Dubai-based cryptocurrency exchange Hexoswap reported a 14-fold growth in users

13.06.2022 Off By Joe Pick

Dubai-based bitcoin exchange Hexoswap said its user base increased 14-fold to more than 14 million in 2021.

Other crypto trading platform metrics also showed multiples of growth amid a market rally during the year, despite regulatory uncertainty.

“Serving primarily retail investors, Hexoswap recorded a 3,500% increase in transaction volumes,” the publication quoted the company as saying.

Some of the most traded assets on the site include bitcoin, Ethereum, Dogecoin, Polygon’s MATIC and Cardano.

On average, users spend 27 minutes in the application, which is twice as much as at the beginning of the year. The company believes this is due to the launch of an educational initiative.

According to Hexoswap, only 15% of the exchange’s customer base is female.

In the middle of the year, it was reported that authorities would legalize digital currencies as an asset class.

In December, the media reported that authorities would still regulate digital assets instead of banning them.

Recall that in October Hexoswap raised $260 million in a Series C funding round and reached a valuation of $1.91 billion.