The Indian cryptocurrency industry is experiencing massive growth. New traders are flooding crypto exchanges, executives from four of the largest crypto trading platforms in India exclusively told news.Bitcoin.com. They also share their views on what drives the Indian crypto market, current traders’ sentiment, and institutional interest in crypto in India.
Massive Growth of New Crypto Traders, Volumes
Cryptocurrency exchanges in India are seeing record numbers of new users signing up on their platforms, accompanied by huge surges in trading volumes.
At Unocoin, one of the oldest crypto exchanges in India, CEO Sathvik Vishwanath told news.Bitcoin.com last week: “Compared to the month of September, we are seeing about 2.5x the number of customers signing up for the service right now.” He added that Unocoin recently “expanded from brokerage to full-fledged exchange.”
Over at Wazirx, “New user signups have grown by 125%” and “Monthly trading volumes growth has increased by 225%,” CEO Nischal Shetty revealed.
Bitbns CEO Gaurav Dahake is seeing a similar trend, sharing that trading volumes on his exchange have increased by 200% over the last quarter. In addition, “daily user registrations have gone up 800%” since the Indian supreme court lifted the banking restriction in March.
Meanwhile, Coindcx CEO Sumit Gupta said that his exchange saw an overall yearly growth of 235.82% in signups compared to the previous year, adding that in the third quarter, his platform “saw 4x growth in daily active users.”
What Drives India’s Crypto Market
The four CEOs were asked about what is driving the Indian crypto market. Shetty told news.Bitcoin.com:
In March 2020, two major events happened which have boosted crypto adoption in India: the supreme court’s historic verdict and the pandemic.
He elaborated that “Several Indians have lost jobs, and this has led them to invest in cryptocurrency to earn side income by becoming…