Indian Bitcoin Industry Poised For Self Regulation

Bit2Buzz,a brand dedicated to crypto PR and tech media agency from India, has dive deeper to understand the 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.

In the Study, it was asked NEO banks and crypto exchanges to outline the user group that hold and trade cryptocurrencies on their platform. The answers were quite exciting. While crypto exchanges including WazirX, CoinDCX, Pocketbits, Bitbns, and NEO banks including Cashaa and Oropocket reported major youth population using their platforms, an exchange like Unocoin and NEO bank ‘Bank of Hodlers’ witnessed heavy traffic from the middle-aged group [ between the age of 35 – 50].

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Status of Women Trading and Holding Cryptocurrency India

Although the report by CoinMarketcap in late April indicates that the number of women in the crypto industry rose by 43.24 percent in the first quarter of 2020, yet the first-hand data that Bit2Buzz gathered from Indian crypto exchanges and NEO banks marked a different approach to this.

While WazirX and CoinDCX haven’t shared this analysis, women traders and hodlers in exchanges including Unocoin marked almost 15 percent, followed by Bitbns 11 percent and Pocketbits nearly 2 percent. On the other hand, the percentage of female users among NEO banks is quite impressive. With Oropocket counting over 39 percent, Cashaa and Bank of Hodlers marked 30 and 5 percent respectively. 

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The Bit2Buzz’s research about whether exchanges and NEO banks witnessed any positive or negative impact of COVID-19 on user’s trading patterns on their platforms reveals that the companies have seen a massive surge.

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As per the research, trading volume on Bitbns, Bank of Holders, and Unocoin has no major effect, on the other hand, Cashaa notes that they are opening more bank accounts. They also added that the volume has gone up more than 800%. Similarly, Sumit Gupta from CoinDCX emphasized that Indians highly active during the lockdown, adding;  

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. This gave Indians the 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. CoinDCX witnessed the continuation of growth from Q1 to Q2. And the daily trading volume on CoinDCX was around 15 million dollars. 

Moreover, Sohail Merchant from Pocketbits stated that the volumes and overall interest on Pocketbits have gone up due to users having more free time to research and trade. More so, Nishcal Shetty, founder, and CEO at WazirX notes their platform has seen a tremendous increase in trading volume (470% increase) and user signups. 

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