The Indian festive season is one of the most crucial moments for businesses as they look to make the most of the increased spending activities. As a new industry, the crypto exchanges and other crypto-related services are looking to make the most out of this year’s festive season.
The crypto exchanges are planning to go on an intensive marketing campaign over the period to lure more users into the Indian crypto world. The campaigns target both retail traders and individual crypto users.
The festive season started on September 10th with the Ganesh Chaturthi, a festival that commemorates the arrival of Lord Ganesh to the earth. It always starts a period of celebration, festivities and giving. It is in this same spirit that the Indian crypto exchanges are looking to be a part of.
The crypto exchanges are planning to go on a campaign encouraging Indians to opt for Bitcoin instead of gold as their ideal gift. The exchanges are looking to quadruple their customer base by the end of these campaigns.
By creating enough awareness over Bitcoin it can become a great option for the consumers. Given that most have preferred gold as their main gift, Bitcoin can work as an alternative. Already Bitcoin has replaced gold as a hedge against inflation. Therefore, with more awareness, the population is likely to understand why Bitcoin is the best option.
Some of the crypto exchanges looking to actively participate in the period include the country’s leading crypto exchange, UnoCoin. The exchange is partnering with various online stores to support the purchase of prepaid shopping gift vouchers using Bitcoin.
Another top exchange, WazirX, is looking to launch various products over the period. It is also planning to ramp up new hiring with the possibility of growing its employee base from 50 to 200 workers.
The Indian market operates such that most tend to save over the year and spend freely over the festive period. The crypto platforms can take advantage of the spending craze to tap a new market. Whether it’s through gift vouchers, giveaways and other marketing options, the market will likely experience unprecedented growth.
Indian crypto landscape
Even though the Indian crypto exchanges are on the drive to reach more users, the country’s crypto landscape remains undefined. The Indian government has had a shifting approach to digital currencies since its launch.
In the early days, the government had accepted the use of digital currencies before later banning them in 2018. By then India had become a leading country in crypto uptake, with its massive population looking for better financial solutions. The Indian Supreme Court however gave the users a lease of life as it lifted the ban and encouraged the government to provide clear direction on digital currencies.
Since then the country only runs the digital space on rumours. There had been earlier rumours that the parliament was planning to ban crypto. These have since changed as the cryptos become so integral that they will be legalised. The country however needs to act fast to provide clear regulations for a defined crypto landscape.
