15 per cent are women, out of its user-base of 14 million Indians, Indian crypto exchange CoinSwitch Kuber claimed in its latest report. Most of the users in India are youngsters as revealed in the report.
In either purchasing and selling crypto assets or learning about the crypto space from the platform, on average, individuals spent 27 minutes on the CoinSwitch app. The average time was 13 minutes per user at the beginning of this year. 60 per cent fall under the age of 28 out of CoinSwitch Kuber’s total user-base.
Ashish Singhal, the Founder and CEO of CoinSwitch Kuber said, “Recent developments in the industry, including Bitcoin ETF listing in the US, have led to further excitement around crypto mainstreaming and will continue to expand crypto adoption globally and in India. We are seeing increasing interest from residents in tier two and three markets in India”. He further said that the crypto awareness initiative must be ramped up in all parts of India given the expansion of this space.
With Bitcoin, Dogecoin, ether and Polygon emerging as the most traded assets, CoinSwitch also claimed that it registered a growth of 3,500 per cent rise in transaction volumes.
The crypto bill is currently with the Cabinet awaiting approval. Which cryptocurrencies could be operational in India and which could not be, will be finalised by the draft.
“The industry is hopeful that a regulatory framework will help address misconceptions around crypto asset investing and encourage more Indians to start their crypto journey. A regulatory clarity will help standardise and regularise best practices across the crypt industry,” Singhal added.
Making the space “too large to ignore”, industries backed and based on cryptocurrencies have witnessed a major global explosion. From USD 940 million in 2020 to USD 4.2 billion, mergers and acquisitions in the crypto space have also spiked.
