According to BuyUcoin statistics, the top five Indian states contributed more than ₹830 crore to crypto investments in 2021. Karnataka, Maharashtra, Uttar Pradesh, Delhi, and Haryana are among the top states that contributed between ₹150 and ₹200 crore respectively.
BuyUcoin, founded in July 2016, is the leading cryptocurrency wallet and exchange platform, allowing businesses and customers to transact with digital assets such as Bitcoin, Ethereum, Ripple, and others.
BuyUcoin is on a mission to ‘bring cryptocurrencies into a million Indian pockets’, with over 350,000 customers attesting to the ease with which BuyUcoin allows digital asset trading.
Between January and December 2021, BuyUcoin’s user base increased by more than 1,400%. With an 843% increase in 2021, every fourth BuyUcoin user is a woman.
Southern Indian states dominated in user base, with Karnataka, Telangana, and Tamil Nadu accounting for 27% of the user share. Northern states such as Uttar Pradesh, Delhi, and Haryana account for around 24 percent of all users.
Every fifth user on the network comes from Western states like Maharashtra, Gujarat, and Rajasthan. Meanwhile, West Bengal accounts for less than 5% of the user base.
“We are looking at the year 2022 with a great amount of optimism and hope. We will see the crypto market enter a more mature phase with sustained growth momentum,” stated BuyUcoin CEO, Shivam Thakral.
Shivam Thakral, CEO of BuyUcoin, noted that the regulatory environment in India and throughout the world would be critical in changing the crypto business from budding to a mainstream industry.
Approximately two-thirds of BuyUcoin users are between the ages of 18 and 34, with more than a quarter between 35 and 55. More than 20% of users are beyond the age of 45.
In 2021, the platform’s staff more than quadrupled, employing more than 55 employees.
The management thinks that good regulation of crypto assets will guarantee that an extensive crypto startup ecosystem is nurtured correctly to contribute significantly to the country’s GDP.
“We will see a significant rise of metaverse in India which will begin with increased awareness of the metaverse concept and how it can contribute to the digital economy of India,” said Thakral.