Crypto industry in India is reported to have been showing phenomenal growth. It has been told that during the wake of the Coronavirus pandemic, the industry had grown exponentially. It has been further apprised that the number of individual as well as institutional investors had been surging to a great deal.
SathvikVishwanat, CEO of Unocoin, informed news.Bitcoin.com that the trade volume at his exchange had almost tripled since September. In between this time, the exchange managed to facilitate thousands of new members, told Vishwanat. This led Unocoin to become a full-scale crypto exchange which otherwise a brokerage earlier, he added.
While at Wazirx, another crypto exchange in India, Nischal Shetty, who is the exchange’s CEO too reported a huge surge in volume. He informed that for the past 3 months their trade volumes had climbed upto 225%. In addition, the exchange had a recorded an increase in the number of new members for about 125%.
Similar results had also been reported by Gaurav Dahake who is the head in charge of Bitbns. It reported that in the past couple of months its cliental had increased by 800% as well as the volume by 200%.
When these heads of crypto-exchanges were individually asked, what was the driving force behind crypto-industry’s growth, they all responded unanimously.
The first reason they told was the uplifting of ban on crypto use and trading in India. It was in the year 2019 when the Indian Government had imposed a ban on the usage and trading of cryptocurrencies. However, the matter then brought before the judiciary and went up to the Indian Supreme Court. It was in March 2020 that the apex court suspended the ban and directed Government to allow crypto business immediately.
The second reason was the Bull-Run for Bitcoin. They all unanimously explained that the Bitcoin frenzy had helped the Indian industry to grow extra-ordinarily in less than 6 months. They said that the pandemic forced Indian businessmen to seek refuge in alternate investment drives. The best option they seized was investment in cryptocurrencies and, in particular, Bitcoin.