Saturday, June 10, 2023

Cosmos Earned Resistance in India


Due to the high clamor for bitcoin in India, most especially in urban tech hubs, smart-contract platforms like Ethereum also gains momentum.

The Switzerland-based Interchain Foundation promoted Cosmos. Cosmos is able to create friction with students at the Vellore Institute of Technology in Southern India like Aditnya Nalini. He is one of the four ambassadors organization Cosmos India trained. It grew significantly in members, which emerged in 2019.

Nalini grasped his humble wealth from cryptocurrency. He shared that he discovered the collectibles game CryptoKitties in 2017. Though Bitcoin could be more popular, he said that he has never owned a bitcoin like many other students.

On the other hand, a bull market rages across the crypto exchanges in India. The global exchanges have discovered an increase in demand for altcoins like ATOMs. However, it doesn’t confirm that Cosmos is the leading cryptocurrency project of 2020. Though, we can acknowledge that it is rapidly gaining brand recognition.

Cosmos is New To India

Compared to Bitcoin and Ethereum, Cosmos can still be new to Indian crypto fans giving it the feel of being the next big thing. Nalini symbolized Cosmos ecosystem as the father network. Since its interoperability project permits various altcoin projects to talk and take help from one another instead of going for dominance.

Instead of owning a bitcoin, Nalini holds ether (ETH) and Matic tokens in addition to ATOM. He said that as of now, his portfolio has 60% ATOMs, 30% matic, and 10% Ether. He also mentioned his struggle building his portfolio. Not only that, but he was able to build his by winning competitions and participating in reward and winning giveaways.

Domestic Hackathons and meetups have been the source of India’s crypto boom. On a data that from Cosmos India co-founder Abhitej Singh, there are around 1,000 Indians who have joined the program Cosmos in 2020. The work has been largely funded by a grant from the Interchain Foundation. It supervises about $104 million since the ATOMs token sale in 2017.

Bitcoin Still Dominates Indian Crypto Market

Aside from meetups and ambassador training, Cosmos India also wields outreach programs at the Nitte Meenkashi Institue of Technology (NMIT) in Bangalore and the International Institute of Information Technology in Hyderabad.

Beyond university courses, meetups happen to attract dozens of participants. Even, it goes up to 75 people at an event co-hosted with the startup Inblox Network during Bangalore Blockchain Week in February 2020.

We can’t deny the fact that Bitcoin remains King in the Indian Crypto market. However, student-centered programs could become mainstream exchange platforms where the rupee and cryptocurrency pair are available locally.

At this point, Rangala adds that this could simply be a broader bull market effect.

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Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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