Indian Crypto Exchange WazirX Says User Base Has Grown Tenfold in 2021

The exchange has also recorded trading volume of over $38 billion year to date.

Nov 12, 2021 at 12:12 p.m. UTC
Updated Nov 12, 2021 at 4:54 p.m. UTC

Binance-owned Indian cryptocurrency exchange WazirX said its user base has grown by over 10 times this year to 10 million.

  • WazirX recorded trading volume of over $38 billion year to date, equating to average monthly growth of 44%, the exchange announced on Friday.
  • The company reported growth of 2,648% in user signups from Tier II and Tier III cities - in other words, large cities in the country except the six biggest: Mumbai, Delhi, Kolkata, Chennai, Bengaluru and Hyderabad.
  • The strong user growth was also backed by tremendous adoption by women in Tier II and Tier III cities, the company said.
  • The exchange’s performance this year demonstrates the growing popularity of crypto in India despite lingering uncertainty about whether it would be banned by the government.
  • At the start of this year, India’s government was set to ban private crypto outright, but has since pivoted to a position of regulating it as an asset class.
  • WazirX, alongside other crypto players, has been invited to meet with the government next week to share its views on the industry.

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Jamie Crawley is a CoinDesk news reporter based in London.