Crypto trading platform CoinDCX witnessed a 45.78 per cent spike in installed users between October and November 2021
The study was conducted in a privacy-compliant manner by the data intelligence division at Bobble AI
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New Delhi: Amid the rising buzz around the impending Cryptocurrency Bill to address unregulated crypto assets in the country, leading industry players continue to attract investors, suggested a report from Bobble AI.
Crypto trading platform CoinDCX witnessed a 45.78 per cent spike in installed users between October and November 2021. At the same time, another industry player Bitbns leads in terms of active users at 41.33 per cent.
These findings stem from a recent analysis of user behavior among India’s top six cryptocurrency apps, including WazirX, CoinDCX, CoinSwitch, ZebPay, Unocoin and Bitbns, between October and November 2021.
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The study was conducted in a privacy-compliant manner by the data intelligence division at Bobble AI, India’s top conversation media platform, covering its vast base of more than 50 million users.
According to the report, Bits was able to register a 62.70 per cent rise in the terms of new users, followed by CoinDCX, ZebPay, and WazirX, respectively. Unocoin and CoinSwitch took a hit in terms of new installs.
This blow could be temporary and partly be attributed to the news of the Indian government hinting to introduce the Cryptocurrency Bill 2021 to regulate digital currencies, the Bobble AI in its report.
With more market awareness coupled with increased marketing spending, there has been a surge in cryptocurrency adoption by Indians. The increasing number of cryptocurrency adopters reflects a transition in the investing paradigm.
The country’s younger generation of investors is welcoming a shift in investment from real estate and gold to cryptocurrencies, it added.
Another reason for the enthusiasm for cryptocurrency adoption is the technological advancement that welcomes us into a new era of payments and other financial services that are cheaper, faster, and more accessible, the agency said.
In terms of active users, Bitbns led the way with 41.33 per cent rise, followed by WazirX with 23.53 per cent rise. Coin DCX and CoinSwitch were next in the line among the top six players, suggesting Bobble AI.
Studying the user behavior, the report also highlighted the average time spent by user and average session duration of users across the platforms.
Barring CoinDCX and ZebPay, all the other apps studied registered a decline for the same attribute in November 2021 as compared to October 2021.
One of the most important key performance indicators for any app is the Churn rate, which is the percentage of lost customers over a period of time. It becomes imperative to keep a check on it.
According to Bobble AI’s data Intelligence, the fortnightly churn was significantly high for CoinDCX but with increasing active users, its churn rate is decreasing month on month.
Whereas, Bitbns saw maximum rise in active users’ attrition, even though they registered a huge jump in active users in November as compared to October.
Churn rate is calculated based on the number of active users, in the first two weeks versus the next two weeks of October and November, respectively.
Rapid adoption and expansion of digital currencies in India look promising. Bobble AI’s findings reveal that India is ready for this technological revolution and is poised to grow tremendously in the coming years.
The report is based on over 50 million smartphone users’ (Bobble keyboard users), data from 640+ Indian cities, processed in a privacy-compliant manner.
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