The Indian cryptocurrency exchange WazirX reported a remarkable 236% increase in its futures trading volume from July to September 2023. This surge is attributed to the expansion of its derivatives offerings, the introduction of AI-powered trading tools, and enhanced tax-reporting and compliance features.

Key Developments

  • Trading Volume Growth: The trading volume peaked in September, reaching approximately 345% above early-July levels. The number of daily futures traders also saw an increase of about 279% by the end of the quarter.
  • New Features: WazirX launched several new features, including:
    • USDT-denominated perpetual futures with Indian rupee margin.
    • An AI trading assistant to help users analyze market movements and manage portfolios.
    • Automated margin top-ups and a free cryptocurrency tax-reporting platform.

AI Trading Assistant

The WazirX AI trading assistant is designed to streamline the trading process by allowing users to:

  • Analyze market movements.
  • Review portfolios.
  • Navigate the platform and place trades through a single interface.

In September, the assistant was enhanced to support USDT perpetual futures and provide portfolio views by currency, along with realized profit-and-loss information for closed positions. Additionally, a future voice assistant was introduced in both English and Hindi.