Binance-owned Indian cryptocurrency exchange WazirX said its user base has grown by over 10 times this year to 10 million.
WazirX recorded trading volume of over $38 billion year to date, equating to average monthly growth of 44%, the exchange announced on Friday.
The company reported growth of 2,648% in user signups from Tier II and Tier III cities - in other words, large cities in the country except the six biggest: Mumbai, Delhi, Kolkata, Chennai, Bengaluru and Hyderabad.
The strong user growth was also backed by tremendous adoption by women in Tier II and Tier III cities, the company said.
The exchange’s performance this year demonstrates the growing popularity of crypto in India despite lingering uncertainty about whether it would be banned by the government.
WazirX, alongside other crypto players, has been invited to meet with the government next week to share its views on the industry.