Binance-backed WazirX has clocked a trading volume of over $43 Billion in 2021, said the Bengaluru-based crypto exchange in a report. Further, Bitcoin (BTC), Tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), WazirX Token (WRX), and Matic (MATIC) were the most-traded crypto on the exchange.
The report called “Highlights & Observations From 2021: The Year Of Crypto”, added that WazirX crossed a user base of 10 million.
WazirX conducted a user survey and based on the same, it said that 51 percent of survey respondents admitted to entering crypto-based recommendations from friends and family first.
In the survey, 44 percent of respondents shared that crypto comprises up to 10 percent of their overall investment portfolio.
Also Read: More optimistic of crypto regulation in India than an outright ban: WazirX Co-founder Nischal Shetty
The growth in the number of new female users was up by 1009 percent vis-à-vis an 829 percent growth recorded in an increase in male sign-ups.The report also said that women traded more in Bitcoin, whereas men traded more in Shiba Inu. Further, trading and investments in crypto have seen a demographic shift, with 66 percent of WazirX users below 35 years of age.
54 percent of respondents shared that they would be interested in pursuing a career in the crypto space, with Entrepreneurship, Finance, and Business Development being the top career choices.
According to the report, crypto also witnessed a trend in participation from beyond metros and Tier-I cities. There was also a 700 percent increase in the number of participants from smaller cities like Guwahati, Karnal, Bareilly, thereby signaling the growing interest from rural and semi-urban areas.
Also, WazirX NFT marketplace has enabled over 962 creators to mint 12,600 NFTs and sell over 5267 of them worth over 262,896 WRX (~₹2.4 Crores INR) in 2021 so far.
Also Read: Indian crypto space is huge, but how transparent is it?
Some of the top trading NFTs include The Mvmnt Collections, Crypto Karadi Collections, Krypto Monks & MetaVassi Collection - Abhishapes, Yash Shyte - Cyber Mythics, Milanzart - Cyber Skull Force Collection. Additionally, with Metaverse apps becoming mainstream, WazirX expects an inflow of applications in DeFi, NFTs, GameFi where users can own their data and earn in the virtual economy.
Nischal Shetty, CEO of WazirX said, “The audience is evolving and recognizing crypto as an emerging alternative asset class. 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.”
Meanwhile, the much-awaited crypto regulation bill probably will likely be delayed and won’t be introduced to Parliament until the 2022 session begins in late January or early February, several media outlets reported.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
