WazirX’s trading volume skyrockets by 1735% to $43 billion YTD

WazirX’s trading volume skyrockets by 1735% to $43 billion YTD
16 Dec, 2021

The ongoing boom in the market for Cryptocurrency has raised WazirX’s trading volume past $43 billion in 2021 year to date (YTD) accounting for 1735% growth from 2020. User signups on the exchange grew by 10x, taking the total user base to 10 million, the company said in a report.   

The growing interest in cryptos in smaller cities of India was also visible in the company’s rise as the company claims that there was also a 700% increase in the number of participants from cities like Guwahati, Karnal, Bareilly, etc.

Interestingly, trading and investments in crypto have seen a demographic shift as well with 66% of WazirX users below 35 years of age. The growth in the number of new female users was up by 1009% vis-a-vis an 829% growth recorded in an increase in male sign-ups.

Also read: WazirX blocked 377 user accounts in response to govt. requests in last 6 months

Nischal Shetty, CEO of WazirX, said, “The government’s impetus towards a regulated approach for crypto would put India on the world map with other developed countries dealing in crypto. This, coupled with strong institutional participation in crypto would go a long way in paving the future of this popular asset class in India and helping us become Atmanirbhar Bharat.” 

The assertions by WazirX are reinforced by the fact that a leading crypto and digital asset exchanges CrossTower, in partnership with US-India Strategic Partnership Forum (USISPF) released its research report, which highlights India as having the potential to add USD 1.1 trillion of economic growth to its GDP by 2032. The report shows how India can leverage the digital asset opportunity by adopting Web 3.0 and why blockchain technology is self-sufficient for digitizing India's financial ecosystem.

India is evolving in terms of crypto adoption and now with Metaverse apps becoming mainstream, WazirX expects an inflow of applications in DeFi, NFTs, GameFi where users can own their data and earn in the virtual economy. The growth potential is echoed by a NASSCOM report as well, which states that the crypto market in India is expected to grow 2X faster and has the potential to create more than 800,000 jobs by 2030.