An increasing number of millennials and Gen Z are viewing Bitcoin as a means of exchange rather than an asset class. According to a report by global peer-to-peer platform Paxful, users in Mumbai grew by over 260% last year alone. Between 2019 and 2020, user sign ups grew by over 400%.
Bitcoin and digital currencies in India were virtually non-existent five years ago; however, today nearly 20 million people in India hold $5.3 billion in bitcoin and other digital currencies, representing the second-largest population in the world. India is continually proving a significant market for Peer-to-Peer bitcoin trading. Millennial and Gen Z in India are shifting to P2P exchange platforms meanwhile the internet penetration and digital assets adoption rates are increasing in continuum.
Paxful – a P2P platform that enables anyone from across the world to buy and sell Bitcoin as a means of exchange, was recently named as one of the 100 influential companies worldwide in 2022 by TIME and has experienced its strongest growth in India across users and trade volume. India is the fourth largest country based on trade volume which has increased by over 50% across the country. The platform is witnessing significant growth across use cases including arbitrage, remittances, payments, and investment. Paxful gives over nine million users worldwide equal access to finance. Users have the liberty to choose from 400+ payment methods, from bank transfers to gift cards, to buy, sell and trade currencies globally.
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Through Paxful’s initiatives around Bitcoin education and financial inclusion as well as safety and security of P2P platforms, this scenario is slowly changing. Nearly 4% of total users in India are located in Mumbai, Maharashtra. The platform has helped new and existing users in Mumbai by providing a reliable and safe platform for wealth preservation, trading, and investment. More than 75% of Indian users on Paxful are under the age of 35 indicating a rise in Gen Z and millennial consumers. The top currencies traded across the globe by Indian users are Bitcoin (BTC), Ethereum (ETH), Digital Yuan and Tether (USDT).
Speaking on these developments, Renata Rodrigues, Global Community and Education Lead, Paxful said, “At Paxful, we believe that Bitcoin is for the millions, not just the millionaires. Financial literacy and freedom are basic rights and they should be available to everyone including, students, immigrants, the unbanked, the underbanked and the non-profit sector. We aim to establish Bitcoin as a long-term and credible financial institution for the masses, and focus our efforts on establishing Bitcoin as a gateway to a brighter financial future for everyone”.
The annual Financial Inclusion Index of India was recorded at 53.9% in March 2021, a 10% increase from the 43.4% in March 2017. Further, in alignment with the government’s plan to be more financially inclusive, Paxful is empowering more people towards financially inclusive avenues for people to be self-reliant and protect their financial wealth.
Paxful is a global peer-to-peer fintech platform designed for more than nine million people worldwide in need of equal access to finance. Paxful gives access to nearly 400 different payment methods for its users to buy, sell, and trade digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT)—allowing them to make payments, transactions, and send money as a means of exchange. For more information about Paxful please visit: https://paxful.com/