India’s Mumbai-based WazirX cryptocurrency exchange in its latest data shows an increase in signups from smaller cities across India has amounted to a 2,648%.
India’s legislative uncertainty hasn’t dampened investor enthusiasm for cryptocurrency, according to the most recent data from cryptocurrency exchanges.
WazirX, a Binance-owned Indian crypto exchange, has seen a 2,648% increase in user signups from smaller Indian cities, generally known as tier-II and tier-III cities, with populations of up to 100,000 people. According to the Mumbai-based exchange:
“Tier-II and tier-III cities have driven almost 55% of total user signups on WazirX in 2021.”
In addition, the data revealed an increase in the number of female investors and fans across the country. 65% of the accounts ascribed to Indian women on WazirX are headquartered in India’s tier-II and tier-III cities, according to the data.
WazirX claimed a 2,950% increase in tier-II cities like Ahmedabad, Lucknow, and Patna, as well as a 2,455% increase in tier-III cities like Ranchi, Imphal, and Mohali, citing pandemic-induced lockdown as the main trigger.
Razorpay, a Bengaluru-based fiat payments gateway provider, also revealed that smaller cities accounted for about 54% of the traffic on their network, indicating a 92% increase in digital transactions.
WazirX said that investors are looking to crypto as a way to achieve financial independence, a higher standard of life, and a source of secondary income based on an immediate follow up with female traders.
Despite conventional finance’s opposition, the Indian crypto scene continues to reach new heights. CoinDCX, a Mumbai-based cryptocurrency exchange, raised $90 million in a Series C fundraising round yesterday, making it India’s first crypto unicorn.
IndiaTech.org, a non-profit organization, recently advocated a regulatory framework for the Indian government, outlining how to regulate crypto assets and exchanges.
Sumit Gupta, CEO of CoinDCX, praised the action, saying that the proposals might “open the huge potential for Indians to engage in this new global asset class.”
