India contributed more than 10 percent of last month’s USD/BTC trade volumes according to data from ARK’s Blockchain Products Lead Chris Burniske.
Reproducing a graph of major trade markets via Twitter on Thursday, Burniske highlighted India’s growing role in the exchange market, which accounted for over 10 percent of the total for the month to June 15.
Burniske added he was “curious” what this would mean for Bitcoin going forward.
Hello #India ?? we've been expecting you! Very curious to see where this goes for #bitcoin. h/t @BKBrianKelly pic.twitter.com/9uacy5GZH9
— Chris Burniske (@ARKblockchain) June 15, 2017
India’s story of consumer trading activity is one of constant growth. Despite mixed signals given out by the country’s central bank and government figures, increasing uncertainty surrounding the rupee has given Bitcoin a firm foothold among Indian investors seeking a safe haven.
Marketplace data from Coin Dance shows a broad upward trend week on week, a recent surge linked to Bitcoin’s brief downturn at the end of May, which saw prices dip below $2,000.
Individual Indian Bitcoin exchanges preempted the positive figures, Zebpay reporting milestone downloads of its app, helping it reach number seven on Apple’s App Store in the local financial category.
Zebpay becomes the 7th most popular app in Apple App store in Finance :) pic.twitter.com/entYvqwQWL
— zebpay (@zebpay) May 27, 2017
India’s banking industry, meanwhile, is also waking up to the benefits of Blockchain technology, having successfully piloted a joint scheme known as “Bankchain” last month.