Previously, only Bitcoin was crypto for everyone, but today many investors understand that there are thousands of cryptos and each has specific use cases, says Nischal Shetty, founder and CEO of WazirX.
The last 12 months have been a great one for the crypto and blockchain industry with newer coins, platform updates, new products like the non-fungible token (NFT) and GamyFi having exploded.
New investors have entered the market in the hope of making higher profits. People, institutions and companies are investing in technology. Meanwhile, the evolving regulatory conversations and dialogues across geographies are very vigilant.
The segment continues to trend to the top in search engines as cryptocurrency price movements catch the fantasy of retailers. With an estimated 15 million users and a market size of $ 6.5 billion, India has the second highest crypto adoption rate in the world.
In an interview with Manisha Gupta, Charles Hoskinson, CEO and founder of IOHK said: “This has been a very good year overall for cryptocurrencies. We have seen tremendous growth in adoption and valuations, it is a perfect date but at the same time is perhaps a little irrational the exuberance that we have seen in these markets ”, he said.
So IOHK is very focused on using utility and building and growing the company’s mission, which is to improve the world’s systems for everyone everywhere, he said.
“We announced, for example, this year the Ethiopia agreement and we gained 5 million users with the Ministry of Education and we have more agreements to come. Overall, the adoption of crypto has been pretty phenomenal. This year, there are an additional 50 million users around the world across the cryptocurrency ecosystem and a lot of consumption of that, especially among the verticals that were not anticipated. For example, NFTs have been an incredible growth area and that attracted a lot of musicians and not-so-common suspects to the cryptocurrency space, “Hoskinson said.
Speaking on the Indian market, Nischal Shetty, Founder and CEO of WazirX, said: “Although we started slowly as a nation in crypto, it is definitely picking up speed now. The level of understanding that people in India have about cryptocurrencies has been increasing. There have been many efforts by startups in the crypto space to educate people to get them to understand and have a deeper understanding of cryptocurrencies. ”
He said that between 2017 and 2020, most people viewed cryptocurrencies as a speculative investment option, but now many people understand the reasons why they are investing in cryptocurrencies, what are the different types of tokens, etc.
“Previously, it was just Bitcoin, which was crypto for everyone and they didn’t understand anything else, but today many investors understand that there are thousands of cryptocurrencies and each one has specific use cases. So there has been a rapid growth in understanding about cryptocurrencies in people who are investing, “he explained.
Watch the video for more information.
(Edited by : Kanishka sarkar)