Cryptocurrencies are truly global in nature, and anyone anywhere with an internet connection and a wallet can make transactions without any external intervention. The second most populous country, India is one of the fastest-growing crypto markets with a huge potential waiting to be tapped. Recognizing the importance and an opportunity to further the cause of cryptocurrency across the world, OKEx has recently announced the launch of the India Crypto Market Research Report.
The world’s largest crypto spot and derivatives exchange have joined hands with Coinpaparika, a leading cryptocurrency market research platform to create what is going to be a series of reports focusing on various new markets. OKEx believes that the Indian market is driven by three forces – Immigrants, Finance, and Government policies. Being one of the top countries when it comes to foreign inward remittance, the first two driving forces take care of the demand side of things while policies bear a direct influence on crypto trading related services.
The CEO of OKEx, Jay Hao said, “India has always been a vibrant crypto market. Adopting its scene to our first market research report also conforms to the current growth pattern of the global cryptocurrency market.” He further added, “We are pleased to work with Coinpaprika to provide objective and neutral insights to the market, helping industry players, including crypto exchanges, traders, etc. to better understand the whole picture of this rapidly changing industry.”
According to the World Bank data, in 2019, Indians paid as much as USD 5.67 billion in remittance fees alone. Given that India is one of the nations with the highest inward remittance, the high cost of cross-border fund transfers has made people look for cheaper alternatives and cryptocurrencies figures on top of the list. The interest in cryptocurrencies has further increased as the exchange rate between INR and USD continues to rise, forcing people to find an intermediary to convert their currency to a more stable fiat.
Coinpaprika has witnessed an increase in the number of visitors from India researching and learning about cryptocurrencies. The increased interest follows the recent lifting of ban on banking services to crypto platforms earlier imposed by the Reserve Bank of India.
“Since the beginning of this year, we’ve seen many people from India coming to Coinpaprika to research and learn about cryptocurrencies. It’s not surprising to me, however Bitcoin and other cryptocurrencies solve many issues they are struggling as a nation. I believe that with the pace they have, we will see a new giant emerging soon in the cryptocurrency market,” said Matt Sorka, Marketing Director of Coinpaprika.
Incidentally one of the largest exchanges in India, CoinDCX offers DCXfutures through a strategic partnership with OKEx. Few other major exchanges include ZebPay and WazirX, which was acquired by Binance.
The India Crypto Market Research Report is available here