{"id":417,"date":"2021-05-27T08:03:42","date_gmt":"2021-05-27T08:03:42","guid":{"rendered":"https:\/\/maasplatform.io\/resources\/?post_type=blog&p=417"},"modified":"2021-05-28T06:35:45","modified_gmt":"2021-05-28T06:35:45","slug":"how-cryptocurrency-apps-in-india-can-acquire-users-and-make-it-big-on-mobile","status":"publish","type":"blog","link":"https:\/\/maasplatform.io\/resources\/blog\/how-cryptocurrency-apps-in-india-can-acquire-users-and-make-it-big-on-mobile\/","title":{"rendered":"How Cryptocurrency Apps in India Can Acquire Users and Make it Big on Mobile"},"content":{"rendered":"

Who would have thought that a light-hearted meme would be all that it takes to reignite interest in the<\/span> cryptocurrency phenomenon<\/span><\/a>! India – and the world – has gone gaga over the capitalization of the cryptocurrency market <\/span>after a recent testimony<\/span><\/a> by the ex-MD of Goldman Sachs who quit the company after making millions from Dogecoin, which is apparently the favorite cryptocurrency of Tesla\u2019s chief, Elon Musk! As a result, the Indian cryptocurrency exchanges have witnessed <\/span>record-breaking trading volumes<\/span><\/a> of Dogecoin.<\/span><\/p>\n

While the financial experts may be divided on the real value of Dogecoin, one cannot ignore the rise of cryptocurrencies around the world. India, too, has been a ripe market for cryptocurrency and sits at a prime spot to attract further growth – both from businesses and users.<\/span><\/p>\n

Current Cryptocurrency Landscape in India<\/b><\/p>\n

Investing in cryptocurrency is not illegal in India, but currently, there is no legal framework governing the country\u2019s crypto landscape. Despite this, the interest in this sector has been increasing and India is now witnessing a massive boom in the cryptocurrency market. Led by an interest by the younger generation, who view crypto as an attractive alternative to traditional investment options, <\/span>one in every 10 bitcoin purchases<\/span><\/a> in the world in 2018 were from India. The pandemic, too, may have contributed to an increased interest in trading in cryptocurrencies. According to a report, one of India\u2019s largest crypto exchanges has seen a <\/span>3x user count growth since March 2020<\/span><\/a>.\u00a0<\/span><\/p>\n

Just as people invest in the stock market or buy gold, more and more Indian consumers are getting confident about investing in cryptocurrencies, giving a fresh impetus to the FinTech startups sprouting across the country.<\/span><\/p>\n

Opportunities and Challenges<\/b><\/p>\n

According to a recent survey<\/span><\/a>, bitcoins are considered to have 130% returns as opposed to 30% of gold this year. As promising as it sounds, cryptocurrencies carry with them challenges that still refrain people from investing. <\/span>According to the latest findings<\/span><\/a>, 68% of the participants (in a survey) earning more than INR 10 Lakhs per annum quoted lack of regulatory clarity as one of the major turn-offs while weighing up the investment parameters in cryptocurrencies. On the flip side, 60% of the participants earning less than INR 5 Lakhs per annum found investments in cryptocurrencies a daunting process pertaining to the less availability of feasible options. In addition to this, confusion around the regulatory ban as well as resistance in crypto payments adds to the industry challenges in growing.\u00a0<\/span><\/p>\n

Despite the challenges, various cryptocurrency exchanges or apps such as WazirX, CoinDCX, CoinSwitch Kuber, have registered a significant hike in the numbers of users across the country. <\/span>According to a report<\/span><\/a>, the transactions on bitcoins and other cryptocurrencies have increased to about 30% in 2020-2021. WazirX is one of the country’s largest exchanges and the app has over <\/span>100,000 downloads on the Google Play Store<\/span><\/a>, while others like Zebpay (which relaunched in India in January 2020) claims to have <\/span>3 million users worldwide<\/span><\/a>.\u00a0<\/span><\/p>\n

As user interest in this segment grows, it is the right time for advertisers in this category to acquire users and scale for growth. The transactions on these cryptocurrencies can be magnified if the mobile advertisers pitch the app to its target audiences and to the audiences who are interested but clouded with skepticism. But how do advertisers acquire their audiences or users on a big scale?<\/span><\/p>\n

How to Strategize User Acquisition for Your Cryptocurrency App?<\/b><\/p>\n

Acquiring users for a niche app such as a cryptocurrency vertical can be challenging because of the targeted audience group your app needs. One needs to be careful while setting up user acquisition campaigns keeping in mind both scale and LTV of the user, which can have a long-term impact on the success of your app. Since many of the apps in this category are fairly new, it helps to start with the below tips to strategize for user acquisition:<\/span><\/p>\n