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18-12-2021|Asia

Indian Crypto Exchange Says 82 percent of users profited this year, while trading volume increased by 1,735 percent.

Wazirx, India's largest cryptocurrency exchange, reported a "massive surge in user signups" this year, with 82 percent of its users profiting from their crypto investments. Its trade volume increased by 1,735 percent year over year. Meanwhile, the Indian government is actively working on crypto regulation in the country.

With $43 billion in trading volume, 82% of users profited.
Wazirx, an Indian cryptocurrency exchange, presented a report titled "2021 Year of Crypto" on Thursday. "Wazirx saw a significant jump in user signups, resulting in us crossing 10 million users," the report says, adding that the exchange's trading volume increased by 1,735 percent year over year to $43 billion.

The report notes:

As of November 30th, 2021, 82 percent of Wazirx members had profited from their crypto investments, i.e., their crypto portfolio had grown.

Bitcoin (BTC) remains the most traded cryptocurrency on the exchange, according to the company. Tether (USDT), shiba inu (SHIB), dogecoin (DOGE), wazirx token (WRX), and matic were among the most widely traded cryptocurrencies (MATIC).

"Wazirx has added 200+ market pairs in 2021 as part of our efforts to make crypto accessible to everyone in India," the exchange noted.

The report includes a survey the exchange conducted of its users. In total, 44 percent of respondents claimed that cryptocurrencies made up up to 10% of their financial portfolios. Wazirx detailed:

We saw a 700% increase in signups from smaller locations such as Guwahati, Karnal, and Bareilly, among others. It demonstrates that crypto usage is increasing in India's semi-urban and rural areas.

Furthermore, 61% of respondents indicated that cryptocurrency has aided them, with 78 percent particularly stating that it has aided them financially. The number of female signups increased by 1,009%, while the number of male signups increased by 829 percent on the exchange.

In the meantime, the Indian government is hard at work on enacting cryptocurrency regulations. A cryptocurrency bill has been introduced in the Lok Sabha, India's lower house of parliament, for consideration during the current session. The government, however, is said to be rewriting the bill and would most likely introduce it during the budget session.

India's cryptocurrency legislation has also been influenced by Prime Minister Narendra Modi. He is said to be making a final decision on how cryptocurrencies will be regulated in India. India is reportedly aiming to regulate crypto assets, albeit the government has not made its plans public.

What do you think about the findings reported by crypto exchange Wazirx? Please share your thoughts in the comments box below.

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