Crypto exchange WazirX posts Rs 823 Cr revenue in FY22
It also made the proof of reserves public, showing that it held $285.08 million worth of crypto assets.
Crypto exchange released its financials earnings for FY22, posting an operating revenue of Rs 823 crore—a significant growth from Rs 112.5 crore generated in FY21.
The Binance-backed firm reported a profit of Rs 53.2 crore in FY22, an increase of 5.36X from Rs 8.36 crore in FY21, reported Entracker.
According to the financial statement filed by the group company in Singapore, its commission from trading rose to Rs 774.4 crore in FY22 from Rs 108.3 crore in FY21. The crypto exchange's software development services contributed Rs 53.2 crore to the revenues.
The biggest expense came in the form of marketing and promotion at Rs 605 crore in FY22 from Rs 38 crore in FY21. Its employee benefits expense totalled Rs 40 crore whereas the payment gateway charges were Rs 19 crore. It spent Rs 31.05 crore on server charges.
Earlier today, WazirX published its Proof of Reserves (PoR), making its wallet addresses, list of exchanges, and independent PoR report public.
It showed that it held $285.08 million worth of crypto assets, out of which $258.68 million was on exchanges, while the rest was held on decentralised protocols.
According to the information shared by the company, the top five crypto assets held by WazirX are Shiba Inu (SHIB) at 19.13%, Ethereum (ETH) at 9.38%, Bitcoin (BTC) at 8.29%, Dogecoin (DOGE) at 8.19%, and Polygon (MATIC) at 4.97%.
Edited by Kanishk Singh