Indian Exchanges are all Out on Crypto With Ads Ahead of Coming Festive Season

Indian cryptocurrency exchanges are all out with plans to contribute to the growth of the digital currency ecosystem through targeted advertising campaigns to target new customers.

As reported by the Economic Times, Indian crypto exchanges are ramping up hiring and planning product launches and large-scale advertising campaigns to add new retail investors.

The Indian crypto ecosystem is growing, with about 15 million active cryptocurrency users in the country. Today, India remains one of the most promising markets for the nascent asset class. In anticipation of a massive rush on its trading platform, Unocoin said it is upgrading its infrastructure.

“The Indian market is all about saving and spending and gifting during the festive season. Approached right, bitcoin, and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry,” said Sathvik Vishwanath, co-founder of Unocoin. “We are making our platform technically and operationally prepared for the festive season.”

The issuance of redeemable gift vouchers in the eCommerce world is bound to be used as a major bait to lure new users for most exchanges. For the campaigns, Unocoin plans to issue a coupon code featuring Bitcoins worth Rs 200 for Ganesh Chaturthi.

“Our development team is coming up with new coupon codes, especially for the festivals. We are testing the server load to deal with a surge in the customer transactions,” Vishwanath said.

Other top exchanges, including Binance-owned WazirX and CoinDCX amongst others, are also coming up with big plans to extend their overall market reach through the upcoming festive seasons. Digital asset trading platforms are the primary gateway for the public to gain exposure to Bitcoin and the crypto world. CoinDCX said it would add an education and awareness program to the ongoing campaign as part of the broad commitment to take on this responsibility.

“During the festive season, CoinDCX is aiming to create more awareness and to share knowledge on crypto through DCX learn. Through our marketing initiatives, we’ve always looked for ways to entice and educate new investors,” said Ramalingam Subramaniam, head of brand and communication at CoinDCX.

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Indian crypto exchanges prepare ad blitz for festive season

To celebrate the holiday season in India, cryptocurrency exchanges are looking to lure retail traders by launching aggressive marketing campaigns and giving away crypto.

For this year’s Hindu holiday season, which kicked off on Sept. 10, crypto exchanges are encouraging citizens to choose Bitcoin as a gift instead of their traditional choice this time of year – gold.

Sathvik Vishwanath, the co-founder of the popular crypto exchange Unocoin, told the Economic Times that if approached right, “Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.”

The exchange has linked up with e-commerce websites to enable customers to purchase prepaid gift-vouchers vouchers for online shopping using Bitcoin.

Rival exchange, WazirX, which has a number of product launches scheduled for this month, is also targeting crypto gift-giving amid the holiday season

“Crypto gifting is a part of our product roadmap,” stated Rajagopal Menon, vice president of marketing at the exchange. WazirX grew its team from 50 to more than 200 employees this year, noting plans for further expansion during the festive season.

The marketing moves come at a time when regulatory clarity is still lacking in India as lawmakers continue to procrastinate on implementing legislation. There could be some light at the end of the tunnel, however, as new legislation is in the works.

Related: Indian government is rethinking crypto ban

Speaking at a virtual blockchain summit last week, Chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, said that the upcoming crypto regulations will not be like those in El Salvador, but will be dominated by concerns of national security, striving to balance stability and growth.

Sinha also aired concerns about the misuse of crypto assets for money laundering and terrorism financing.

The former deputy governor of the Reserve Bank of India, Rama Gandhi, spoke at the same event, urging lawmakers to provide clarity regarding the asset class. He also stated that cryptocurrencies should be treated as assets or commodities and not as currencies.