India has seen a massive surge in demand for Bitcoin, especially within the urban tech hubs of the country. As always, various other coins are gaining traction from this, as well, such as smart contract platforms like Ethereum. Cosmos, in turn, seemed to have gained a solid foothold within the country with this latest resurgence.
Cosmos Growing Strong In India
Cosmos stands as a protocol sponsored by the Interchain Foundation, based in Switzerland. The protocol has been gaining traction with India, as of late, a prime example being one Aditya Nalini, who studies at the Vellore Institute of Technology in southern India. Nalini stands as one of four “ambassadors” that was trained by Cosmos India, a community organization founded back in November of 2019.
The community of Cosmos India has grown considerably. Back in 2019, it was just a handful of people, but it now holds more than 1,000 participants, all within the span of nine months. This, the organizers say, comes in spite of the pandemic wreaking havoc across the world.
Nalini has opted to hold the majority of his wealth, modest as it is, in cryptocurrency. He stated that he had originally been introduced to crypto back in 2017, thanks to CryptoKitties, a blockchain-based collectibles game. Nalini stated that he had never had a Bitcoin holding to speak of, and says that many students are like him. This comes in spite of Bitcoin being the face of the crypto industry at large.
India Bullish For BTC
As all of this is going on, there’s currently a massive bull market rampaging across the Indian crypto exchanges. Global exchanges, in turn, have seen an increase in demand for various altcoins, such as ATOMs. While Cosmos can’t be considered 2020’s leading crypto project, it’s a very young project compared to Bitcoin or Ethereum. Even so, Cosmos is gaining significant amounts of brand recognition.
Vivien Choi stands as the press manager of OKEx, and highlighted how the exchange had seen record numbers in August, when alt season was at its height. This applied all across the world, including India, Choi said. Choi further highlighted how the exchange had seen a marked increase in demand for ATOM throughout the world, highlighting that this was especially prevalent last month.
Growing In Prominence
Cosmos doesn’t hold that strong a brand identity as coins like Ethereum and Bitcoin hold, and is still relatively new to the Indian crypto space. This is actually turning favorable for it, however, as it’s being seen as the “next big thing” by the Indian crypto space.
Nalini has opted to describe Cosmos’ ecosystem as a “father” network. This is due to how Cosmos’ interoperability project allows for various altcoin projects to communicate and help each other. This is opposed to other ecosystems, such as Ethereum, where these projects actively compete against each other for dominance.