• WazirX, an Indian cryptocurrency exchange, claims that its user base will have increased more than tenfold by 2021

  • WazirX, an Indian crypto exchange owned by Binance, announced that its user base has increased by more than tenfold to 10 million this year.

    WazirX reported YTD trading volume of more than $38 billion, equating to a 44 percent month-on-month increase, the exchange announced on Friday. The company reported a 2,648 percent increase in user signups from Tier II and Tier III cities, or large cities in the country other than the six largest: Mumbai, Delhi, Kolkata, Chennai, Bengaluru, and Hyderabad. According to the company, the strong user growth was fueled by tremendous adoption by women from Tier II and Tier III cities.The exchange’s performance this year demonstrates the growing popularity of cryptocurrency in India, despite the government’s uncertainty about whether it will be banned. At the beginning of this year, India’s government planned to outright ban cryptocurrency, but has since shifted to regulating it as an asset class. WazirX, along with other cryptocurrency players, has been invited to meet with the government next week to discuss the industry.

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