By Ifaenyi Egede (Nigeria)
COVID-19 in India and Cryptocurrency Adoption
The Indian crypto market has been enjoying so much attention even after the Lockdown in the Asian nation was extended by two more weeks. With many Indian exchanges enjoying massive patronage amid the surge in the price of the leading crypto, Bitcoin (BTC) with the Indian crypto market enjoying massive profits as a result of the coin.
Indian Traders Look To Cryptocurrencies As Lockdown Continues
Indian Crypto adoption despite lockdown and economic suffering. Lockdown was extended in India as a result of the Coronavirus pandemic with the country’s economy is suffering as a result of the Lockdown.
This new development has seen users in the country take to cryptocurrencies as a medium to escape the hard effects with exchanges in the Asian nation recording more users than in previous months before the virus outbreak.
“I’m seeing more people wanting to spend their time under lockdown in learning and understanding what crypto is, how it works, what are the use cases of various crypto tokens etc.,” CEO of WazirX, Niscal Shetty was quoted as saying. “People in India are more upbeat about crypto,” especially with the recent cryptocurrency price increases, he said as a result of the massive patronage the exchange has experienced. The CEO stressed that “The extended Lockdown has led to people showing even greater interest in crypto in India. With millions of people not having the opportunity to work due to Lockdown, crypto is turning out to be an opportunity for Indians to trade and earn from it.”
Echoing the words of Wazirx CEO, Sathvik Vishwanath who is the CEO of Unocoin said “Given the crypto industry opened up two months ago, I would say the industry is happy despite lockdown,” he told news.bitcoin.com on Monday. “This situation is a lot better than the one we faced due to regulatory confusion for two years.”
Crypto Trading In India Experience New Trading Volume Highs
With all three Crypto CEO confirming that they are experiencing encouraging patronage on their platforms, and this has resulted in new trading volume highs. “Our trading volume has been increasing rapidly week over the week, In fact, this week we recorded one of our highest daily trading volume of over $10M.” Wazirx CEO reiterated.
Confirming the new volume highs, Zebpay Chief marketing officer said “just last week we had another record volume since our January relaunch day. New registrations and KYC are also doing well. We’ve added staff and automation to handle the KYC load and new deposits. Other Indian firms also seem to be active and doing well.” “One thing is clear from everything we’ve seen: India’s crypto winter only increased people’s interest in digital sound assets and new ways to take control of their wealth. That’s not going away”, he stressed.
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