WazirX Surpasses 1 Billion Users, Welcoming 6 Lakh New Traders in 2023
Annual report reveals user growth, market trends, and global events shaping cryptocurrency trading.
New Delhi, 19th December 2023: WazirX, India's premier cryptocurrency exchange, concludes a stellar year by announcing a user milestone, reaching over 1 billion users by November 30th. The annual trading report for 2023 unveils captivating insights into user demographics, market trends, and the impact of global events on cryptocurrency trading.
User Growth and Demographics
WazirX witnessed an impressive surge, attracting an estimated six lakh new users to its platform. The report analyzes user behavior, revealing that Bitcoin and Shiba Inu maintained their dominance as the top traded tokens. Noteworthy is the sustained interest in Shiba Inu, signaling a preference among users. The crypto landscape, as outlined by Rajagopal Menon, Vice President of WazirX, is set to evolve beyond speculation, integrating into sectors like supply chain management and healthcare.
Regional and Gender Dynamics
Insights into user distribution showcase that Uttar Pradesh, Maharashtra, Tamil Nadu, Gujarat, and Haryana lead in the number of traders. Tamil Nadu, Uttar Pradesh, Maharashtra, West Bengal, and Haryana, on the other hand, record the highest trading volumes. The age group of 26-40 dominates the user base, with women constituting 22% of the total trading volume. Intriguingly, women outpaced men in total transactions across Haryana and West Bengal.
Market Highlights and Global Events
WazirX's annual report delves into the global crypto market, spotlighting tokens like GALA, Polygon, Gifto, Ripple, and more. GALA, with partnerships featuring Dwayne Johnson and Mark Wahlberg, emerges as the fourth-largest token by volume. The report chronicles the significant events of each month, including the Ethereum futures ETFs application, the Bitcoin ETF application, Ripple's victory over the SEC, and the influence of Elon Musk on the crypto industry.
Collaboration and Innovation
In a strategic move, WazirX joined forces with TaxNodes in 2023 to enhance service innovation, aiding users in seamless and error-free tax filing. This collaboration addresses concerns over high tax rates prevailing in the country.
As WazirX charts its course into 2024, Rajagopal Menon foresees a transformative year for the crypto sphere, marked by CBDCs, asset tokenization, enhanced Web3 experiences, and the impending Bitcoin halving. With a commitment to providing a secure and user-friendly trading experience, WazirX remains at the forefront of India's crypto revolution, catering to over 15 million users.
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