WazirX, India’s largest digital currency exchange, grew more than 12 times in the first half of 2021, and is close to becoming the second largest exchange in India, just after the National Stock Exchange.
Its co – founder and COO Siddharth Menon has confirmed that the next milestone is BSE (Bombay Stock Exchange), which is currently close to 18 billion in monthly amounts.
“WazirX today is close to making about $ 7 and $ 8 billion in volume and is the first crypt with fiat exchange 60-70% of Indian market share, ”said Menon.
“If we can overcome this, we will be the second largest exchange in India, right after the National Stock Exchange,” he said, adding that the company was already seeing the Indian investor. crypt more seriously.
Menon told Coin Rivet that the penetration of the internet, unlike other countries, was very strong in tier 3 cities.
“This means that awareness of newer technologies and media is also very high today,” he said.
“India has a very large GenZ population, located primarily across the tier 2 & 3 cities that are driving this adoption organically.”
WazirX is also running the largest in India NFT marketplace, targeting artists who have never had the opportunity to sell their work online.
“WazirX has expanded the NFT the market not only for digital art, but also for music and will soon expand to even digital games, ”he said.
Regulations that are important for the industry to grow
Menon stressed the importance of accepting that all regulations followed by innovations.
“The more we delay regulation, the slower the industry’s scale and the potential for missed opportunities,” Menon said.
He also said that while WazirX was a compliant platform and for the people, the government needs to focus on regulations for the industry as a whole.
“This will only further enhance investor sentiment and increase opportunities within this growing industry,” he explained.
“Just like real-life security, cybersecurity is an ongoing support function, not only for user security but also for project security.
“Cyber security has been addressed since the advent of the Internet, and should continue to be a good focus for Web3.”
Menon stated that while regulations were very important and necessary for the growth of the industry, “we must ensure that the regulations introduced do not limit the growth of the industry”.
“It’s a very sensitive area because it’s about money,” he said.
“If the government is taking more time on it, it means that they are taking it seriously in terms of researching it to do the right thing for India.
“I look forward to a more calibrated approach, in which we ensure that bad actors are kept out, and that the upside of the industry is preserved.”
Menon also mentioned crypt gaming (GameFi), saying that, traditionally, players have spent time and money in games with nothing in return.
“With the advent of the real world economy, players will finally be able to earn money from their time and effort in the game,” he explained.
“This means that not only the game developers will benefit, but everyone involved in the game cycle – including gamers, traders, investors etc will all benefit from games in Web3.
“This also feels like a very natural progression into the metaverse, making second life a reality.”
Disclaimer: The views and opinions expressed by the author should not be construed as financial advice. We do not advise on financial products.
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