India’s Crypto Industry is riding the wave of festive season by advertising crypto assets as an alternative to gold or any other asset to be gifted.
An Economic Times (ET) report has underscored this development and revealed the upcoming plans of startups.
As India’s burgeoning middle class explores different assets worth gifting, digital assets can become an attractive alternative.
“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,” Sathvik Vishwanath, Co-founder of Unocoin told ET.
Advertising Plans of Crypto Exchanges
Exchanges are ramping up hiring, product launches, and large-scale advertising campaigns particularly to acquire new retail investors.
Gearing up for such ambitions requires careful planning and a competent workforce. Recently it was reported that, at present, India’s crypto industry has over 10,000 vacancies available to be filled.
Vishwanath bolstered such claims by adding, “We are making our platform technically and operationally prepared for the festive season.”
WazirX also revealed to ET that it has increased its workforce from 50 to over 200 this year. It will continue the same trend during the festive season.
“The festive season coincides with the upcoming T20 tournament so we will be planning on a 360-degree surround campaign to capture the attention of audiences in the upcoming weeks,” mentioned Ashish Singhal, cofounder of CoinSwitch, to ET.
CoinDCX is going after sports partnerships to appeal to the masses and has sponsored Cricket tournament(s) and team(s).
“During the festive season, CoinDCX is aiming to create more awareness and to share knowledge on crypto through DCX learn. Through our marketing initiatives, we’ve always looked for ways to entice and educate new investors,” ET quoted Ramalingam Subramaniam, head of brand and communication at CoinDCX, which recently became a unicorn startup, valued at over $1 billion.
So, not only advertising but also Educational Marketing is also being employed as a tactic to onboard more users.
Other Crypto Startup(s) are Also in the Race
Not just crypto exchanges other businesses are also in the foray to win customers during the season.
Bitcoin rewards company GoSats, which allows users to accumulate fractions of bitcoin when people shop from over 100 brands listed on the platform, including Flipkart, Starbucks, Domino’s, BigBasket, and Myntra, disclosed to ET that it aims to triple its user base during the festive season.
Last month, CoinDCX joined the voluntary self-regulatory organization in the advertising industry, the Advertising Standards Council of India (ASCI). It shows that crypto businesses are prudent and care about delivering the right message to the audience.