Despite conflicting messages on crypto regulation, India has overtaken other countries in terms of crypto adoption. According to digital assets payments firm, TripleA, the country has the largest number of cryptocurrency HODLers, at 100 million users.
Singapore-based TripleA recently released its findings on global crypto adoption on its website. To compile its findings, the firm leveraged “The Chainalysis 2020 Geography of Cryptocurrency Report” as its primary source.
This report had based its study on four key factors: on-chain crypto value received by a country, on-chain retail value transferred by a country, the number of on-chain crypto deposits in a country, and peer-to-peer exchange trade volume by each country.
TripleA cross-referenced this data and weighed the information alongside 16 sources, including numbers from Binance, Willy Woo, and Gemini, to arrive at its final results.
Based on its information, the firm concluded that cryptocurrency use is increasing throughout the world. It also pointed out that there are 300 million crypto users across the globe, which is equivalent to 3.9 percent of the world’s population.
As per TripleA’s rankings, India, United States, and Russia topped the list of crypto ownership at the first, second, and third rank respectively. While Nigeria, Brazil, and Pakistan stood at the 4th, 5th, and 6th ranks.
Interestingly, Ukraine topped the list of countries with the highest number of HODLers by population. As reported earlier, the Ukrainian parliament has already legalized cryptocurrencies and introduced measures to grant licenses to domestic and foreign crypto exchanges.
Coinbase’s Chief Product Officer Surojit Chatterjee recently highlighted the merits of cryptocurrencies in India during TiE Delhi-NCR’s India Internet Day 2021. Chatterjee, who was working at Indian e-commerce giant Flipkart before Coinbase, said that he hoped the Indian government would adopt a holistic view of digital assets while framing regulations for them.