Who is winning the crypto battle in India?

[ad_1]

India has 9% crypto adoption rate, according to Statista Global Consumer Survey in 2020

As of June 25, 2021, CoinSwitch Kuber had the highest number of downloads among crypto exchange apps in India, according to data from AppTweak

WazirX is the leader in crypto exchanges in India in terms of crypto transactions (24 hours) and weekly visits

In a rapidly changing, tech-driven world, cryptocurrencies have made waves and gone through several rounds of hype to achieve the kind of value that no traditional asset class can ever hope to achieve. This does not mean that investors are not subject to extreme volatility and sharp price swings. But overall, the prices of Bitcoin, Ethereum and many other digital coins are rising despite difficult times, removing the caveats that initially weighed on crypto investments in India.

As the global user base of cryptocurrencies and crypto assets exceeded 200 million, India has also seen an increase in the number of crypto adopters. Currently, active crypto users in the country are around $ 15 million with over $ 1.5 billion in digital assets. The number of blockchain startups has grown to over 300 in 2021, while the daily crypto transaction volume stands at $ 350-500 million.

According to a Statista Global Consumer Survey in 2020, around 9% of Indian respondents said they used or owned cryptocurrencies. Globally, India ranked higher than China, the United States, Germany and Japan in crypto adoption, while Nigeria, Vietnam and the Philippines were in top of the polls list.

Despite recent growth, several regulatory hurdles in India have hampered large-scale investments in these virtual assets. Regulatory oversight talks are well underway, but there is no clear framework in place to implement it. For example, it was reported in May 2021 that the Indian government may form a new panel of experts to create a regulatory roadmap involving the use of crypto and blockchain. In addition, the Ministry of Finance would monitor people’s growing interest in crypto and the increase in crypto trading activity while evaluating monitoring options. But the path has yet to be defined by the government or other regulators.

Due to this regulatory uncertainty, major crypto exchanges are now joining IndiaTech, an industry association representing the country’s mainstream internet startups, unicorns and investors, to increase pressure on the government to regulate crypto in India. .

WazirX Vs CoinDCX Vs ZebPay: who’s in charge?

Several crypto exchange startups in India are gaining traction due to the growing appetite for underinvested crypto assets, ranging from the most popular Bitcoin and Ethereum to lesser-known tokens like dogecoin, ripple, litecoin and more.

How Crypto Exchange Applications Stack Up

Inc42 has partnered with AppTweak to understand how various crypto exchange apps performed over the past few months in terms of downloads, views, app power, and more. Here are some takeaways:

CoinSwitch Kuber Is The Rising Star Of Crypto Applications In India

Bengaluru-based startup CoinSwitch Kuber is arguably the first cryptocurrency exchange to use mainstream ads to grow its user base despite uncertainty about the future of crypto. The number of registrations has increased 3.5 times after the launch of an advertising campaign on Disney + Hotstar for IPL 2021 and aims to integrate more than 10 million users by the end of 2021.

Unocoin poaches visits to other crypto applications

Between January and June 2021, Unocoin recorded the maximum number of pageviews on the Google Play Store, a total of 3.5 million, but most of them were generated by researching other exchange apps from crypto. It had only recorded 0.1 million downloads during that time.

WazirX, yet another popular cryptocurrency exchange app, had the second highest number of pageviews at 3.2 million, again generated by research of other apps. It was also the second most downloaded crypto exchange app, with 5.2 million downloads between January and June 2021.

CoinSwitch Kuber and WazirX are the most powerful crypto apps in India

According to AppTweak, app power is a key performance indicator (KPI) to gauge the overall performance of an app in the Google Play Store. It takes into account various factors such as the competitiveness of apps by category and the region of the App Store as a whole.

Interestingly, the power of most crypto exchange apps increased between April 1 and June 25, 2021. However, WazirX and CoinSwitch Kuber emerged as the most powerful throughout the period. On the other hand, the power of the app from the rest (CoinDCX Pro, Unocoin, and ZebPay) peaked on May 20 and declined thereafter.

Will crypto be the future of investing in India?

The Indian crypto market is strengthening due to the growing valuation of the industry, an influx of new investors, and the emergence of startups that go beyond the typical crypto exchange model. For example, Unocoin allows people to use bitcoin to top up wallets, top up cell phones, and pay for DTH services. It also supports a merchant gateway system so that online businesses can accept payment in bitcoin instead of fiat currency.

Despite regulatory uncertainty and the speculated ban on cryptos in general, global exchanges are eyeing a share of the Indian crypto market, either through independent operations or through acquisitions. In essence, the crypto industry has much more potential to thrive across the country if its problems can be resolved quickly, paving the way for a robust and decentralized financial ecosystem. With crypto exchanges and other companies coming together to push for clarity and regulation, India may soon see the introduction of a new asset class and structure of decentralized innovation powered by cryptography.

[ad_2]