India’s largest and the most trusted crypto exchange, WazirX, witnessed a record trading volume of over $43 Billion in 2021 accounting for 1735% growth from 2020. WazirX also clocked a significant surge in user signups and crossed a user base of 10 Million.
To gauge the amassing interest among its users, WazirX conducted a user survey as well as analyzed the data patterns on its platform. Based on the same, the market leader has shared some fascinating insights, and expectations from 2022 in its report called “Highlights & Observations From 2021: The Year Of Crypto”:
● 51% of survey respondents admitted to entering crypto basis recommendations from friends and family first
● Bitcoin (BTC), Tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), WazirX Token (WRX), and Matic (MATIC) were the most-traded crypto on the exchange
● 44% of respondents shared that crypto comprises up to 10% of their overall investment portfolio
● Women traded more in Bitcoin, whereas men traded more in Shiba Inu
● 54% 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
● 82% of WazirX users have reaped profits on their crypto investments (as of November 30, 2021)
Interestingly, trading and investments in crypto have seen a demographic shift as well with 66% of WazirX users below 35 years of age. The growth in the number of new female users was up by 1009% vis-à-vis an 829% growth recorded in an increase in male sign-ups. Apart from age and gender, crypto also witnessed a trend in participation from beyond metros and Tier-I cities. There was also a 700% increase in the number of participants from smaller cities like Guwahati, Karnal, Bareilly, thereby signaling the growing interest from rural and semi-urban areas.
Ending the year on a high note and sharing his outlook for the next year, Nischal Shetty, CEO of WazirX said, “WazirX has always been committed to making crypto accessible to everyone in India, and these findings are a green shoot in that direction. 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.”
Going beyond trading opportunities, 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. 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.
India is evolving in terms of crypto adoption. An increasing number of retail and institutional investors are looking forward to innovation in applications of popular altcoins like Ethereum, Solana, Cardano, and even layer 2 solutions. 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. The growth potential is echoed by a Nasscom report as well, which states that the crypto market in India is expected to grow 2X faster and has the potential to create 800,000+ jobs by 2030.