A 2021 Year report released by WazirX, an Indian crypto exchange on Thursday, December 16, has shown that Bitcoin (BTC), Tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), WazirX Token (WRX), and Matic (MATIC) were the most-traded crypto on the WazirX crypto exchange over the year. Moreover, the exchange has witnessed a record trading volume of over $43 Billion in 2021 accounting for 1735 per cent growth from 2020 and clocked a significant surge in user signups and crossed a user base of 10 Million.
The report further noted that among different crypto coins, women traded more in Bitcoin, whereas men traded more in Shiba Inu trading on their exchange and growth in the number of new female users was up by 1009 per cent vis-à-vis an 829 per cent growth recorded in an increase in male sign-ups. Additionally, “investments in crypto have seen a demographic shift as well with 66 per cent of their users below 35 years of age,” said the report.
Notably, 51 per cent of survey respondents admitted to entering crypto basis recommendations from friends and family first and 44 per cent of respondents shared that crypto comprises up to 10 per cent of their overall investment portfolio, the report noted.
According to the WazirX annual report, crypto has witnessed a trend in participation from beyond metros and Tier-I cities with a 700 per cent increase in the number of participants from smaller cities like Guwahati, Karnal, Bareilly, thereby signalling the growing interest from rural and semi-urban areas.
“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, ” says Nischal Shetty, CEO of WazirX.
Notably, WazirX has over 10 Million users with an overall trading volume of over $44.7 Billion since January 2021 while,54 per cent 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, the report counted. The report noted that 82 per cent of WazirX users have reaped profits on their crypto investments (as of November 30, 2021)
WazirX report has also seen some expectations for the creation of new jobs through this new digital industry, while the report has not discussed any solution and points on volatility other cons related to the cryptocurrency industry.