Cryptocurrency fantasy gaming platform Rainmaker was officially launched today. According to a statement by the parent company, First Stock Contest Limited, the launch makes Rainmaker the first cryptocurrency fantasy gaming platform in the world. The platform is now available on iTunes and Google Play Store.
Prior to the release, Rainmaker also provided the same feature for stock trading, replicating that of actual Stock Exchanges in India. “Even in stock trading, India is witnessing greater participation from a wider pool of individuals with young professionals rapidly joining the fray. Many of these are coming from tier II and III towns which is encouraging and a strong indicator of a growing investment and earnings mindset, ” said Harsh Himmatsingka, founder and CEO, Rainmaker while talking about the stock exchange platform.
Connected to an actual global cryptocurrency exchange, Rainmaker’s exchange uses data and references from live events taking place all over the world. Players can safely make life like trades in a fantasy gaming environment. They can pick from over 20 different types of paid as well as free contest formats available on the platform. The company stated that the platform provides the flexibility to exit when they choose, allowing them full in-game control to stop loss/ profit booking.
“While India’s love for cryptocurrency trading has outdone that of even the US and China, the knowledge around how to maximize one’s investment in crypto trading is still limited,” added Himmatsingka.
In terms of investors and users, India is currently ranked 2nd in a poll of nations that use cryptocurrency the most, with 9% of the respondents claiming they used crypto. The number of crypto users in India has crossed over 15 Mn between June 2020 and June 2021 while the investments in the nation increased from $923 Mn in April 2020 to almost $6.6 Bn by May 2021, a growth of about 400% in only one year.
The crypto market has been surging amid the pandemic — globally, the crypto market cap has risen 10x, from more than $200 Bn in March 2020 to $2 Tn in mid-May this year. In spite of certain apprehensions regarding the volatility of the crypto assets, the effect of the crypto boom over the years is quite apparent, given the rise in transaction volumes across crypto exchanges, globally and in India. For instance, WazirX claims to have achieved 10x growth in just five months, the platform recorded $5.4 Bn in transaction value in April this year, up from $500 Mn in December 2020. Additionally, CoinDCX’s valuation recently reached $1.1 Bn, making it the first Indian cryptocurrency exchange to reach unicorn status.