Bitcoin users in Hyderabad grew by 135 per cent

Hyderabad: An increasing number of millennials and Gen Z are viewing Bitcoin as a means of exchange rather than an asset class. According to a report by global peer-to-peer platform Paxful, users in Hyderabad grew by over 135 per cent in the last year alone. And between 2019 and 2020, user sign ups grew by over 850 per cent.

Nearly 20 million people in India hold $5.3 billion in bitcoin and other digital currencies, representing the second-largest population in the world. Millennial and Gen Z in India are shifting to P2P exchange platforms even as the internet penetration and digital assets adoption rates are increasing in continuum.

Paxful – a P2P Bitcoin platform — enables easy crypto transactions and it is witnessing significant growth across use cases including arbitrage, remittances, payments, and investment. Paxful gives over nine million users worldwide equal access to finance and the users have the liberty to choose from 400 plus payment methods.

Nearly 6 per cent of Paxful’s total users in India are located in Hyderabad and it has helped new and existing users in Hyderabad by providing a reliable and safe platform for wealth preservation, trading, and investment.

Paxful global community and education lead Renata Rodrigues Paxful said, “We aim to establish Bitcoin as a long-term and credible financial institution for the masses, and focus our efforts on establishing Bitcoin as a gateway to a brighter financial future for everyone”.

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