5 states contribute more than Rs 830 cr to crypto investments in 2021, according to BuyUcoin

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According to data from BuyUcoin, the top five Indian states contributed over Rs 830 crore to crypto investments in 2021. The list includes Karnataka, Maharashtra, Uttar Pradesh, Delhi and Haryana, which added between Rs 150-200 crore each.

The platform, which has more than one million users, has processed just under 3 million crypto transactions to date.

BuyUcoin’s user base grew by over 1,400% between January and December 2021. With rapid growth of 843% in 2021, one in four BuyUcoin users is female.

In terms of user base, southern Indian states led the way, with Karnataka, Telangana, and Tamil Nadu as the leaders, accounting for 27% of the user share. Northern states like Uttar Pradesh, Delhi and Haryana constitute around 24% of the user base.

Western states including Maharashtra, Gujarat and Rajasthan attract one in five users to the platform. West Bengal, meanwhile, accounts for just under five percent of the user base.

“We are looking ahead to 2022 with great optimism and hope. We will see the crypto market enter a more mature phase with sustained growth momentum,” said Shivam Thakral, CEO of BuyUcoin.

The regulatory framework in India and around the world will play a central role in transforming the crypto industry from a nascent industry to a traditional one, he added.

About two-thirds of BuyUcoin users are between 18 and 34 years old, while over 25% of users are between 35 and 55 years old. Over 20% of users are over 45 years old.

BuyUcoins registered most traders in Bitcoin, Ethereum, Ripple, Shiba Inu, Dogecoin, Cardano, Solana. NFT and Defi Space lead the segments, followed by memecoins.

The platform doubled its workforce in 2021 and currently employs more than 55 people.

Management believes that sound regulation of crypto assets will ensure that a large ecosystem of crypto startups is properly nurtured to make a substantial contribution to the country’s economy.

“We will see a significant increase in the metaverse in India, which will begin with an increased awareness of the concept of the metaverse and how it can contribute to India’s digital economy,” Thukral said.

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