Home/ Companies / News/  WazirX adds 1 million users in April, eyes 10 million overall customers by June

NEW DELHI : India’s largest cryptocurrency exchange, WazirX, on Wednesday said it has added one million users during April and is eying to onboard 10 million customers on its platform by the end of the ongoing quarter.

The exchange had doubled its users from one million to two million between January and March 2021.

Fears of ban or tighter regulations on cryptocurrencies have failed to dent investor interest in digital currencies, as some leading crypto exchanges in India have been witnessing a surge in volumes and the user base over the past few months.

Earlier this month, trading volume on WazirX topped the $350 million level for the first time despite an outage on the platform.

“Our low spread and highest liquidity in the rupee coupled with an easy-to-use interface are already unparalleled within the market. These factors are precisely the ones driving the customer footfall," said Nischal Shetty, founder and chief executive officer, WazirX.

To onboard 10 million users, the crypto exchange has launched "QuickBuy" feature that allows new investors to buy their first crypto with as little as Rs50 with just a single tap.

According to the company, QuickBuy is aimed at addressing the growing demand of new crypto investors, create more awareness on safe crypto trading practices and also familiarize the Indian masses with this new dimension of fintech.

“We wish to take our customer experience a notch above with the launch of the QuickBuy feature. It will further streamline crypto transactions in India, thereby allowing millions of people to participate," Shetty added.

The company is also looking to triple its headcount by the end of this year.

The platform had recently crossed three million users with a monthly trading volume of the platform clocked $2.4 billion.

Even while cryptocurrency trading has picked up in India, there is little clarity over its regulations. The government is in the process of formulating a Bill on cryptocurrencies. While the contents of the bill are not yet known, the Centre in February had said that the bill would seek to ban all private cryptocurrencies such as bitcoin and ether. However, in the recent past, it had hinted that it would take a ‘calibrated approach’ towards digital assets.

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Updated: 28 Apr 2021, 12:41 PM IST
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