Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey
The crypto industry in India is experiencing massive growth, according to a new survey of crypto banks and exchanges. Despite the country’s deepening coronavirus crisis, crypto exchanges say trading volumes and the number of signups continue to grow substantially.
India’s Cryptocurrency Trading 2020
Indian media agency Bit2buzz has conducted a survey of local crypto banks and exchanges on the demographics and trading behaviors of India’s crypto industry. The survey aims to understand “trading behaviors of Indians, women representations, and participation, the effect of covid-19 on Indian crypto blockchain entities, and how these crypto and blockchain companies are making waves in India,” the media outlet described.
Participating crypto exchanges included Wazirx, Unocoin, Coindcx, Pocketbits, and Bitbns. Cashaa, Bank of Hodlers, and Oropocket were also surveyed. Most of the respondents “reported major youth [ages 18-35] population using their platforms,” Bit2buzz wrote, adding that Unocoin and Bank of Hodlers “witnessed heavy traffic from the middle-aged group [ages 35 – 50].”
The survey also focuses on women trading and holding cryptocurrency in India. Coinmarketcap recently published a report stating that the number of women in the crypto industry rose by 43.24% in the first quarter. Bit2buzz has gathered India-specific data of female crypto traders.
Unocoin revealed to the media outlet that almost 15% of its users are female while Bitbns said 11% and Pocketbits said nearly 2%. The percentages of female users at surveyed crypto banks are significantly higher than at exchanges. Oropocket claims to have over 39% female users, Cashaa 30%, and Bank of Hodlers 5%. Data from Wazirx and Coindcx were not included, the publication noted.
Meanwhile, the coronavirus pandemic has greatly affected the Indian economy. However, while most industries suffer, crypto “companies have seen a massive surge,” the survey shows, reiterating that crypto banks and exchanges “Saw massive growth in trading patterns due to covid-19 pandemic.”
Coindcx CEO Sumit Gupta shared that the daily trading volume on his exchange was around $15 million, adding that growth has continued on his exchange. He pointed out that Indians are highly active during the lockdown as they have a “chance to learn more about the benefits they could accrue with crypto, as well as to learn how to engage in the trading of crypto,” elaborating:
The lockdown due to the covid-19 pandemic meant that Indians spent more time at home, sustaining the national interest and curiosity in cryptocurrencies that was already high due to the favorable supreme court verdict.
Pocketbits CEO Sohail Merchant is seeing the same trend, confirming that both the volumes and overall interest on his exchange have risen due to users having more free time to research and trade. Wazirx CEO Nischal Shetty said trading volume has increased 470% on his exchange and he is seeing a tremendous increase in user signups. Cashaa told the media outlet that it is opening more bank accounts, noting a volume increase of more than 800%. Meanwhile, Unocoin, Bitbns, and Bank of Hodlers claim no major impacts on their platforms resulting from the covid-19 pandemic.
Recently, a rumor about the Indian government reconsidering banning cryptocurrency has swept across the country, but five exchange executives have told news.Bitcoin.com that a ban is unlikely. India is set to significantly increase its crypto market share globally this year. While the government is discussing crypto regulation, the central bank, the Reserve Bank of India (RBI), has confirmed that cryptocurrency is not banned in India.
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