The adoption of crypto has surged dramatically in India from the period of mid-2020 to mid-2021. As per a recent report from Chainalysis, India is one of the top three markets in the Global Crypto Adoption Index. India has experienced a massive 641% increase in the crypto market over the last 12 months.
A significant increase in cryptocurrencies has been observed throughout Central and Southern Asia and Oceania (CSAO). According to the report, Vietnam, India, and Pakistan are ranked first, second, and third in the global cryptocurrency adoption index.
Interestingly, India accounts for a significantly greater proportion of the Decentralized Finance (DeFi) platforms. Compared to other countries, transaction amounts in India have been higher, with significant institutional-sized transfers of more than $10 million in cryptocurrency accounting for 42% of all transactions from India-based addresses.
As DeFi adoption increases, it helps bring more firms into the fold, stimulates innovation, and makes it easier for the government to manage the industry. Blockchain and cryptocurrency-based loan platforms, investment schemes, and other platforms are being held more accountable by using technology in these applications. As a result, they are more readily accepted by regulators than ordinary cryptocurrency trading operations are.
It’s hard not to wonder how such a dramatic change has occurred in India. Despite apprehensions about crypto adoption, crypto marketing agencies and crypto marketers are doing a tremendous amount to clear up misconceptions and change people’s perceptions about crypto.
Driving Factors Behind the Surge
Campaigns and advertisements help crypto brands gain immense virality in no time. Do you wonder how the majority of these campaigns get off the ground? Many businesses choose to build an in-house team of marketing specialists, while others choose to go the more cost-effective path of hiring the pros. For example, Blockwiz, a full-stack global crypto marketing agency, has a pool of such marketing experts who have assisted various crypto & blockchain companies in showcasing their projects from the ground up.
Dev Sharma, Founder & CEO of Blockwiz reckons that Web3 marketing Agency has to be impactful, data-driven, and result-oriented and that’s why up-and-coming crypto projects require crypto marketers who have the ability to strike gold with their marketing strategies. The role of a crypto marketing agency becomes quite essential for a project to make its presence felt, to make the audience aware of its potential and benefits in the offing’
Celebs are Endorsing Crypto Firms
The crypto ecosystem is increasingly attracting the attention of Indian celebrities. For example, Bollywood’s renowned celebrity Amitabh Bachchan has produced his own non-fungible tokens (NFT) collection. Recently, Ayushmann Khurrana has partnered with cryptocurrency exchange CoinDCX, India’s first cryptocurrency unicorn, to serve as a brand ambassador for the exchange.
India has also recently gotten its second crypto unicorn, which is another crypto exchange platform. It is path-breaking news for every crypto enthusiast in the country and serves as a motivating factor for upcoming crypto projects. Given the current trends, it’s easy to predict that crypto adoption in India will grow further in the coming years.
