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.

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

Jamie Crawley is a CoinDesk news reporter based in London.

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.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC