Crypto platform CoinSpot has hit 2 million users as Australians chase Dogecoin profit

Crypto platform CoinSpot has managed to double its user base in a little over six months, as surging prices lure millions of Australians into the crypto market.

Booming interest in digital assets is palpable, with website activity increasing seven-fold this year, according to CoinSpot.

“In 2021, we’ve certainly seen a dynamic shift when it comes to Australia’s crypto appetite,” founder Russell Wilson said.

In a broader sense, it also demonstrates a maturing of the market, which has been increasingly recognised by institutional and SMSF investors in recent months.

It has equally welcomed the entry of decentralised finance (DeFi) applications, which aim to use the blockchain to cut out traditional monetary intermediaries, as well as the explosion of non-fungible tokens (NFTs) into the art world.

It has seen a key demographic change among crypto investors. Separate data shows around one in three Australian traders are now female, while almost one in four live outside a capital city.

One fifth are over the age of 35, but young Australians continue to drive the market, with the number of Gen Z and Millennial investors doubling since November.

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Source: Crypto platform CoinSpot has hit 2 million users as Australians chase Dogecoin profit