It is no news that the Indian cryptocurrency industry is facing stiff opposition from the government of the country. Surprisingly, an Indian based crypto exchange— Wazirx, saw some record trading volumes. It is also important to note that this record volume is a monthly occurrence.
The CEO of Wazirx Confirmed the Record Volume
The CEO of the exchange Nischal Shetty, made it known in a recent announcement, that the trading volume of the exchange has not slowed down or remained static since the widely publicized crypto banking ban put in place by the Reserve Bank of India (RBI). The exchange has witnessed a significant increase in its trading volume.
Nischal also made it known that the recent uptick in prices of cryptos has further helped with bringing people back into the crypto trading space.
He confirmed this in a statement which reads:
“The recent uptick in the crypto prices has gotten a lot of Indians trading again … whenever there are volatility people forget the problems and start trading. That’s exactly the reason why we’re seeing our volumes shooting up so fast.”
A New Peak in Volume Every Mont
According to Nischal, the exchange has witnessed “new peaks in volume every month, ”. He further stated that this month alone, the daily trading volume on the exchange has so far surpassed 200 BTC. This volume is not only the exchanges highest volume so far, but it is also the “ highest by any exchange in India right now,”
Wazirx is Just Nine Month Old
The CEO also added that this record volume is a piece of great news for the entire Indian crypto industry. Even more, the record volume marks a significant point in the exchange’s history. According to the CEO, “this record high was achieved within nine months of launching his exchange and during a bear market”