Labeling 2021 as the ‘Year of Crypto‘, Indian cryptocurrency exchange WazirX revealed in its latest report that this year it witnessed a trading volume of over $43 billion – which accounted for 1735 percent growth from 2020. WazirX also claimed it crossed a user base of 10 million.
WazirX’s platform data showed that Bitcoin (BTC) was the most traded crypto among its women users, and that Shiba Inu (SHIB) was the most traded crypto among men.
WazirX’s findings come during a year when India has been adopting crypto rapidly. In fact, a report by blockchain data platform Chainalysis ranked India second in terms of global crypto adoption in 2021, amidst global crypto adoption rising over 880 percent in the last year.
This adoption has not gone unnoticed among investors. Indian crypto exchanges CoinDCX and CoinSwitch Kuber turned unicorns in 2021, with fundraises of $90 million (led by B Capital Group) and $260 million (led by Andreesen Horowitz and Coinbase Ventures), respectively.
Commenting on WazirX’s findings in its report, Nischal Shetty, CEO of WazirX, said:
“WazirX has always been committed to making crypto accessible to everyone in India, and these findings are a green shoot in that direction. The audience is evolving and recognising crypto as an emerging alternative asset class. 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.”
In a survey sent to 8.5 million users, WazirX found 51 percent of respondents admitted to entering crypto basis recommendations from friends and family first. Further, Bitcoin (BTC), Tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), WazirX Token (WRX), and Matic (MATIC) were the most-traded crypto on the exchange.
Additionally, 44 percent of respondents shared that crypto comprises up to 10 percent of their overall investment portfolios, and 54 percent of respondents shared they would be interested in pursuing a career in the crypto space.
82 percent of WazirX users also reported “they have reaped profits on their crypto investments (as of November 30, 2021).”
In 2021, local authorities have also been looking to understand crypto better, and are in the process of defining and regulating. In an upcoming Bill, the government, which has been speaking to a set of Indian crypto exchanges, is looking to bring regulatory clarity to the space.
