India’s largest stockbroker Zerodha has been overtaken by some of the country’s popular crypto exchanges in the number of users.
“People tend to open accounts on different crypto exchanges because not all exchanges list an identical universe of tokens. Also, they may wish to shift from one exchange to another for liquity or trust reasons. For these reasons, there is a degree of overlapp in the numbers for crypto exchanges but this is also true for stockbrokers,” said Ajeeth Khurana, founder, Genezis Network, a crypto industry thinktank.
“Crypto is what has recently disrupted brokers & exchanges in the US. The AUM of Coinbase is $180 billion, and the crypto AUM of Robinhood Crypto is around $11.5bil. Many incumbents couldn’t react quickly, fearing regulatory lash back and mostly missed the bus,” he tweeted.