Can surge in crypto be used to widen financial inclusion net?

economictimes.indiatimes.com:

Cryptocurrency platforms are seeing a steady rise in the number of customers despite several risks and regulatory uncertainties. The prospect of earning high returns and the ease of investment is attracting people from across the country — metros to smaller cities. Can someone who invests in crypto also be led to other financial products? Aseem Gujar & Partha Sinha find out… One of the largest broking outfits in India had taken over a decade to reach 1 crore customer accounts. In comparison, WazirX and CoinDCX, among the biggest crypto exchanges in India, took just about four years to reach that milestone. CoinSwitch Kuber, another large exchange, claimed to have reached the 1-crore customer accounts mark in just over a year. Can the popularity and the ease of crypto investment be used to widen the financial inclusion net, making people aware of traditional products like mutual funds, equity investments, and fixed deposits?

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Fintech First-TimeAn insurance company or a fund house needs men on the ground to reach potential customers. Given the country’s population, it is a difficult task to reach all those who have not still benefited from other financial products. At least 80% of Indians have a bank account in India, according to World Bank data. However, several are inactive or used just to receive government subsidies. On the other hand, a basic bank account and an internet connection is all that is needed to buy or sell crypto. With the high level of internet and mobile penetration, crypto startups have the potential to