Crypto trading volumes rising 35%, revealed by WazirX, despite ban in India

New Delhi, On October 16, 2018, the WazirX released a press release mentioning that they are currently processing monthly trading volumes worth 35 Cr.

They also mentioned, while the blanket ban on crypto trading by the RBI had sent shockwaves in a fast-growing promising sector, Mumbai-based WazirX announced 35% of month-on-month growth. Staying true to its vision of involving every Indian in the blockchain economy, WazirX has continued to persevere despite the RBI ban. Owing to its undeterred commitment, passion, and innovative approach, WazirX currently processes monthly trading volumes worth over INR 35 Cr.

In the aftermaths of the RBI ban, several promising crypto start-ups and exchanges were forced to shut shops or relocate. In the times of adversities, WazirX decided to pursue its passion for crypto trading and the blockchain, however, by revamping its operations, withstanding the legal environment and compliance.

Amidst the frenzy of the ban, WazirX had announced the commencement of P2P model, where it would escrow the digital assets and facilitate direct peer-to-peer transfers. It had also launched Tether, a stable coin backed by USD, in order to facilitate the P2P transactions. The innovative approach, along with the perseverance of the founding team has resulted in WazirX witnessing weekly P2P trade volumes in crores of rupees.

Commenting on the stellar growth, Nischal Shetty, Co-Founder and CEO of WazirX said, “We are extremely humbled and proud to announce that the monthly crypto trading volumes at WazirX has surpassed INR 35 Cr. While a huge question mark palled over the fate of crypto trading in India after the RBI ban, we have continued to persevere and our users have immense faith in our platform. In fact, despite the RBI ban, we have observed a 35% month-on-month growth in an otherwise sluggish market. The growth figures only motivate us to step up a notch and bring more Indians under the folds of blockchain economy and crypto trading.”