Fun

Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey

News Feed - 2020-06-30 07:06:14

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.The portion of women crypto investors in India at various crypto exchanges. Source: Bit2buzz


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.


What do you think about this survey? Let us know in the comments section below.Bamboozled: Gavin Andresen Says He Could Have Been Fooled by Craig Wright, BSV Supporters Speak OutNEWS | 2 hours agoBitcoin.org Maintainer Calls for the Removal of Cobra, Website Owner Then Fires HimNEWS | 1 day agoTags in this storycrypto exchanges, india crypto, india cryptocurrency, where to trade cryptocurrrency, women crypto


Image Credits: Shutterstock, Pixabay, Wiki Commons, Bit2buzzPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments

News Feed

XRP Price Reaches 3-Year High At $1.6 – 2 Ways It Can Go From Here
Este artículo también está disponible en español. The XRP price recently surged to a three-year highof $1.6, marking a significant milestone in the cryptocurrency’s
San Fran city attorney sues sites that ‘undress’ women with AI
Jesse Coghlan4 hours agoSan Fran city attorney sues sites that ‘undress’ women with AIDek: AI-powered websites allowing users to create nonconsensual nude photos of women and girls were visited 200 million times in t
Moneygram Enables Customers to Buy and Sell Cryptocurrency via Its Money Transfer App
Moneygram Enables Customers to Buy and Sell Cryptocurrency via Its Money Transfer App Moneygram has launched a new crypto service to allow customers to buy, sell, and store cryptoc
Bitcoin analysts say BTC price correction is just ‘healthy consolidation’
Nancy Lubale7 hours agoBitcoin analysts say BTC price correction is just ‘healthy consolidation’Traders say Bitcoin’s sell-off was needed, and dips are likely to be viewed as buying opportunities.7229 Total views40
India’s Decision on Crypto Regulation Will Not Be Rushed, Says Finance Minister
India"s Decision on Crypto Regulation Will Not Be Rushed, Says Finance Minister Indian Finance Minister Nirmala Sitharaman says that the country’s crypto policy will not be
Donald Trump Trading Card NFTs Skyrocket in Value Despite Being Mocked for His ‘Major Announcement’
Donald Trump Trading Card NFTs Skyrocket in Value Despite Being Mocked for His "Major Announcement" After the former 45th president of the United States, Donald Trump revealed his
Ico Speaks: Top Crypto and NFT Marketing Agency in 2022
Ico Speaks: Top Crypto and NFT Marketing Agency in 2022 press release PRESS RELEASE. It can be increasingly frustrating when someone has a worthwhile crypto and NFT project but cann
Rockstar and Kiss Bassist Gene Simmons Tells Fans He Bought Bitcoin and Other Cryptocurrencies
Rockstar and Kiss Bassist Gene Simmons Tells Fans He Bought Bitcoin and Other Cryptocurrencies In September of 2020, the frontman for the rock band Kiss, Gene Si
Security Focused DeFi Project EverRise Upgrades Protocol and Launches on 3 Blockchains
Security Focused DeFi Project EverRise Upgrades Protocol and Launches on 3 Blockchains press release PRESS RELEASE.EverRise, the DeFi project that introduced the concept of buybacks
Montenegrin authorities to release Do Kwon as he awaits extradition: Report
Turner Wright3 hours agoMontenegrin authorities to release Do Kwon as he awaits extradition: ReportProsecutors purportedly plan to confiscate the Terraform Labs co-founder’s South Korean passport, though he allegedly u
An In-Depth Look at the Couple Accused of Laundering 94,636 Bitcoin From the 2016 Bitfinex Hack
An In-Depth Look at the Couple Accused of Laundering 94,636 Bitcoin From the 2016 Bitfinex Hack On Tuesday, the U.S. Department of Justice (DOJ) arrested two individuals that are a
Litecoin Price Falters Amid Doubts Over LTC ETF Approval
Este artículo también está disponible en español. When the US Securities and Exchange Commission (SEC) approved the 11 initial applications for spot ETFs last January 202