Crypto users in city grew by 135%: Paxful report
An increasing number of millennials and Gen Z are viewing Bitcoin as a means of exchange rather than an asset class. Cryptocurrency users in the city grew by over 135 per cent last year alone. Between 2019 and 2020, user sign ups grew by over 850 per cent, according to a report by global peer-to-peer platform Paxful.
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Hyderabad: An increasing number of millennials and Gen Z are viewing Bitcoin as a means of exchange rather than an asset class. Cryptocurrency users in the city grew by over 135 per cent last year alone. Between 2019 and 2020, user sign ups grew by over 850 per cent, according to a report by global peer-to-peer platform Paxful.
Bitcoin and digital currencies in the country were virtually non-existent five years ago; however, today nearly 20 million people nationwide hold $5.3 billion in Bitcoin and other digital currencies, representing the second-largest population in the world.
India is continually proving a significant market for peer-to-peer bitcoin trading. Millennial and Gen Z in are shifting to P2P exchange platforms. Meanwhile, the internet penetration and digital assets adoption rates are increasing on the other hand.
Paxful, a P2P Bitcoin platform that enables easy crypto transactions and was recently named as one of the 100 influential companies worldwide in 2022 by TIME magazine, has experienced its strongest growth in India across users and trade volume.
India is the fourth largest country based on trade volume which has increased by over 50 per cent across the country. The platform is witnessing significant growth across use cases including arbitrage, remittances, payments, and investment. Paxful gives over nine million users worldwide equal access to finance. The users have the liberty to choose from 400 plus payment methods, from bank transfers to gift cards, to buy, sell and trade currencies globally.
Through Paxful's initiatives around Bitcoin education and financial inclusion as well as safety and security of P2P platforms, this scenario is slowly changing. Nearly 6 per cent of Paxful's total users in India are located in the city. The platform has helped new and existing users by providing a reliable and safe platform for wealth preservation, trading, and investment.
More than 75 per cent of users on Paxful are under the age of 35 indicating a rise in Gen Z and millennial consumers. The top currencies traded across the globe by Indian users are Bitcoin (BTC), Ethereum (ETH), Digital Yuan and Tether (USDT).
"We believe that Bitcoin is for the millions, not just the millionaires. Financial literacy and freedom are basic rights and they should be available to everyone including, students, immigrants, the unbanked, the underbanked and the non-profit sector. We aim to establish Bitcoin as a long-term and credible financial institution for the masses," Renata Rodrigues, Global Community and Education Lead, Paxful said.
