VALLETTA, Malta, May 26, 2020 /PRNewswire/ -- OKEx (www.okex.com), the world's largest cryptocurrency spot and derivatives exchange, launched the India Crypto Market Research Report with Coinpaparika, a leading cryptocurrency market research platform. As the first report of the series, OKEx laid a focus on various new markets with a rapid increase worldwide from a global perspective, showing the latest changes in the global cryptocurrency landscape.
As one of the fast-growing crypto markets, the driving force of India markets can be attributed to 3 major factors, immigrants, finance, and government policies. The first two bring momentum to the Indian market on demand-side, including the huge demands of cross-border remittance and exchanging foreign currency, while the policies offer the market possibility to provide crypto trading related services.
"India has always been a vibrant crypto market. Adopting its scene to our first market research report also conforms to the current growth pattern of the global cryptocurrency market," said Jay Hao, CEO of OKEx. "We are pleased to work with Coinpaprika to provide objective and neutral insights to the market, helping industry players, including crypto exchanges, traders, etc. to better understand the whole picture of this rapidly changing industry."
India, the fastest-growing crypto market in the world
Cryptocurrency is with two of the most extensive application scenarios in India, scilicet cross-border remittance and exchanging foreign currency.
The large population of Indian immigrants around the world creates a demand for cross-border remittance. According to World Bank data, the remittance fees in India in 2019 were as high as USD 5.67 billion, which forced Indians to find a low-cost way of cross-border remittances. Crypto is one of the alternatives.
On the other hand, the value of Indian Rupee is not stable. As the exchange rate between India Rupee and USD keeps rising during the COVID-19 epidemic, the real purchasing power of the India Rupee has plummeted. Given that, the Indians have a strong need to convert their Rupee into a more stable fiat currency and Bitcoin has become the best intermediary, allowing Indians to bypass strict foreign exchange regulations.
In addition, on March 4, 2020, the Reserve Bank of India's (RBI) banking ban against cryptocurrency was lifted, stimulating the activity of the Indian crypto market.
Crypto ecosystem in India is still under development
Currently, the major players in the Indian crypto sector are exchanges, media/influencers, and foundation. Especially after April 2018, the RBI banking ban against cryptocurrency, the Indian crypto ecosystem suffered severe damage.
CoinDCX is one of the largest exchanges in India, which is known for DCXfutures. Powered by its strategic partnership OKEx, CoinDCX supports spot, margin, and future trading. Apart from that, other major exchanges include ZebPay, WazirX acquired by Binance, etc.
"Since the beginning of this year, we've seen many people from India coming to Coinpaprika to research and learn about cryptocurrencies. It's not surprising for me, however. Bitcoin and other cryptocurrencies solve many issues they are struggling as a nation," said Matt Sroka, Marketing Director of Coinpaprika. "I believe that with the pace they have, we will see a new giant emerging very soon in the cryptocurrency market."
For full report, please see here.
The world's largest and most diverse cryptocurrency marketplace, OKEx is where global crypto traders, miners, and institutional investors come to manage crypto assets, enhance investment opportunities, and hedge risks. We provide spot and derivatives trading, including futures, perpetual swap, and options, of major cryptocurrencies, offering investors great flexibility in formulating their strategies to maximize gains and mitigate risks.
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