Was Wazirx right about their findings? Comment below.
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