Binance-owned Indian cryptocurrency exchange WazirX said its userbase has grown by over 10 times this year to 10 million.
- WazirX recorded trading volume of over $38 billion year to date, equating to average monthly 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 and Hyderabad.
- The strong user growth was also backed by tremendous adoption by women in 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 ban private crypto outright, 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.