In preparation for the upcoming holiday season, Indian crypto exchanges are planning to launch massive ad campaigns and crypto giveaways to lure retailers to invest in Bitcoin as an alternative to gold.
Indians take a sentimental approach to buying and gifting Gold which is considered a symbol of luck, prosperity, abundance, and auspiciousness. The purchase of precious yellow metal is seen usually high during the holiday seasons.
With the Indian Hindu festival season starting last weekend, local crypto exchanges are gearing for product launches and massive ad campaigns urging locals to buy or gift Bitcoin instead of gold for the upcoming holidays.
Acknowledging that the Indian market is all about spending and gifting during the festivities, Sathvik Vishwanath, the co-founder of the popular crypto exchange Unocoin said that Bitcoin and gift vouchers seem like an interesting idea to lure customers during this time around.
For this, Unocin has tied up with leading e-commerce platforms and brands where users can redeem gift vouchers purchased using Bitcoin (BTC).
At the same time, the WazirX crypto exchange has a number of product launches lined up this month including plans for crypto gifting during the holiday season. Rajagopal Menon, vice president of marketing at WazirX, said:
“Crypto gifting is a part of our product roadmap. This will give Indians the opportunity to send crypto to their loved ones as easily as they send emails.”
Another major exchange CoinDCX is planning to create more awareness for new investors through its DCX learn platform, especially amid the festive seasons. Ramalingam Subramaniam, Head of brand and communication at CoinDCX, said:
The latest line of ad campaigns comes at a time with the Indian government showing some progress regarding the regulation and legalization of cryptocurrencies. Earlier last week, local media reported that authorities are considering classifying cryptocurrencies as commodities and taxing them accordingly.