The cryptocurrency market has grown to become a $2.5 trillion industry, and the CEO of the WazirX exchange believes it will only get bigger.
WazirX CEO Nischal Shetty stated in a recent interview that the cryptocurrency market would not wait for nations to onboard before developments are made. The cryptocurrency market is now worth over $2 trillion, and an increasing number of people are entering the space. He said;
“The question for every nation is, do they want to participate and get a share of this pie. There is a $2.5-trillion market out there, and it is not going to wait for any nation to come on board. I’ve been tweeting ‘#IndiaWantsCrypto’ for over 1,000 days with the sole objective of having crypto regulation in India.”
The Indian cryptocurrency space has been plunged into uncertainties over the past few months due to regulatory challenges. Shetty believes that the regulatory clarity in India will bring institutional investors into the market. He added that;
“We’re optimistic that we’ll get regulatory clarity and see institutional participation fuel retail adoption. We also expect to see more metaverse projects making an entrance.”
He stated that the cryptocurrency sector in India employs thousands of people directly and indirectly. Shetty added that an overnight regulation would harm the cryptocurrency market. Hence, the regulators need to take their time to address the issues in the market and roll out proper regulations.
WazirX is owned by Binance and is currently the largest cryptocurrency exchange in India. The crypto exchange has processed billions of dollars worth of transactions over the past 12 months as the Indian crypto space experienced massive growth.
Shetty discussed the emergence of nonfungible tokens (NFTs) and the metaverse. According to the WazirX CEO, the metaverse and NFT space will experience further growth in the coming year. He said;
“Web3 will open the gates to innovation and more startups in India. Along with the rise in NFTs, it will play a huge role in promoting the creator economy of India.”
The crypto market is expected to record further adoption next year as institutional and retail investors troop into the space.