Binance-owned Indian crypto exchange WazirX crosses $200m in daily trading volume; eyes $1b in 2021

   2021-04-04 09:04

WazirX is now aiming to hit $1 billion in trading quantity per day in 2021.

Global bitcoin exchange Binance-owned Indian cryptocurrency exchange WazirX has crossed $200 million in daily trading quantity since its launch in March 2018. This is the best trading quantity by any crypto exchange in the Indian market, in response to the company, amid the regulatory uncertainty over the use and adoption of cryptos by companies and people in the nation. “Daily trading volume shows the scale at which an 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,” Nischal Shetty, Founder, WazirX informed Financial Express Online.



Part of the Malta-based Binance group, which has customers in 180 international locations, WazirX claimed $2.3 billion month-to-month quantity and 1.75 million registered customers on its platform. As per CoinMarketCap, WazirX was the twenty seventh prime crypto exchange globally primarily based on visitors, liquidity, trading volumes, and confidence in the legitimacy of trading volumes. Its 24-hour trading quantity stood at $218 million with 137 cash out there for trading to clients.

“BTC, WRX, TRX, ETH, MATIC, DOGE, ZIL are some of the top trades tokens in India. Our customers are spread across the country. Metros form a large chunk of the customers but other cities are growing fast. The majority of users are in the range of 22-to-30-year of age,” added Shetty. The startup had final year in March launched a $50 million ‘Blockchain for India’ fund to take a position in crypto/blockchain startups in India. According to WazirX, there are greater than 7 million folks related to over 7,500 crore crypto belongings whose destiny hangs in the steadiness till India regulates the crypto market.

Also learn: RIP cryptocurrencies: Number of ‘dead’ cash up 35% over final year; tally nears 2,000-mark

However, in what could possibly be the primary transfer in the direction of regulating cryptos in India, the federal government had final month made it necessary for corporations coping with digital currencies to reveal revenue or loss incurred on crypto transactions, the quantity of cryptos they maintain, and deposits or advances from any particular person for the aim of trading or investing in cryptocurrency in their steadiness sheets. In a notification issued, the Corporate Affairs Ministry had introduced the amendments made in schedule III of the Companies Act with impact from April 1, 2021.

Separately, the federal government had mentioned that crypto beneficial properties can be taxable as earnings whereas GST shall be relevant on providers by crypto exchanges. “Irrespective of the nature of business, the total income for taxation shall include all income from whatever source derived…the gains arising from the transfer of cryptocurrencies/assets is liable to tax under a head of income,” Minister of State for Finance Ministry Anurag Singh Thakur had mentioned in response to a question in the Rajya Sabha. “Supply of any service, if not specifically exempted, is taxable under GST and no service related to cryptocurrency exchange has been exempted,” he had mentioned.

WazirX is now aiming to hit $1 billion in trading quantity per day in 2021. “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,” mentioned Shetty.

The strategies/suggestions round cryptocurrencies in this story are by the respective commentator. Financial Express Online doesn’t bear any duty for his or her recommendation. Please seek the advice of your monetary advisor earlier than dealing/investing in cryptocurrencies.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin59,630 0.09 % 1.67 % 4.50 %
Ethereum2,144.3 0.01 % 2.28 % 6.33 %
Binance Coin503.66 0.70 % 8.75 % 57.13 %
XRP1.390 0.22 % 10.06 % 140.60 %
Tether0.9995 0.06 % 0.49 % 0.12 %
Cardano1.270 0.78 % 5.90 % 9.08 %
Polkadot41.45 1.04 % 3.28 % 0.60 %
Litecoin250.14 0.12 % 5.28 % 27.81 %
Uniswap30.34 0.33 % 3.71 % 2.83 %
Chainlink33.88 0.30 % 8.68 % 15.58 %
Stellar0.6095 1.47 % 11.69 % 48.83 %
Bitcoin Cash680.14 0.18 % 3.61 % 27.66 %
Theta Network12.34 0.83 % 2.00 % 7.95 %
Filecoin176.12 0.65 % 1.92 % 0.66 %
USD Coin1.000 0.02 % 0.59 % 0.52 %
Dogecoin0.07580 2.63 % 19.71 % 34.89 %
VeChain0.1423 0.58 % 0.63 % 60.09 %
TRON0.1234 0.80 % 3.13 % 21.36 %
Wrapped Bitcoin59,668 0.02 % 1.60 % 4.58 %
Solana28.43 0.62 % 8.83 % 25.81 %