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WazirX trading volume rises by average 44% MoM in 2021 to $38 billion

Crypto exchange, WazirX, on Friday said it has recorded a trading volume of over $38 billion in 2021, marking an average 44% month-on-month growth year to date (YTD). The platform also saw over 10 times jump in signups in 2021, expanding the user base to 10 million.

With the growing popularity of crypto, the platform also recorded 2,648% growth in user signups from tier-II and tier-III cities along with massive adoption by women, especially from these geographies in India.

“While aiding job creation, financial freedom with crypto is another important factor resulting in the influx of new investors,” the exchange said in a release.

The company added that it has recorded net sales of non-fungible tokens (NFTs) amounting to 2,05,126.66 WRX or $309,741.26 based on today’s price. (1 WRX=$1.51). WRX is the utility token of the cryptocurrency exchange WazirX. The company had launched India’s first NFT marketplace in June 2021.

As per the exchange, the NFT platform has a creator-to-collector ratio of 1:53, with a total of 737 creators and 481 collectors.

“The numbers indicate the increasing participation in blockchain-based NFTs. Witnessing an unprecedented growth, the net NFT minted and sold by artists on the platform amounts to 8317 and 4056, respectively, standing at a ratio of 2:05,” it said.

Cryptocurrencies have seen an exponential increase in interest ever since the Reserve Bank of India (RBI) ban was lifted in March 2020, with Indian exchanges clocking impressive user additions and a sustained surge in daily trading volumes. WazirX’s peer, CoinSwitch Kuber, has more than 13 million users, while CoinDCX and Zebpay have six million and five million users.

Additionally, as per industry estimates Indians have plowed ₹6 trillion into crypto assets so far.

Meanwhile, there are reports that the government may not look to ban cryptocurrencies and go for a middle path while regulating them.

A bill on banning ‘private cryptocurrencies’ was slated to be introduced in the Budget session of Parliament in February 2021. The government had later said that it will go with a calibrated approach.

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