Saturday, May 21, 2022

Indians Trying Better To Understand Cryptos, Says Kantar

Branding and analytics firm Kantar organized a survey of 2000 Indian consumers between the age group of 21 to 55. The crypto holders, who were part of the survey, belonged to cities like Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Indore, Patna, Jaipur and Lucknow.

Kantar, in its report, revealed that most Indians, who have invested in cryptocurrencies, are between the age group of 21 to 35 and they live in metro cities. 

The report further informed that around 83 percent of citizens living in urban areas, know about cryptocurrencies, while another 16 percent are investing in them. 

Individuals, who own cryptos, have a ‘higher risk appetite’, therefore, despite, investing their money in fixed deposits and life insurance, these people choose crypto and mutual funds.

Kantar’s survey reveals that Delhi is at 21 percent for being most interested in cryptos. It is followed by Mumbai at 17 percent, Bangalore at 12%, Hyderabad at 7% and Pune at 6%. The most favorite cryptocurrency of the crypto holders from these cities is Bitcoin, which is at 75 percent. Followed by Dogecoin at 47%, Ethereum at 40%, Binance’s coin at 23% and Ripple’s XRP at 18%.

Meanwhile, the most favored crypto exchanges, which the traders are using in India, are WazirX, Zebpay, CoinSwitch Kuber. 

Kantar has reported that around 70 percent of the consumers have been using these platforms to buy Bitcoin, 78 percent used for Dogecoin and another 70 percent for Ethereum.

However, the registration data from crypto exchanges and service providers have shown a bit different picture from what Kantar revealed in its report.

According to the crypto exchanges’ data, most youngsters from non-metro cities in India have initiated the crypto adoption drive.

As per the population size of the Indian citizens, the cities are referred to as taxes and subsidies, while non-metros are classified as Tier-2 and Tier-3. 

The data from service providers stated that the young investors from the non-metro cities are now, flooding to exchanges to trade stocks and cryptocurrencies.

Paytm Money has also published its report, recently, stating that the top 30 non-metro cities of India have grown at a 30 percent higher rate than in metro cities. Similarly, 60 percent of new users, who have joined INDMoney recently, are mainly from tier-2 and tier-3 cities. 

CoinSwitch Kuber has also stated that since last June, the registration on its platform has grown to 135 percent.

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