LARGEST CRYPTO EXCHANGE IN INDIA HITS $2 BN IN TRADE VOLUME
NEW DELHI: India’s top cryptocurrency exchange almost doubled its trading volumes in February, as compared to the month before, despite fears of a government-imposed ban on crypto assets.
According to a tweet by Nischal Shetty, founder of WazirX, the largest crypto exchange in India, the company reached $2.3 billion in trading volumes on February 21. Trading volumes for the months before fell between were at $1.4 billion till January 21 and at $500 million on December 20.
“WazirX has been growing fast. A major reason for our growth is YOU. Volume growth: Dec 20 - $500M Jan 21 - $1.4B Feb 21 - $2.3B. Thank you for placing your trust on us. We’ll continue to work hard & serve all our customers. We’re growing & learning #IndiaWantsCrypto” wrote Shetty on Twitter.
The future of crypto trading in India has been in question since the budget session of the Parliament began in February. The Centre was expected to bring a bill that bans “private cryptocurrencies” in the country, while also laying the framework for the creation of a digital rupee.
While the definition of private cryptocurrencies wasn’t clear at the time, experts believed that the bill would make it illegal to buy, sell or deal in bitcoin, ethereum and other cryptocurrencies in the country.
At the same time though, interest in crypto trading grew, thanks to big moves made by global companies. Billionaire Elon Musk’s Tesla announced that it has invested $1.5 billion in bitcoin, while payments provider Mastercard said it would start accepting cryptocurrencies on its network from this year. WazirX had earlier told Mint that it took the company 11 days to hit the billion-dollar mark in February, while its total for January was $1.84 billion.
“Crypto is a global phenomenon. The moment a Tesla spends $1.5 billion, your wealth in India has increased,” Shetty had told Mint at the time.