Cryptocurrency platform WazirX has seen 2648% growth in user sign-ups from Tier-II and Tier-III cities, with a higher participation rate among women from smaller towns than their urban counterparts.
Small Towns Are Leading The Crypto Race
The report was generated by payment gateway Razorpay and showed that almost 55% of the total user signups on the WazirX platform in 2021 came from accounts in Tier-II and III cities and towns. On the other hand, the growth percentage for Tier I cities were at a lower 2375%. According to the statement released by the crypto exchange, Tier-II cities like Ahmedabad, Lucknow and Patna have reported an average growth of 2950%, whereas tier-III cities like Imphal and Mohali have reported an average growth of 2455% on WazirX.
As disclosed by WazirX, the growth could be credited to the increasing internet penetration happening in semi-urban and rural areas, due to the influx of cheaper and faster internet and dropping smartphone prices. Plus the nationwide lockdown has pushed more and more people online to find alternative sources of income and investments, increasing the adoption of digital currencies.
Women Leading The Charge
The adoption rate among women in these regions is exceptionally high. They contribute to 65% of the total signups by women from all over the country, faring much higher than women in metropolitans and other Tier I cities.
CEO of WazirX, Nischal Shetty, has been trying to encourage the adoption of crypto in the country with his #IndiaWantsCrypto initiative from 2020. He has since stated that many women have shown interest in cryptocurrencies.
CoinSwitch Had Similar Findings
According to CoinSwitch CEO Ashish Singhal, Indian crypto has seen strong volume from women traders and youngsters from the Tier II and III cities. In June 2020, Singhal claimed that 52% of the trades made on CoinSwitch are by women. Plus, he also added that the youngsters from small towns are curious to know about alternates to the stock market and mutual funds. Mentioning the chunk of Indians without bank accounts, Singhal believes that the democratic nature of cryptocurrencies could afford them the financial support they are lacking.
Increasing Adoption Despite Murky Regulatory Waters
Ever since the Supreme Court lifted the ban on cryptocurrencies, the Indian crypto industry has grown by leaps and bounds. There has been a user base of 10 million crypto users in the country, trading in volumes reaching up to $350 million on a daily basis. Despite regulatory clarity, the Indian crypto industry has powered through to reach 11th position in the list of global crypto adoption, according to the Chainalysis 2020 Geography of Cryptocurrency report.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.