Crypto culture seems to be growing rapidly in India, with adoption increasing among young men and women. In its latest report, Indian crypto exchange CoinSwitch Kuber claimed that out of its user-base of 14 million Indians, 15 percent are women. The findings come at a time when India is still deciding ways to regulate and potentially tax crypto activities and the income generated from trading. CoinSwitch Kuber’s report also reveals that most of its users in India are youngsters.
On average, individuals spent 27 minutes on the CoinSwitch app engaging in purchasing and selling crypto assets. At the beginning of this year, the average time was 13 minutes per user.
Out of CoinSwitch Kuber’s total user-base, 60 percent fall under the age of 28 and majorly reside in Indian metro cities including Delhi, Mumbai, Kolkata, Pune, Lucknow, and Patna.
Speaking to Gadgets 360, Ashish Singhal, the Founder and CEO of CoinSwitch Kuber revealed that the crypto culture is now seeping into smaller cities of India as well.
“Recent developments in the industry, including Bitcoin ETF listing in the US, have led to further excitement around crypto mainstreaming and will continue to expand crypto adoption globally and in India. We are seeing increasing interest from residents in tier two and three markets in India,” said Singhal. He further said that the crypto awareness initiative must be ramped up in all parts of India given the expansion of this space.