India is not backing on account of its regulatory issues and parliament bills. WazirX acquired by Binance in 2019 has marked a 1735% growth in one year.
“We witnessed over 700% growth in signups from smaller cities like Guwahati, Karnal, Bareilly, among others,” the report titled Highlights and Observations from 2021 The Year of Crypto said. “It shows growing crypto adoption in the semi-urban and rural India.”
WazirX claims to be India's fastest growing cryptocurrency exchange with more than 10 Million users. Bitcoin was the most traded cryptocurrency on the platform, followed by tether and meme coins like DOGE and SHIB. The value of WRX, the utility token of WazirX has grown from $0.076 to $1.138 in just a year.
One interesting demographic shift is the platform reported that female users have increased over 130% than male users and as expected, many users used the platform to trade meme coins. WazirX said 66% of its total users are below 35 years of age.
Apart from the exchange platform, WazirX NFT Marketplace, which was launched this year, has also attracted a wide audience as over 962 creators minted 12,600 NFTs.
“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” WazirX’s CEO Nischal Shetty