Reports Show 45% Surge In Stock And Cryptocurrency Sign-Ups Across Rural Areas In India
August 29 2021 - 12:18PM
NEWSBTC
The high jump in new registrations is on 45% increase, equivalent
to 70 million compared to the previous year. The BSE stock exchange
revealed this information was in their data. There had been an
increasing number of users, mostly young investors in remote
locations across India last year. According to the Economic Times
report, these investors seek to buy and trade stocks and
cryptocurrencies. Related Reading | Total Cryptocurrency
Market Cap Value Surges Across $1.9 Trillion Setting A New Record
The Times report states that Wealth management and Cryptocurrency
platforms attract new users due to strong market performance. The
success can also be attributed to increased awareness and targeted
ads-the report added. Report From BSE Stock Exchange Data The
report from the BSE stock exchange data revealed that the increase
in new user sign-ups had reached 45%. This equals 70 million when
rated with the figure of the previous year. BSE stock exchange can
be referred to as either the BSE Limited or the Bombay Stock
Exchange. It’s an Indian stock exchange located on Dalal Street in
Mumbai and was established in 1875. BSE stock exchange is the
oldest stock exchange in South Asia and the tenth oldest in the
world. As of August 23, new user registrations in Uttar Pradesh had
an approximately 60% increase. In addition, the states of
Assam, Madhya Pradesh, Odisha, Bihar also recorded a significant
increase from the prior year. The report reveals that CoinSwitch
Kuber increased 135% in monthly growth from non-metro cities from
last June. CoinSwitch Kuber is an app-based cryptocurrency exchange
platform peculiar to the Indian market for retail investors. It’s a
mobile application and supports trade in over 100 cryptocurrencies,
including Bitcoin, Ethereum, Litecoin, Ripple, and Dash. India’s
Cryptocurrency Exchange Records Massive Growth However, India’s
CoinDCX grew by 48.7 times in new user registrations from the
scarcely populated cities in India. This figure represents the
growth rate of new user sign-ups for the past six months.
CoinDCX is India’s largest and safest cryptocurrency exchange.
It provides a trading platform for buying and selling Bitcoin and
other cryptocurrencies with ease. The exchange had raised $90
million (6.7 billion rupees) from investors during a funding round,
giving it over $1 billion value. Related Reading | FTX Bags Naming
Rights Of Cal Memorial Stadium For $17.5M To Display Their Brand
According to a CoinDesk report in July, Eduardo Saverin’s B Capital
Group led the funding round. However, the funding came out lower
than the initial target of $10 million to $20 million. Other
investors in the round are Polychain Capital, Coinbase, Jump
Capital, and Block.one. India is among the high populated country
in the world. It has about 1.33 billion occupants. This makes it
the second to China with 1.39 billion inhabitants, as revealed by
the U.S. Census Bureau data. Featured Image From Pixabay
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