In tens to hundreds of small Indian cities, the young Generation Y, also called the Millennials, has decided to invest in Etherea, Bitcoin, and other cryptocurrencies, even though it is a generation with no experience in trading stocks, bonds, or cryptocurrencies. The average age of 11 million users of the CoinSwitch Kuber crypto application is 25, with 55% of them coming from large cities such as Mumbai and New Delhi. It is also worth mentioning the fact that the mentioned crypto application CoinSwitch Kuber did not exist 18 months ago.
“We, as a country, missed out on internet 1.0. We gave world-class talent to Google and Microsoft, including their current CEOs, but we didn’t create those titans. With blockchain, we can build some global giants.”
CoinSwitch was just a start-up in 2018, but as the Indian monetary authority ordered banks to block all crypto transactions, it had to wait for its chance. However, the trade is now public and very visible, as the Supreme Court lifted the ban in March last year. According to a Kantar survey for data analytics, about 83% of urban Indians know about digital currencies, while only 16% actually own them.