Saturday, January 28, 2023

Small Cities Helping Indian Crypto Industry In Its Growth

India has been experiencing growth in crypto adoption and trading and the main reason behind this boom is considered to be the small cities of the country.

One of the Indian crypto exchanges has recently, released a report stating that India’s growth in the cryptocurrency industry has been exponential. 

It further stated that many new participants, who have joined the crypto trading platforms, are highly educated. Their portfolio is not limited to Bitcoin only, they are trying other exotic offerings too.

Recently, one of the largest crypto exchanges in India, popular known as WazirX, has published a report specifying that most new customers joining the crypto trading platforms are from small cities, which are classified as tier-2 and tier-3 cities.

It further stated that the user signups from small cities have grown by 2648 percent.

While talking about the small cities, Nischal Shetty, the CEO of WazirX, said, “Tier-2 and tier-3 cities have driven almost 55% of total user sign-ups on Wazirx in 2021, thereby overtaking tier-1 cities, which demonstrated a sign-up growth of 2,375%.” 

This new influx of people to the Indian crypto industry is changing the profile of the average crypto investor. 

According to the report, most people investing in cryptocurrencies are less than 35 years and are highly educated. It has been confirmed that 90 percent of the new crypto investors in India are either IT Professionals, MBA Graduates, Engineers or Startup Owners.

The new crypto investors in India are the reason behind the diversification of investment patterns. They took the chance to move from investments like Bitcoin and Ethereum to new technologies like decentralized finance and NFTs.

The CEO of WazirX, recently, informed that the company has sold over $108k in NFTs through its own NFT marketplace. The amount might not appear to be very huge, but its marketplace is continuously growing in India. 

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