CoinSwitch Kuber, one of the biggest crypto exchanges in the country has revealed some data about how Indians did in the field of crypto in the year 2021. The exchange has released a year-end report stating that over 14 million Indians used CoinSwitch to learn, buy, trade, or sell crypto assets. At the beginning of the year, CoinSwitch reported just over 1 million users.
Growth in transaction volume
The manifold increase in user base also led to growing transaction volumes. CoinSwitch has claimed that they registered a 3500% rise in transaction volumes. However, not every new user ended up transacting on the platform. The most traded cryptocurrency assets that were traded on the platform included Bitcoin, Dogecoin, Ethereum, Polygon, and Cardano.
The platform revealed that many users turned to Coinswitch to learn about the relatively new asset class. The report suggests that an average user spent 27 minutes per day on the app to buy, trade, and sell crypto assets and read articles on the platform. Comparatively, this was a sharp rise from 13 minutes at the beginning of the year. The company claims that Kuberverse, a learning platform by CoinSwitch contributed to the increased number of learning hours.
Increased number of Female Investors
Additionally, the platform has reported a rise in the number of women users as well. Crypto adoption saw an encouraging growth among Indian women. As of today, 15% of our total user base comprises women. Furthermore, Delhi, Kolkata, Pune, Mumbai, Lucknow, Patna became the early crypto adopters, according to the report.
CoinSwitch claims that nearly 60% of their user base is less than 28 years old. The section that normally trades in stock market is also gaining interest in the cryptocurrency ecosystem. The report suggests that 45-year old plus stock market enthusiasts are experimenting with this high-risk, high reward asset class.
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