WazirX is a cryptocurrency exchange based in Mumbai. Its recent data has shown an up-to-date growth of 2,648% crypto sign-ups from smaller city users in India.
WazirX data also pointed out an increase in the country’s total number of enthusiasts and women investors. 65% of the entire crypto sign-ups made on WazriX by the Indian women are from India’s tier III and tier-II cities.
India’s largest crypto exchange WazirX is a digital exchange that provides a trading platform for various cryptocurrencies on its app and website. It was founded in 2018 by Nischal Shetty and had its headquarters situated in Mumbai.
Related Reading | Poly Network Hacker Returns Stolen Funds After Requesting A Multisig Wallet
WazirX recorded an average percentage growth of 2,950 in tier-II Indian cities such as Ahmedabad, Panta, and Lucknow. It cited the lockdown induced by the Covid-19 Pandemic as the basic catalyst. The growth was accompanied by a related spike of 2,455% in tier-II such as Imphal, Ranchi, and Mohali.
A gateway provider for fiat payment out of Razorpay and Bengaluru also made a statement about the smaller cities. It stated that they are responsible for about 54% of their network’s traffic and outlined 92% growth in crypto transactions.
WazirX stated in a review with the female investors that most of them have high hopes and beliefs on crypto trading. They see it as a means of attaining financial freedom, a secondary source of income, and a higher living standard.
Indian Cryptocurrency Exchanges Record Massive Gains
The Indian cryptocurrency industry has continued to gain more ground in addition to the mainstream finance resistance. Another crypto exchange based in Mumbai, CoinDCX, realized $90 million in C series funding to be first India’s crypto unicorn.
An announcement states that the funding round led by B Capital Group witnessed returning investor’s participation. They include Coinbase Ventures, Block.one, Jump Capital and Polychain.
CoinDCX is another safest and largest cryptocurrency exchange in India for buying and selling Bitcoin and other cryptos with ease. And the aim is to provide a user-friendly experience and platform where users can access a wide range of financial assets
Recently, an independent body known as IndiaTech.org has also suggested a regulatory structure for the Government of India. They recommended ways of handling crypto exchanges and assets.
Related Reading | DeFi Lender In Trouble: SEC Charges Perpetrators For Raising $30 Million Illegally
Sumit Gupta, the CoinDCX CEO, supported the recommendation saying that its capable of opening greater opportunities for Indians. He added that such a recommendation would enable Indians to partake in the latest globally recognized asset class.
IndiaTech.org is an industry association that represents India’s consumer internet start-ups, investors, and unicorns. It’s a Technology Services Industry Association that serves as a collaborative platform. And it aims to support positive business, conducive policy, and regulations.
