KuCoin survey says India has 115 million crypto investors

Earlier this week, KuCoin released a survey on new developments in the blockchain and crypto space in India – Into The Cryptoverse Report India, which revealed that the number of crypto investors in the country was around 115 million by June 2022.

The study claimed that these people either traded or held crypto assets in the past six months.

Cryptocurrency investors have a youthful profile

KuCoin India Survey presents an exhilarating spectacle of cryptocurrency investment in the country. It says that 115 million crypto investors represent 15% of India’s population in the 18-60 age group, while another 10% of the same group are crypto-savvy consumers who plan to invest in the asset in the next six months.

The demographic profile of cryptocurrency investors is becoming increasingly young, with 39% of all investors in the first quarter of 2022 aged between 18 and 30, an increase of 7% over the previous quarter. First-time cryptocurrency buyers make up 39% of young investors under the age of 30. They have only started trading in the last three months.

Obstacles to investing in cryptocurrency

The opacity of government regulations has been a major factor in deterring potential investors. 33% report that government regulation is a concern when considering investing in cryptocurrency. The security of investing in cryptocurrency is also a concern for many, a KuCoin PR official said about the survey, with 26% concerned that hackers are a threat and 23% fearing that they might not get their money back in the event of a security incident.

The study says that the lack of sufficient knowledge about crypto investing is the main obstacle to the growth of crypto investment in India. 41% of respondents cite that they do not know what type of crypto product to choose for investment. 21 percent of respondents said they do not understand how digital assets work, and 27 percent find it difficult to predict market trends.

Investor morale dampened

Investment sentiment is currently muted due to the downturn in the market. This is reflected in the preference of investors to maintain the current level of investment in crypto rather than increase it. KuCoin PR said that given the high prospects, the Indian government announced the launch of a CBDC, boosting domestic interest in the digital economy.

Last month, the CEO of KuCoin said that India would emerge as a key market in the long run, thanks to the local “experience” and a “welcoming market.” He explained that India acquired 5.6 million new customers added by KuCoin in the first half of 2022.

In May, KuCoin announced plans to launch the NFT exchange with its own liquidity trading platform Pool-X, scheduled to begin operations in November.

A published KuCoin survey says India has 115 million crypto investors that appeared first on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *