Crypto craze catching on as platforms record robust growth in user base

One of the crypto exchanges WazirX has recorded a trading volume of over $36 billion in 2021 with an average of 44% month-on-month growth.
For representational purposes. (File | Reuters)
For representational purposes. (File | Reuters)

BENGALURU:  The ‘cryptocurrency craze’ among millennials is very evident as crypto exchanges are recording robust growth, especially in the past few months.

Crypto platforms are registering the highest number of users and are expanding their user base. Recently, the market capitalisation of the global crypto market has hit $3 trillion.

One of the crypto exchanges WazirX has recorded a trading volume of over $36 billion in 2021 with an average of 44% month-on-month growth. The platform witnessed over 10X signups in 2021. The massive growth is due to ‘Work-from-Home’ and technological advancements in recent years.

Another crypto exchange CoinSwitch Kuber crossed 11 million registered users in just 15 months. It plans to deliver diverse investment options to its growing customer base.

Sharan Nair, Chief Business Officer, CoinSwitch Kuber told TNIE that they are educating more and more Indians on topics such as the benefits of investment, ways of improving financial well-being, the importance of research before investing to make informed financial decisions, and more.

“We believe that a progressive regulated framework will create a prosperous ecosystem and encourage more Indians to start investing in a secure environment,” he said.

Another platform Panther Quant, which is still in the nascent stage, said it tested and traded on the live crypto market to optimise its strategies, and obtained fascinating results.

“For instance, in the last two quarters, we gained 30x profit on our investment while the market was down by 13%. Our maximum drawdown was 31% compared to 55% of BTC (Bitcoin),” said Manav Bajaj, Founder, Panther Quant.

According to NASSCOM, CryptoTech industry is a fast-growing industry globally and the market is expected to reach $2.3 billion by 2026 globally.

At present, the size of the market is $1.6 billion. It may be noted that recently RBI Governor Shaktikanta Das cautioned investors on the potential pitfalls of the digital currency.

Parliamentary Committee to meet leading crypto players on Monday

NEW DELHI: As the government is softening its stance against cryptocurrency, parliamentary Standing Committee on Finance has invited leading crypto players in India on Monday to understand the blockchain technology and how cryptocurrency functions.

Lok Sabha has listed the meeting as “Hearing of the views of associations, industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges,” to be hosted by the Parliamentary Standing Committee on Finance on November 15.

Among the players invited, are the members of the India Internet and Mobile Association (IAMAI) Blockchain and Crypto Assets Council ( BACC) like CoinSwitch Kuber, CoinDCX, WazirX, Unocoin among others.

The industry looks at it as a significant step towards the cryptocurrency industry.

The centre after delaying cryptocurrency bill on two parliament sessions, is likely to take regulation route with a new cryptocurrency law.

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The New Indian Express