In charts: Investors not affected by uncertainty over crypto bill, platforms continue to attract users

NEW DELHI Despite uncertainty over crypto taxation and the impending Cryptocurrency Bill, leading industry players continue to attract investors, according to data analysed by conversion media platform Bobble AI. Crypto trading platform CoinDCX witnessed a 45.78 per cent spike in installed users between October and November 2021, while industry player Bitbns leads in terms of active users at 41.33 per cent. Bobble A analysed user behaviour among India’s top six cryptocurrency apps, including WazirX, CoinDCX, CoinSwitch, ZebPay, Unocoin & Bitbns, between October and November 2021. The findings show that the impending decision over the cryptocurrency bill is not affecting crypto enthusiasts in India. Until recently, only a handful of individuals were investing in digital currencies, but with more market awareness coupled with increased marketing spending, there has been a surge in cryptocurrency adoption by Indians. The increasing number of cryptocurrency adopters reflects a transition in the investing paradigm, spurred primarily by the country’s younger generation, which is welcoming a shift in investment from real estate and gold to cryptocurrencies. Another sound reason for the enthusiasm for Cryptocurrency adoption is the technological advancement that welcomes us into a new era of payments and other financial services that are cheaper, faster, and more accessible. Bitbns was able to register a 62.70% rise in terms of new users, followed by CoinDCX, ZebPay, and then WazirX. But Unocoin and CoinSwitch witnessed a dip. “This blow could be temporary and partly be attributed to the news of the Indian government hinting to introduce the Cryptocurrency Bill 2021 to regulate digital currencies,” the Bobble AI in its report. The active users for all six crypto apps increased in November 2021 compared to the previous month with Bitbns leading with 41.33% rise followed by WazirX at 23.53%. However, user engagement within these apps is still a cause of concern. Except for CoinDCX and ZebPay, who showed good engagement in consideration to ‘Avg time spent by users’ and ‘Number of sessions by users’ in their respective apps, all the other apps registered a decline in November 2021 as compared to October 2021. Rapid adoption and expansion of digital currencies in India look promising. Bobble AI’s findings reveal that India is ready for this technological revolution. Earlier this week, cryptocurrency app Cryptowire launched a crypto index in India to monitor the 15 most traded cryptocurrencies in the world. The cryptocurrency index known as IC15 will analyse and monitor the performance of the top coins listed on leading exchanges in the world. The launch of the index is intended to escalate awareness and knowledge around the crypto and blockchain ecosystem among fresh investors. Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche, and Shia Inu will be the constituents of IC15.

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