WazirX, one of the leading Indian cryptocurrency exchanges is witnessing a record trading volume every month. The recent trend reversal of the crypto market promoted a lot of Indian crypto traders to start trading again. Though the cryptocurrency regulatory environment in the country is uncertain, Indians are very much interested in investing in digital assets.
According to the Cheif Executive Officer (CEO) of WazirX, the recent uptick in cryptocurrency price motivated Indians to invest once again in cryptos. Though the sentiments for digital assets are not positive in India as the central bank of the country, the Reserve Bank of India (RBI) imposed banking restriction on trading of cryptocurrencies. In April this year, RBI issued a circular to ban financial institutions under its control from providing services to crypto companies. Because of the RBI restrictions, in July WazirX launched an exchange-escrowed peer-to-peer (P2P) trading platform. According to the exchange, the response on the P2P platform is tremendous.
The CEO of WazirX, Nischal Shetty said that when there is a flat market people do not find any motivation in trading. After the recent downtrend, now people are expecting an uptrend and looking for the opportunities to make profits. He further added,
“The recent uptick in the crypto prices has gotten a lot of Indians trading again … whenever there’s volatility people forget the problems and start trading. That’s exactly the reason why we’re seeing our volumes shooting up so fast.”
According to Shetty, his crypto platform is hitting new peaks every month. In the current month, Bitcoin trading volume, the first time, has surpassed 200 BTC in daily trading volume. He claimed that
“200 BTC in 24 hours was our record high and the highest by any exchange in India right now,”
The record high was achieved in just nine months of the launching of the platform and during the bear market. Shetty believes, it is a great news for the Indian crypto sector. In the near future, the India government is also planning to finalize the regulatory framework for digital assets.