Fun

Indian Crypto Exchange Says 82% of Users Earn Profits This Year, Trading Volume Soars 1,735%

News Feed - 2021-12-18 12:12:21

Indian Crypto Exchange Says 82% of Users Earn Profits This Year, Trading Volume Soars 1,735%


A major cryptocurrency exchange in India, Wazirx, has reported “a massive surge in user signups” this year, with 82% of its users making profits on their crypto investments. Its trading volume also rose 1,735% from the previous year. Meanwhile, the Indian government is actively working on the country’s crypto regulation. $43 Billion in Trading Volume, 82% of Users Earned Profit


Indian cryptocurrency exchange Wazirx released its “2021 Year of Crypto” report Thursday. “Wazirx witnessed a massive surge in user signups leading to us crossing 10 million users,” the report details, adding that the exchange clocked a trading volume of over $43 billion, a 1,735% increase over the previous year.


The report notes: As of 30th November 2021, 82% of Wazirx users have made profits on their crypto investments, i.e., seen a growth in their crypto portfolio.


The exchange explained that bitcoin (BTC) remained the most traded cryptocurrency on its platform. Other heavily traded cryptocurrencies were tether (USDT), shiba inu (SHIB), dogecoin (DOGE), wazirx token (WRX), and matic (MATIC).


“In our efforts to make crypto accessible to everyone in India, Wazirx has added 200+ market pairs in 2021,” the exchange wrote.


The report includes a survey the exchange conducted of its users. Overall, 44% of respondents said that cryptocurrencies accounted for up to 10% of their investment portfolios. Wazirx detailed: We witnessed over 700% growth in signups from smaller cities like Guwahati, Karnal, Bareilly among others. It shows growing crypto adoption in the semi-urban and rural India.


In addition, 61% of respondents said that crypto has helped them while 78% specifically said that it has helped them financially. The exchange also saw a 1,009% increase in the number of female signups and an 829% increase in the number of male signups.


Meanwhile, the Indian government is actively working on cryptocurrency legislation. A cryptocurrency bill has been listed for consideration in the current session of Lok Sabha, the lower house of India’s parliament. However, the government is reportedly reworking the bill and will likely introduce it in the budget session instead.


Prime Minister Narendra Modi has also been involved in India’s cryptocurrency legislation. He is reportedly taking a final call on how India will regulate cryptocurrencies. While the government has not made its plan public, there are reports that India is planning to regulate crypto assets. Tags in this story Crypto regulation, cryptocurrency legislation, India, india crypto, Indian, indian crypto exchange, indian crypto market, indian crypto regulation, indian crypto trading volume, indian exchanges, Wazirx


What do you think about the findings reported by crypto exchange Wazirx? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Binance Shutting Down Crypto Exchange Services in Singapore EXCHANGES | 3 days ago Switzerland"s Largest Online Bank Swissquote to Launch Its Own Crypto Exchange EXCHANGES | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSnoop Dogg, Deadmau5 and NFTs — The Sandbox Alpha Game Review Next articleValue Locked in Defi Continues to Slide, ETH Defi Dominates by 65%, Solana Transactions Reign Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNovi Launches Whatsapp Integration Pilot Program for Selected Users in the U.S.


Novi, the remittance and payments initiative of Meta (formerly Facebook), has launched a Whatsapp pilot test for customers in the U.S. This means that a small number of Whatsapp users will be able to send and receive payments, as well ... read more.Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets Inflation Plagues American Economy: US Consumer Prices See Fastest Rise in Close to 40 Years Makersplace Plans to Drop World’s First 2pac NFT Collection Authorized by the Shakur Estate Gitcoin Deactivates Grant for Farsi Speaking Communities Due to U.S. Sanctions

News Feed

Controversial ‘Tiktok Ban Bill’ Sparks Concerns Among Cryptocurrency and Technology Advocates
Controversial "Tiktok Ban Bill" Sparks Concerns Among Cryptocurrency and Technology Advocates Cryptocurrency and technology proponents have recently been discussing a new bipartisa
Brayden Lindrea7 hours agoCboe refiles 5 Bitcoin ETFs to include Coinbase surveillance agreementsThe surveillance-sharing agreements are a measure recommended by the SEC in March, which says they can prevent fraud and pr
Chinese Authorities Prosecute Alleged Masterminds Behind MDC Pyramid Scheme
Chinese Authorities Prosecute Alleged Masterminds Behind MDC Pyramid Scheme Chinese authorities in Rong County recently said they have prosecuted eight individuals accused of being
How Web3 is transforming global regulatory frameworks
Savannah Fortis11 hours agoHow Web3 is transforming global regulatory frameworksAt the 2024 Proof of Talk event in Paris, France Jenny Johnson CEO of Franklin Templeton and Mo Shaikh the founder of Aptos explained the pr
Samsung Working With Ripple Partner, Finablr, on International Payments
Samsung Pay now has an international remittance feature, utilizing a platform owned by Finablr, a London-listed Ripple partner. Branded as Money Transfer, the service is currently a
Bitcoin Verde’s New Project Aims to Promote Bitcoin Cash Node Diversity
Bitcoin Verde"s New Project Aims to Promote Bitcoin Cash Node Diversity Software developer Joshua Green announced Friday via the read.cash blog that the Bitcoin Verde team is lau
Jesse Coghlan5 hours agoCrypto highlighted as ‘novel and complex’ risk to US banks: FDIC reportThe Federal Deposit Insurance Corporation has warned that uncertainty around crypto"s legal status, the likelihood of fra
Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Pivotal FOMC Meeting
Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Pivotal FOMC Meeting Bitcoin consolidated recent gains on March 21, as markets await the upcoming Federal Open Mark
Spot Dogecoin ETF Gains SEC Traction—Is A Price Surge Next?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
XRP Price In Motion: Analyst Reveals The Next Major Supports And Resistances
Este artículo también está disponible en español. With the XRP price set to make its next move, crypto analyst Dark Defenderhas revealed the next major support and resist
German Ramirez11 hours agoHuman-readable code: Why branding is the programming language of humansSuccessful firms know that branding and marketing don’t happen by magic or according to checklist-type formulae.395 Total
Jack Dorsey’s Block to raise $1.5B in senior notes offering
Ana Paula Pereira6 hours agoJack Dorsey’s Block to raise $1.5B in senior notes offeringFitch Ratings notes that Block has used convertible debt for external funding since its IPO and is well-positioned to exploit the g