Indian crypto exchanges urge customers to buy and give during the festivals

on Sep 13, 2021
  • As the Indian holiday season kicked off, the country’s exchanges have started a new marketing campaign.
  • The campaign revolves around encouraging their users to gift cryptocurrencies to their friends and family.
  • The move is, of course, meant to help increase the number of investors by spreading awareness.

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This is an important time of the year for India, as the country just entered its holiday season. However, as the festivities are starting, the local crypto exchanges have actually gone ahead and started a rather aggressive marketing campaign that aims to increase giving away crypto.

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Of course, the real goal here is to introduce more people to the digital currency industry which would, eventually, help the exchanges themselves lure in new traders.

The Hindu holiday season started a few days ago, on September 10th. Around the same time, crypto exchanges started encouraging users to gift their loved ones with crypto this year, rather than relying on their traditional choice of gift — gold.

Exchanges are enabling crypto vouchers for shopping with Bitcoin

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Sathvik Vishwanath, one of the founders of a popular exchange, Unocoin, said that Bitcoin and gift vouchers can be a very interesting option for users to consider, if they are approached in the right way. This could help spread awareness of digital currencies, and bring plenty of new investors to the industry.

To make it possible, the exchange teamed up with numerous e-commerce websites, which now allow the purchase of prepaid gift vouchers for shopping online with Bitcoin.

Unocoin’s biggest rival, the exchange called WazirX, is also encouraging giving crypto as gifts during the holidays. In fact, it said that crypto gifting is actually a part of its product roadmap. The roadmap is scheduled to launch a number of products throughout the month, with this being only one example.

The exchange itself has seen considerable growth over the last year, growing its team from 50 people to over 200. Now, it seems to be developing plans for further expansion, and it plans to use the holidays to achieve them.

The regulatory situation regarding cryptocurrencies in India is, unfortunately, still quite far from being solved. The local lawmakers continue to delay bringing a functional regulatory framework. But, the framework seems to be in the works, so something might still arrive in due time, and bring some sort of clarity in due time.