New Delhi: Crypto investing has gained momentum across the globe this year and India was no exception. Recent data suggests the world’s second most populated nation is likely to be a very big player in the global crypto market.
Having started active operations in June 2021, the daily traded volume of Coinstore has been on a steep rise, jumping to $40 million a day from $10,000 earlier.
The exchange has seen a high growth from Asian and African countries which constitute about 70 per cent of its user base. India constitutes a fifth of its overall users.
The platform is focusing on countries having lesser access to traditional finance options. Investors are always looking for high returns despite the high-risk factor in digital tokens, said Charles Tan, Head of Marketing at Coinstore, a Singapore based crypto exchange.
“We believe that this is due to the lack of investment options for these users in trad-fi, and this group of users find crypto an easier access point to enter into crypto finance,” said Tan.
Globally, the active participation of women in crypto investment is increasing, with a large number of female users signing up, the data from Coinstore suggest. Majority of traders are below 25 years, it added.
Mainstream coins including Bitcoin and Ethereum contribute about 50 per cent of the total volumes, whereas Altcoins add to 30 per cent. Meme tokens add the remaining 20 per cent portion.
Bitcoin, Ethereum, Polkadot, Dogecoin and Axie Infinity have been the most active tokens on the platforms, which are considered safe assets for the growth of the portfolio.
Crypto is also relatively easy to enter, regardless of Decentralized Exchanges or Centralized Exchanges, and a low barrier to entry. The crypto space will grow and expand rapidly in 2022, Tan added.
“Judging by our current growth traction, we are confident to hit 2 million users by mid-2022, amidst the expansion of our team and regional offices,” he added.
The exchange kicked off its operations with a smaller team size of 10 members, which has now increased to 70. The majority of its talent come from segments like operations, marketing, and technology.