India's Crypto Market Grew 641% Over the Past Year: Chainalysis

Jafrin  |  Oct 5, 2021

India’s crypto market has grown by 641% over the past year, according to the latest report from blockchain analysis company Chainalysis. The report looked at trends over the year to June using a metric that estimates the total cryptocurrency received by a country.

India's Crypto Market Grew 641% Over the Past Year Says, Chainalysis

According to the latest report from Chainalysis, India, Vietnam, and Pakistan are leading in the expansion of cryptocurrency markets in central and southern Asia with the Indian market has grown by 641% over the past year.

Aside from India, the report also showed increased crypto adoption with India’s neighboring country Pakistan by 711% over 12 months. The share of Indian activity on DeFi was 59% with Pakistan at 33%, adding there's been a significant increase in cryptocurrency-related entrepreneurship and venture capital investment in the region, according to the report.

In the meantime, institutional and large payments accounted for the highest percentage of transactions, offering further evidence on the adoption of cryptocurrency.

“Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam. Those numbers suggest that India’s cryptocurrency investors are part of larger, more sophisticated organizations,” the report added.

Asian Countries Leading in Crypto Adoption

The study comes as the second part of a series of regional reports by Chainalysis based on crypto transactions. The first report, which was released last week revealed that the region of Central, Northern, and Western Europe has become the world’s largest crypto economy with over $1 trillion in transactions over the same period.

While Europe dominates in crypto transactions with institutional transactions amounting to $46.3 billion, up from $1.4 billion in July 2020, Asian countries are leading in terms of overall adoption, as measured by on-chain value received, on-chain retail transactions, and peer-to-peer transaction volumes. Based on Chainalysis’ 2021 Global Crypto Adoption Index, Vietnam, India, and Pakistan ranked first through third, respectively.

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