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Binance-owned Indian crypto exchange WazirX said its userbase has grown by over 10 times to 10 million, this year.
- WazirX recorded trading volume of over $38 billion YTD, equating to an average month-on-month 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, Hyderabad.
- The strong user growth was also backed by tremendous adoption by women, from the 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 outright ban crypto, 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.