According to a survey conducted by Global Crypto Adoption Index, India currently ranks second when it comes to adopting cryptocurrency worldwide. The growth of the crypto trading platform in India has seen a sharp rise in the past few years. Thanks to Indian Blockchain Startups, emerging technologies are getting deeply ingrained into the world of cryptocurrency.
It has now become a reality that was once just a dream. The Indian blockchain Industry is now the backbone of the crypto market. Working together with modern-day technology, the crypto trading platform in India features the most democratic, secure, and transparent processes.
Rise Of Crypto Trading Platform In India
As we mentioned earlier, India currently ranks 2nd when it comes to adopting cryptocurrency. As a result, crypto trading platforms have gained increasing popularity in India. Given the surety and certainty around the crypto market in India, it has quickly become the most funded blockchain sector in India to date.
More than 20 million have boarded the crypto train in the last year with a sizeable chunk of investors hailing from India. As of 2022, Indians hold crypto assets worth $5.3 billion.
Back in April 2021, Crypto markets touched an all-time high prompting Indian investors to put aside the associated risks and invest in cryptocurrencies. While Bitcoin was the primary pick, it was soon joined by the likes of Ethereum, Solana, Polygon, and Terraluna. This diversity within the market soon saw a steep rise in the crypto trading platform across India following record growth in users and transactions.
CoinSwitch Kuber, one of India’s leading crypto trading platforms, registered a 3.500% increase in terms of transaction volumes. Meanwhile, other platforms such as Wazir X recorded a volume of $45 billion last year. In addition to these two, platforms such as BitBns saw their user base increase by a whopping 850%.
Given its impressive work structure, the Indian Government is currently in the process of introducing new Crypto laws to mainstream cryptocurrency by 2022.
To know more about how crypto works and the overall functioning of the crypto market, you can refer to this article below
How Has Defy Contributed To The Growth Of The Indian Crypto Trading Platform?
There are plenty of factors that have contributed significantly to the rise of India’s crypto trading platform. For starters, the fact that these trading platforms offer secure and transparent transactions acted as their USP attracting consumers from both tier 2 and tier 3 cities to participate in the crypto exchange. But yet another important factor are social trading channels.
Taking advantage of this, Defy launched India’s first social cryptocurrency exchange platform. Using this platform, users can create their respective trading platforms and share their portfolios with your fellow friends and followers. Just like Defy, there are other social trading platforms that gives you a deep insight into the trading strategies implemented by traders and influencers.
These social trading channels can guide you in terms of investment. If you are a new investor, these channels will guide you on how, where, and when to invest. With Defy, you can keep track of what your friends are investing in and have previously invested in. This way, you can communicate, learn, and grow along the way.
Defy currently plans on enrolling around a million transacting users on its board. In addition to the options, there are other incentives on offer for the investors to make their portfolios public. This helps one make speculative investments and earn handsome returns. According to Chainanalysis, India’s crypto market saw a massive rise of 641% between May 2020 to June 2021.
Will The Cryptocurrency And Regulation Official Digital Currency Bill 2021 Affect India’s Crypto Trading Platform?
Back in Novemeber 2021, PM Narendra Modi unveiled the latest Cryptocurrency and Regulation Official Digital Currency Bill 2021. Apparently, the Government is planning to get the bill passed during the Winter Session of the Parliament. The bill is primarily aimed at banning private players in the crypto industry. This announcement saw a massive surge in crypto exchanges across the country.
Due to panic selling amongst investors, the Indian Exchange saw growth in triple digits within 24 hours post the announcement followed by a whopping 318% jump in transaction volume. This bill seeks to create a facilitating framework for the latest digital currency to be launched by the Reserve Bank Of India.
Meanwhile, barring a few exceptions, the bill will seek to ban all private crypto players in India. This move comes in as a caution to prevent crypto from falling into the wrong hands and to raise awareness about cryptocurrency amongst the youth.
The Bottom Line
Crypto-Related Startups have seen a sharp rise in 2021. Right from CoinDCX to Defy, these crypto trading platforms allow for secure and transparent crypto exchanges. Despite the market crash in May and December 2021, the cryptocurrency continues to be flocked and fuelled by outside returns.
These crypto trading platforms have brought new cohorts into the market. Although cryptocurrency remains a volatile asset class, people’s skepticism towards crypto platforms is slowly decreasing by the minute. India saw almost a 17-fold jump in crypto exchange in the previous year with both urban and rural populations jumping on the crypto bandwagon.