Indian cryptocurrency exchange WazirX reports that its user base and trading volume have grown significantly in the past year. They claim that the user base of the platform has grown to 10 million in 2021, a tenfold increase.
To date, WazirX’s 2021 transaction volume is approximately US$38 billion, CoinDesk The report shows a 44% increase from the previous month.
From some of the largest cities in India, Mumbai, Delhi, Kolkata, Chennai, Bangalore, and Hyderabad (second and third levels), the number of users registered on the platform has surged by 2,648%. Cryptocurrency transactions in these cities have been mature before. High interest rates and transactions for users under 35.
They claim that this healthy growth has also received strong support and interest from female investors in these fields. By September, their user base increased by 30% to 40%.
According to reports, India is one of the fastest growing cryptocurrency markets in the world, with an annual growth rate of 641%. Chain analysis:
Large institution-scale cryptocurrency transfers worth more than $10 million accounted for 42% of transactions sent from Indian addresses, compared with 28% in Pakistan and 29% in Vietnam. These figures show that Indian cryptocurrency investors are part of a larger and more complex organization.
Towards crypto literacy
In the past year, WazirX has focused on a strategy that aims to improve India’s cryptocurrency literacy by providing transparency and different sources of education.For this reason, they first launched the Indian cryptocurrency exchange Transparency report In October last year, they stated as follows:
We are committed to helping users make wise choices by creating a favorable environment, so as to disseminate correct information to users.
In their efforts, WazirX CEO Nischal Shetty launched a Twitter campaign under the hashtag #IndiaWantsCrypto with the purpose of sharing cryptocurrency insights and raising awareness of the industry, “This has created thousands of jobs, not to mention It’s a huge monetary value.”
They also launched a YouTube series,’Blockchain papers, And a podcast. All of this is to increase users’ understanding of its platform and clear up fears and misunderstandings. They also cooperate with educational institutions such as IIT, IIM and Delhi University.
Resolving misinformation about encryption and eliminating misunderstandings is just one of the methods we believe will help our users make smart encryption investment decisions.
These projects also aim to open a path between the encryption industry and national policymakers, hoping that more extensive information will help formulate regulations.
Cryptocurrency exchanges want regulation
Over the years, the adoption of cryptocurrencies in India has been bumpy. Although many users and cryptocurrency exchanges still hope that future regulations will bring clarity and the possibility of growth to the industry, this situation is not clear enough.
In 2018, the Central Bank of India banned all cryptocurrencies, and investors and exchanges affected by the decision made many responses. Around that time, WazirX launched WazirX P2P, “to help users buy/sell cryptocurrencies using INR”, and launched a 1,000-day Twitter campaign, “to establish a case of why we need to allow cryptocurrency to promote innovation” .
Then, in March 2020, the Supreme Court of India lifted the injunction of the Reserve Bank of India (RBI), calling it “unconstitutional.” India’s cryptocurrency prospects are beginning to soften, which makes WazirX one of the largest cryptocurrency exchanges in the country.
At that time, discussions around regulations began. Indian cryptocurrency exchanges and investors participated in informal meetings with law enforcement agencies and banks, hoping to reach a level of friendliness.
It is expected that the government will classify Bitcoin as an asset class, and the Securities and Exchange Commission of India will supervise and clarify cryptocurrencies, closing the door to another ban.
Currently, the lower house of parliament Listed A conference entitled “Listening to Associations and Industry Experts on the Topic of’Encrypted Finance’: Opportunities and Challenges” is believed to be held in February 2022. Crypto exchanges like WazirX were officially listed as invitees for the first time and their hopes continued to rise.