- In 2021, Bitcoin was the most traded cryptocurrency on WazirX, followed closely by Shiba Inu, Tether and Dogecoin.
- WazirX found that half of the 8.5 Million users surveyed believed that cryptocurrency trading was a decision made by friends.
- According to the Indian cryptocurrency exchange, there are 10 million users on its platform and $43 billion in transactions this year.
WazirX has added more than 200 cryptocurrency pairs this year to its exchange, but Bitcoin remains the most traded cryptocurrency on its platform.
Tether (USDT), Shiba Inu(SHIB), Dogecoin [DOGE], the WazirX Tokens (WRX), and Matic (MATIC) were the most popular altcoins.
They aren’t the preferred choice for Indian investors despite a host of new cryptocurrencies, particularly those that give Ethereum a run for its cash like Cardano and Solana.
WazirX was one of the largest crypto exchanges in India. However, they did not reveal the traded volume for any of these cryptocurrencies but reported a total transaction volume of $43 Billion.
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Although crypto users are growing, many of them aren’t DYOR.
WazirX claims that there are more 10 billion people trading cryptocurrency on its platform. This figure has been questioned by the Reserve Bank of India (RBI). “Whatever information I have, with a reasonable level of confidence, it seems that the number of participants on the crypto market seems exaggerated,” Sakthikanta Das (RBI governor), stated.
Although the exact numbers are not clear, it is evident that cryptocurrency use in India has increased during the COVID-19 monotony. However, the bigger problem is that many users still rely on their friends and families to help them decide where to invest.
WazirX conducted a survey of 8.5 million people and found that at least half decided to invest in cryptocurrency based on advice from family members. According to WazirX’s report 2021, The Year of Crypto, “As crypto becomes mainstream, it creates the need for further investor education, responsible marketing initiatives among Indian Exchanges,”
Marketing has been a problem for the crypto industry. Advocates argued in a petition to the Delhi High Court that the flood of crypto ads on TV and OTT platforms during events such as the Indian Premier League (IPL), and the Euro 2020 football championships did not contain clear disclaimers.
Indian Finance Minister Nirmala Sitharaman told Parliament earlier this month, that the government has yet to make a decision on the matter.
