India’s largest crypto trading exchange WazirX crossed over $3 billion on daily trading volume today. This is the first time that the Binance-owned Indian crypto exchange has reached such high trading volumes since its launch in March 2018. And just after this landmark was reached, WazirX launched one of India’s first marketplaces for Non-Fungible Tokens (NFT) for Indian artists.
The firm informed that this is the highest trading volume by any crypto exchange in the Indian market, despite regulatory uncertainty surrounding the use and acceptance of cryptocurrencies by businesses and individuals.
WazirX Is the 27th Top Crypto Exchange Globally
“Daily trading volume shows the scale at which the exchange is operating. More volume leads to more liquidity and more liquidity ensures that traders get the best prices with the minimum spread between buying and selling. WazirX has the highest liquidity and trading volume in the INR market in India,” said Nischal Shetty, founder of WazirX.
WazirX boasted a monthly volume of $2.3 billion and 1.75 million registered users on its website. Moreover, WazirX is the 27th most popular crypto exchange in the world, according to CoinMarketCap, based on traffic, liquidity, trading volumes, and trust in the validity of trading volumes.
According to WazirX, there are over 7 million people linked to over 7,500 crores in crypto-assets with existence in question until India regulates the cryptocurrency sector.
Why this Increase in Trading Volume?
One of the prime reasons why the trading volumes reached high is because of increased cryptocurrency acceptance in India. As a result, its transactions and investments in cryptocurrencies have increased massively. Moreover, ever since the Supreme Court of India lifted the crypto ban in March 2020, along with the global pandemic, has helped the crypto world to gain a lot of attention from both institutional and retail investors.
After the Indian economy started to witness a downfall over the past few years, the investors needed to look for an alternative and secured investment portal. This is the time when the crypto space came to the rescue. Over the past few months, a lot has been going and a lot has been said about the future of cryptocurrencies in the country. The future of cryptocurrencies is unclear due to a lack of regulation and recognition by the Indian government. Although the Centre recently announced that a new bill on cryptocurrencies would be introduced, however, no details on the proceedings of The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 have been published. However, the crypto community holds full faith in the central authority on this.
Nischal Shetty remark on the positive changes saying:
“We’re working hard on bringing positive crypto regulations in India. Our Finance Minister has stated that India will not be banning crypto. We believe the Indian market is growing rapidly and our government will bring in positive crypto regulations.”
Indian Artists to Place Their Digital Assets for Auction over the NFT Marketplace
This launch of a blockchain-based NFT marketplace for the Indian artists by WazirX is going to bring more good news for the crypto exchange. Apart from other digital products and services, the invention has paved the way for the seamless sharing of digital assets and intellectual properties such as art, audio files, videos, programs, and even tweets.
According to a statement from WazirX, customers will not be charged for developing and listing NFTs on the website. However, since NFT is built on blockchains that support smart contracts, miners are charged a gas fee in their respective currencies. This fee is offset by the computer processing power used to validate the transactions. Nischal Shetty said:
“We are delighted to launch one of India’s first NFT marketplace. Since our inception, we have been at the forefront of innovation and empowered our customers with value-added offerings. The latest addition to the WazirX portfolio builds along the same lines. It will truly transform the market in our rapidly digitizing world with a growing interest in NFT across the globe. Both digital creators and collectors stand to benefit from the WazirX NFT marketplace.”