Crypto Exchange WazirX Trading Volume Swells 1,735 Per Cent In 2021

WazirX, highlighting the demographic break-up of its userbase, said 66 per cent of its total subscribers are below 35 years of age

WazirX launched its NFT marketplace in 2021, recording net sales of NFTs amounting to 2,05,126.66 WRX.

New Delhi: WazirX, the trading exchange on cryptocurrency, said on Thursday that its trading volume surged a whopping 1,735 per cent year-on-year (YoY) to over $43 billion in 2021.

This stellar performance of the company comes on the back of prices of bitcoin, one of the most popular cryptocurrencies, and other digital tokens seeing a massive rally in the past one year.

WazirX, highlighting the demographic break-up of its userbase, said 66 per cent of its total subscribers are below 35 years of age. Number of new female users rose by 1,009 per cent vis-à-vis an 829 per cent growth recorded in an increase in male sign-ups during this year, the company said.

“There was also a 700 per cent increase in the number of participants from smaller cities such as Guwahati, Karnal, Bareilly; thereby signalling the growing interest from rural and semi-urban areas,” WazirX said in its statement.

Amid the non-fungible tokens (NFTs) rage, WazirX NFT Marketplace also witnessed huge participation as over 962 creators minted 12,600 NFTs and sold over 5267 of them worth over 262,896 WRX (about Rs 2.4 crores) in 2021 so far.

Nischal Shetty, chief executive officer (CEO), WazirX, “The audience is evolving and recognising crypto as an emerging alternative asset class. The central 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.” 

The company launched its NFT marketplace in 2021, recording net sales of NFTs amounting to 2,05,126.66 WRX. The platform has a creator-to-collector ratio of 1:53, with a total of 737 creators and 481 collectors.

The numbers indicate the increasing participation in blockchain-based NFTs. Witnessing an unprecedented growth, the net NFT minted and sold by artists on the platform amounts to 8,317 and 4,056, respectively, standing at a ratio of 2:05.

Recently, WazirX had released its transparency report and blockchain papers disclosing details on adoption and accounts proactively blocked over the past six months.