Cryptocurrency is all the buzz in 2021, and its adoption will continue to increase among young men and women, said a new report. However, women form only a small part of this growing group. In its latest findings, Indian crypto exchange Coinswitch Kuber said that out of its user-base of 14 million Indians, only 15 per cent are women.
It should be noted that at the beginning of the year, CoinSwitch reported just over 1 million users. The findings came at a time when India is yet to table and discuss the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which aims to prohibit all “private cryptocurrencies” in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.
According to CoinSwitch Kuber, most of its users in India are youngsters. And on average, individuals spent 27 minutes on the CoinSwitch app engaging in either purchasing and selling crypto assets or learning about the crypto space from the platform. At the beginning of this year, the average time was 13 minutes per user.
At least 60 percent of the users fall under the age of 28 and majorly reside in Indian metro cities including Delhi, Mumbai, Kolkata, Pune, Lucknow, and Patna. Additionally, CoinSwitch claimed that they registered a 3500 per cent rise in transaction volumes. However, not every user made a transaction on the platform.
The most traded cryptocurrency assets that were traded on the platform included Bitcoin, Dogecoin, Ethereum, Polygon, and Cardano.
For WazirX, investments in cryptocurrency increased significantly in 2021, with the exchange witnessing a record trading volume of over $43 billion in 2021— accounting for over 1735 per cent growth from 2020. Bitcoin (BTC), Tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), WazirX Token (WRX), and Matic (MATIC) were the most-traded cryptocurrency on the exchange.
According to WazirX, women traded more in Bitcoin, whereas men traded more in Shiba Inu.
Interestingly cryptocurrency was one topic that cut through the online chatter this year: cryptocurrency. People mentioned ‘crypto’ 6.6 million times on Reddit in 2021, according to ‘Reddit Recap 2021’, which rounds up the most popular posts, topics, and conversations on its platform over the past year.
Meanwhile, cryptocurrencies including Dogecoin, Ethereum and Shiba Inu also topped ‘Google’s 2021 Year in Search’. “Dogecoin” and “Ethereum price” were the top 10 most-Googled news stories of the past year, across the globe.