crypto: India should become a big player in the crypto market: CoinStore

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New Delhi: Crypto investment has gained momentum across the world this year and India was no exception. Recent data suggests that the second most populous country in the world is possibly a very large player in the global crypto market.

After starting active trading in June 2021, Coinstore’s daily trading volume increased sharply to $ 40 million per day from $ 10,000 earlier.

The exchange has seen strong growth in Asian and African countries which constitute around 70 percent of its user base. India constitutes a fifth of its global users.

The platform focuses on countries with less access to traditional financing options. Investors are still looking for high returns despite the high risk factor of digital tokens, said Charles Tan, head of marketing at Coinstore, a Singapore-based crypto exchange.

“We believe this is due to the lack of investment options for these users in trading, and this user group finds crypto an easier entry point to enter crypto finance,” said Tan.

Globally, the active participation of women in crypto investments is increasing, with a large number of female users signing up, data from Coinstore suggests. The majority of traders are under 25, he added.

Mainstream coins, including Bitcoin and Ethereum, make up around 50% of total volumes, while Altcoins make up 30%. Even tokens add the remaining 20%.

Bitcoin, Ethereum, Polkadot, Dogecoin, and Axie Infinity have been the most active tokens on the platforms, which are considered safe assets for portfolio growth.

Crypto is also relatively easy to enter, apart from decentralized exchanges or centralized exchanges, and a low barrier to entry. The crypto space will grow and expand rapidly in 2022, Tan added.

“Judging from our current growth, we are confident to reach 2 million users by mid-2022, as part of expanding our team and regional offices,” he said. added.

The exchange started operations with a reduced team of 10, which has now grown to 70. The majority of its talent comes from segments such as operations, marketing and technology.

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