Rich rewards often entail great risks, and exactly the same does work with the highly volatile cryptocurrency market. The uncertainties in 2020 globally led to a heightened interest of masses and large institutional investors in trading cryptocurrencies, a new-age asset class. Increasing digitization, flexible regulatory framework, and supreme court lifting ban on banks coping with crypto-based companies have parked investments of more than 10 million Indians in the last year. Several major global cryptocurrency exchanges are actively scouting the Indian crypto market, which includes been showing a sustained surge in daily trading volume over the past year amid a large drop in prices as much investors looked over value buying. As the cryptocurrency frenzy continues, many new cryptocurrency exchanges came up in the united states that permits buying, selling, and trading by offering functionality through user-friendly applications. WazirX, India's biggest cryptocurrency trading platform doubled its users in one million to two million between January and March 2021.
In 2019, the world's largest cryptocurrency exchange by trade volume, Binance acquired the Indian trade platform, WazirX. Another crypto launch, Coin DCX secured investment from Seychelles-based BitMEX and San-Francisco Regulated Cryptocurrency based-giant Coinbase. The crypto and blockchain start-ups in India have attracted investment of USD99.7 million by June 15, 2021, which totaled around USD95.4 million in 2020. Within the last few five years, global investment in the Indian crypto market has increased with a whopping 1487%.
The predominant population of 1.39 billion are young (median age between 28 and 29 years) and tech-savvy. While the older generation still prefers to purchase gold, property, patents, or equities, the newer ones are embracing the high-risk cryptocurrency exchanges since they are more adaptable to them. India ranks 11th on Chainalysis's 2020 report listing for global adoption of crypto, which shows the excitement about crypto on the list of Indian population. Nor does the less-than-friendly attitude of the government towards crypto or rumors swirling across the crypto have the ability to shake the confidence of the youth population in the digital coin market.
India offers the least expensive internet on the planet, where one gigabyte of mobile data costs around $0.26 while the global average is $8.53. So, almost half the billion users are taking advantage of affordable internet access, which enhances India's potential to become one of many largest crypto economies in the world. Based on SimilarWeb, the country may be the second-largest supply of web traffic to peer-to-peer bitcoin trading platform, Paxful. As the mainstream economy continues to be struggling from the "pandemic effect", cryptocurrency is gaining momentum in the united states because it offers the young generation a fresh and fast way of earning money.
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