The ongoing crypto boom has raised WazirX’s trading volume past $38 billion in 2021 year to date (YTD) at an average monthly growth rate of 44%, the company said.
User signups on the exchange grew by 10x, taking the total user base to 10 million.
The growing interest in cryptos in smaller cities of India was also visible in the company’s rise.
According to WazirX, user signups from tier 2 and tier 3 cities grew at 2648% with female users showing a lot of interest in the platform.
WazirX also reported a positive reaction to its NFT (non-fungible tokens) marketplace that was launched early this year.
The company sold NFTs amounting to 2,05,126.66 WRX.
Around 8,317 NFTs were minted and 4,056 NFTs were sold on the marketplace.
The current value of WRX in Indian currency is Rs 111.71.
The company has been putting effort into creating awareness about cryptos and launched policy think-tank and education programs aimed at students.
Trading in cryptos is not illegal in India but they are unregulated and that can expose users to risks. However, that hasn’t stopped people from buying and trading in cryptos.
India has 15 homegrown cryptocurrency exchange platforms and the highest number of crypto owners (10.07 crores) in the world followed by the US and Russia, according to BrokerChooser, a broker discovery and comparison platform.
The growing trade in cryptos has also attracted investor interest in crypto startups in India and has already helped CoinDCX and CoinSwitch Kuber acquire the coveted unicorn status.