Nischal Shetty, CEO of Wazir X, the leading Indian crypto exchange by volume, says that this year has been a big year for the Indian cryptocurrency ecosystem.
Shetty talked about how many crypto businesses have been started, how much money the ecosystem has raised and how people in the country are starting to invest in it.
According to the business, WazirX’s user base increased by 10x to 10 million over the year and registered $44 billion in volume. Regulators were heavily scrutinizing the business at the same time that the surge occurred.
Industry tracker Tracxn reports that on December 27th, a total of $638 million had been invested in India’s crypto exchanges and blockchain-based products and startups.
Blockchain and Crypto Assets Council (BACC), a member organization of the Internet and Mobile Association of India, estimates that roughly 15-20 million retail investors in the nation have about Rs 6 lakh crore in crypto assets.
As a result, all of the exchanges were established to serve a much smaller market in India. ” It is time for everyone to start thinking about scaling up. We have been doing it this year, but the market is expanding at an alarming rate. Right now, we have just seen a small portion of India’s potential. Shetty believes that handling the scope of the project would be crucial.
Based on total cryptocurrencies received, transactions under $10,000, and peer-to-peer trading volume, the site rated nations based on buying power parity per capita.
India’s legislative committee and Reserve Bank met with members of the crypto sector and stakeholders for the first time this year.