New Delhi: India’s cryptocurrency market grew 641% over the past year and Pakistan’s 711%, Chainalysis reported. However, India has a much bigger share of activity taking place on DeFi platforms at 59%, versus 47% for Vietnam and 33% for Pakistan. In India, large institutional-sized transfers above $10 million represented 42% of transactions, while for Pakistan that figure was 28%.
“Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam,” the report said. “Those numbers suggest that India’s cryptocurrency investors are part of larger, more sophisticated organizations.”