In Brief:
- Crypto Exchange will attract retail traders through marketing campaigns and giveaway concepts
- On this festival season, the Exchanges will introduce crypto as an alternative to gold
- The exchanges has tied up with ecommerce companies where users can redeem gift vouchers using bitcoin
In the season of Festivals in India, Indian Crypto Exchanges are planning to attract retail traders to invest in Bitcoin as an alternative to gold by marketing campaigns.
Crypto Exchanges are motivating traders and Citizens to buy Bitcoin (only some portion) as a gift, instead of Gold. Indian Crypto exchanges are increasing hiring and planning for product launches with lure advertising.
Sathvik Vishwanath, co-founder of Unocoin quoted that “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,”
The exchange has tie-ups with e-commerce websites where users can redeem gift vouchers purchased using Bitcoin. It will give away bitcoin to excite customers about the future of cryptocurrencies. They are planning to create a flux of bitcoin transactions in this festival season.
Vishwanath added that “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”.
The competitor and rival exchange, WazirX have been scheduling various products for the current month and also aiming for the crypto-gift giveaway. They will direct users to buy bitcoin instead of Gold this time, as a ‘Gift’.
“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 to gain control of the market during the festive season.
Also Read: The Government of India Favours Taxing on Cryptocurrency Trades
With the product launches, crypto exchanges will also launch large scale campaigns to bring more users into their fold. Exchanges are expecting a high surge in the user base and trading activity during the festive season.
Indian regulatory and authority is still in a state of confusion, where authority is rethinking the decision of cryptocurrency ban and investigating the use of blockchain for technological enhancement. RBI’s late governor, R Gandhi has urged authorities to consider cryptocurrencies as commodities and assets, not a currency.
