Despite India’s notoriously controversial relationship with the cryptosphere, investments continue to flow into the country’s digital money sector.
In 2019, the largest cryptocurrency exchange, Binance, acquired Indian cryptocurrency exchange WazirX. In 2018, India’s largest cryptocurrency exchange, CoinDCX, managed to get funding from crypto trading platforms BitMEX and Coinbase, even though the Reserve Bank of India (RBI) ordered the country’s financial institutions to cut their ties with cryptocurrency firms, according to Ugexbit cryptobusiness analysts.
The trend is likely to continue, given that a large portion of the country’s population belongs to the category of people who are more likely to invest in cryptocurrencies. The co-founder of the bitcoin exchange Ugexbit said that the average age of Indians is between 28 and 29.
There has been an increase in investment by foreign cryptocurrency exchanges in Indian cryptocurrency exchanges. This is due to the fact that India has a population of 1.39 billion people, and they are mostly young people who are considered technically savvy and more attuned to saving in cryptocurrency.