Retail investors aged between 25 and 40 are spending millions on trading in cryptocurrency in India every day, according to two of the top exchanges in the country. According to the country’s largest crypto exchange, WazirX, the company saw a 125% increase in user signups in the past six months.
WazirX sees $19-26 million daily trading volumes, with 89% of the transactions coming from India. 70% of WazirX’s users are under 30 years of age.
According to Nischal Shetty, Founder & CEO, WazirX, the Bitcoin boom has created a “positive sentiment”, which has pushed more retail investors to jump into crypto trading in India. The exchange saw a 52% increase in the number of trade orders between 29 and 30 November, as Bitcoin was surging. Overall crypto trading volumes grew by 27% too, during the same period.