A major cryptocurrency exchange in India, Wazirx, reported a “massive surge in user logins” this year, with 82% of users making profits on their crypto investments. The trading volume also increased by 1,735% compared to the previous year. Meanwhile, the Indian government is actively working on regulating the country’s crypto.
$ 43 billion in trading volume, 82% of users generated profit
The Indian cryptocurrency exchange Wazirx has published its “2021 Year of Crypto” report Thursday. “Wazirx saw a massive surge in user logins that resulted in us exceeding 10 million users,” the report said, adding that the exchange saw over $ 43 billion in trading volume, an increase of 1,735% compared to the previous year.
The report states:
As of November 30, 2021, 82% of Wazirx users had made profits on their crypto investments, that is, saw their crypto portfolio grow.
The exchange stated that Bitcoin (BTC) remained the most traded cryptocurrency on its platform. Other heavily traded cryptocurrencies were tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), Wazirx-Token (WRX) and matic (MATIC).
“In our efforts to make crypto accessible to everyone in India, Wazirx added more than 200 market pairs in 2021,” the exchange wrote.
The report contains a survey about the exchange of its users. Overall, 44% of respondents said that cryptocurrencies account for up to 10% of their investment portfolio. Wazirx in detail:
We have seen over 700% growth in registrations from smaller cities like Guwahati, Karnal, Bareilly, and others. It shows growing crypto adoption in semi-urban and rural India.
Additionally, 61% of respondents said crypto helped them, while 78% specifically said it helped them financially. The exchange also saw female filings grow 1.09% and male filings grew 829%.
Meanwhile, the Indian government is actively working on cryptocurrency legislation. At the current session of Lok Sabha, the lower house of the Indian parliament, a bill on cryptocurrency was presented for consideration. However, the government is reportedly revising the bill and will do so probably imagine instead in the budget meeting.
Prime Minister Narendra Modi was also involved in India’s cryptocurrency legislation. He supposedly takes last call on how India will regulate cryptocurrencies. Although the government has not published its plan, there are reports that India plans to Regulate crypto assets.
What do you think of the findings of the Wazirx crypto exchange? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Source: Crypto News Austria