‘Young working adults between 25 and 34, who are in Indian Tier II and III cities, are leading the charge in terms of crypto adoption.’
Despite the volatile nature, cryptos have gained currency among traders and investors alike over the past few months.
“India is by far the fastest-growing crypto market which we have seen,” Vincent Lau, managing director of International Operations at Huobi Global, tells Puneet Wadhwa.
How do you see the crypto currency landscape shape up over the next one year?
We continued to see the global crypto currency landscape grow and evolve, sustain the momentum and increase in awareness in the recent years.
Much attention has been drawn to countries such as El Salvador giving Bitcoin legal tender status, and more recently the Bitcoin-linked Futures Exchange Traded Fund (ETF) which launched as the second-most heavily traded fund on record.
We believe these recent developments will give crypto currency more legitimacy and draw more mainstream investors as well as institutional interest.
Do you see crypto currency gaining more acceptance in India?
We see the most growth opportunities in markets like Russia, Ukraine, India and Southeast Asian states such as Vietnam and Malaysia.
India is consistently among our top three markets by total trading volume, as well as by total active users.
India is by far the fastest-growing crypto market which we have seen.
The boom came within this year and it is still going strong, with people eager to learn more and more of the industry.
In the past 18 months, we’ve seen phenomenal growth in the triple-digit territory for both our global trading volume and number of global active traders.
Within the Indian market, we have seen robust growth in our user numbers since the start of this year.
On a quarter-to-quarter basis, our new users more than doubled in the March 2021 quarter, quadrupled in July quarter, and tripled in the September quarter.
Our active crypto traders in India nearly quadrupled in the September quarter.
The monthly total transactions volume has also witnessed 252 per cent increase in the recently concluded quarter.
We are bullish on the prospects for India’s crypto currency market on the back of right information and education.
India, too, now boasts of crypto trading platforms. Are they giving you stiff competition despite your global presence?
India is indeed a vast and competitive market for crypto due to the massive population who are now following this closely.
This is corroborated by the 2021 Global Crypto Adoption Index, which ranked India second in terms of crypto adoption worldwide.
We believe that our highly competitive fees, global experience, cutting-edge technology and dedicated in-country support will not only let us thrive but support our educational outreach to Indian users to help them better invest.
A lot of crypto trading would be done by millennials. Can you throw some light on the age profiling of these active traders at Huobi Global?
About 80 per cent of our Indian users are aged 34 or below.
Young working adults between 25 and 34, who are in Indian Tier II and III cities, are leading the charge in terms of crypto adoption.
Over 40 per cent of our Indian users fall in this age group, which we estimate accounts for half the users across all platforms.
Our users in India are more spread out across different age groups compared with the overall nation’s statistics.
Seniors (aged 55 and above) and women currently represent just a small percentage of our Indian user base.
Feature Presentation: Ashish Narsale/Rediff.com
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