Millennials In India Are Now Openly Trading Crypto! CoinSwitch Prides on The Huge Adoption Rate

3 min read

india millenials and generation z crypto adoption rates increase
The rise of crypto across the world is an exciting one. India has seen exponential growth in adoption, with the country now ranking 2nd globally. Cryptocurrencies have grown to a whopping $166 billion in South Korea alone, and with India’s recent legislative developments, there is no doubt that they will soon become dominating force.

Hundreds of small towns and cities in India are embracing BitcoinEthereum, Cardano, and Solana with a generation that has no experience with stocks and bonds.

The inrease in adoption can be easily illustrated with the growth of the popularity of a cryptocurrency trading app CoinSwitch Kuber, which was unheard of 18 months ago, and which now has 11 million users on average. 55% of the users are located outside large urban areas such as New Delhi or Mumbai.

New Millenials And Generation Z Investments In The Emerging Crypto Market

The growing acceptance of digital tokens by millennials and Generation Z is helping the industry emerge from the shadows.  This contrasts with an incident last year when exchange cofounders were briefly in police custody for setting up a kiosk in a Bangalore shopping mall. 

A popular Bollywood youth icon has been signed up by CoinSwitch Kuber for an ad campaign with the tagline, “Kucch toh badlega” – something is going to change now and is calling for more attention, urging the youth to be active in the market.

As a result, CoinSwitch, which began as a site that aggregated the best prices for digital assets around the world, has already achieved something.

While in 2018 , India’s monetary authority told banks not to serve customers who used virtual currency, a Supreme Court decision overturned the ban in March last year.

Enjoying the more favorable conditions, CoinSwitch has released its app in June and has since acquired 11 million users… that is 11 million users in 16 months. Besides, the company recently raised money from Silicon Valley venture capitalist Andreessen Horowitz for a valuation of $1.9 billion, the first of its kind in the country. Such investments will further stimulate the brand awareness and the crypto adoption in the country.

CoinSwitch Urges The Government For New Regulations

And already a short time after becoming mainstream, the growing sector itself demands regulation. “It’s time for us to show our face,” says Ashish Singhal, one of CoinSwitch’s three cofounders.


“Even if regulation harms our business in the short run, it’s better than being forced to operate in a gray area with little certainty and not much room for growth.”

Fears of being outlawed have swirled since last year’s court order that gave the dying industry new life. But that risk is now receding.

In contrast to Beijing, which last month announced unequivocally that it would ban all transactions involving virtual currencies, there is widespread consensus that New Delhi would hesitate to take such an extreme step.

Different countries have different rules for cryptocurrency trading. In India, the rules are changing.

In part, this is due to the different relationship between private business and the state in India, where politicians need corporate monies for expensive elections, while citizens dislike being told whether tutoring, online gaming, or even owning cryptocurrency should be recommended for them.


New Regulations for Cryptocurrency Trading

Industry leaders are waiting for the government to announce the new regulations on cryptocurrency trading. The industrys confidence stems from the belief that policymakers have been convinced of the benefits of blockchain-based technology for the community.

Balaji Srinivasanformer chairman of the Bank of India, is urging India to embrace the emerging field of decentralized finance to close a $250 billion funding gap for small and mid-size firms on the internet, a Wall Street for all.

Singhal states: “We, as a country, missed out on internet 1.0. We gave world-class talent to Google and Microsoft, including their current CEOs, but we didn’t create those titans. With blockchain, we can build some global giants.”

Promoting The Global Gians In the Crypto Industry

CoinSwitch isn’t the only one to use celebrity endorsement to drum up business ahead of Diwali, when gold is traditionally purchased. However, crypto trading does make authorities  especially the central bank  uncomfortable.
According to Bloomberg News, authorities met with Amitabh Bachchan last week to convey their concerns about the brand ambassador deal he has with CoinDCX, another Indian crypto exchange.
CoinSwitchSharan Nair, CoinSwitch’s chief business officer, stated that although the current speculative fervor needed tamingit was too late to implement anything more rigid. He added that nabbing an entire asset class would be unfair to Generation Z investors, who grew up online.
“Many are techies like us who like to solve problems in the crypto world by contributing code. What can they do as shareholders of a bank whose website they don’t like?”
Digital currencies are understood by 83% of urban Indians, but only 16% of them own them, according to a survey by data analytics firm Kantar.
There are now twice as many people interested in crypto as in mutual funds, a product over which older generations have a much deeper understanding.
That‘s what investor portfolios in the future will look like: A mix of digital assets and traditional financial products.
Indias crypto industry isnt going dark again, even without the attention from Bollywood stars.

Source ’Millennials pull crypto out of shadows in India’


Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.