How India Sees Crypto: Large Exchange Shows 10x Growth In User Base

Indian crypto exchange WazirX reported a significant growth in its user base and trading volume over the year. They claimed the platform’s user base grew to 10 million during 2021, which represents a tenfold increase. WazirX’s 2021 trading volume to date has been around $38 billion, CoinDesk reported, with a month-over-month increase of 44%. They had an important surge of 2,648% in users who registered to the platform from some of India’s largest cities, Mumbai, Delhi, Kolkata, Chennai, Bengaluru, and Hyderabad (Tier II and Tier III), where crypto trading already had reported maturity before with high rates of interest and transactions in users under 35 years. They claimed this healthy growth also saw a great amount of support and interest by women investors in the areas, who had increased 30% to 40% in the user base by September. India reportedly has one of the world’s fastest-growing crypto market, with a 641% yearly increase, according to Chainalysis: Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam. Those numbers suggest that India’s cryptocurrency investors are part of larger, more sophisticated organizations. Related Reading | Indian Investments In Crypto Grow Rapidly As $40 Billion Milestone Is Reached Towards Crypto Literacy In the past year, WazirX has foc...