The recently carried out study revealed that India’s Young population holds and carried out the trade using the crypto assets. The survey has been carried out on the NEO banks and cryptocurrency exchanges to learn about the people who are trading cryptocurrency the most. The NEO banks such as Pocketbits, Cashaa, Oropocket, WazirX, Coin DX, and so on stated that many middle-aged and youngsters are showing interest in trading the cryptocurrency. They found these trades to be lucrative options.
After analyzing the responses, it is clear that 75% of users are youngsters who hold cryptocurrency trades, whereas 25% are middle-aged people. When it is segregated gender-wise, there are only a few female users who are trading cryptocurrency. Unocoin has seen 15% of the young population trading cryptocurrencies, Bitbns 11%, and Pocketbits is just 2%. When it comes to Neo banks, the statistics will differ. The Oropocket has 39% of youngsters, followed by Cashaa, which has 30% and Bank of Hodlers, 5%.
There is an increase in the number of users due to Covid-19 and lockdown. Many people are earning a considerable amount of money trading cryptocurrencies. The number of users is growing at a rapid pace. However, the volume of traders is not disclosed by the Bank of Holders, Bitbns, and Unocoin. However, Cashaa revealed that the number of users trading is increased by 800%.
According to the report submitted by Sohail Merchant of Pocketbits, it is clear that the number of traders is increased as there is ample time for people to research and then carry out the trade.
CEO and founder of WazirX, Nischal Shetty, disclosed that their platform had seen a rise in 470% of trading volume, and many users are getting registered to the platform.
According to the report of Sumit Gupta of CoinDCX, due to COVID-19, many Indians are investing the time in cryptocurrencies. There is also a favorable decision from the Supreme Court verdict for this currency. There are many benefits that people got to learn about Crypto and are now engaging in this trade. There is a growth from Q1 to Q2 in the number of users registered to CoinDCX. There are around 15 million dollars that are getting traded daily. It is the record-breaking volumes in the crypto exchanges. Signup has been increased rapidly. The number of active users every week is also growing. Pre-lock down the trading volume was just USD 1 million, and it has spiked ten times more in 2 months.
With millions of people not having the chance to go and work outside are finding Crypto to be an excellent opportunity to trade and earn the right amount of money in India.
Sathvik Vishwanath, the CEO of Unocoin, stated that the trading of cryptocurrency is increasing rapidly. The cryptocurrency industry that was opened a few months ago is delighted to see the spike in the number of traders.
Vikram Rangala, who is the Chief Marketing Officer in Zebpay, has seen a rise in the trades at the exchange. The business of Zebpay does not have any impact due to the lockdown. The opportunity to stay at home gives people an excellent opportunity to go through the books and learn more about Crypto. Many are showing interest to join the exchange. There is a record volume of trades happening in the exchange. The new registrations, along with KYC checks, are going on. The automation is done to handle the KYC load and deposits. Indians are showing interest in crypto assets, and this is the best and effective way to have control over the wealth. These are a few factors that gave rise to the growth of the cryptocurrency market in India and trading volumes.