Cryptocurrency usage and trading are experiencing a boom in India, and most of this growth is coming from small cities. According to reports from local exchanges, the growth has been exponential. The profile of these new participants has also been interesting, as they are highly educated, not only focused just on bitcoin, and are open to diversifying their portfolios with more exotic offerings.
Crypto Grows in India’s Small Cities
Cryptocurrency usage and trading are being embraced by Indian citizens as a way of investing and gaining additional money after the Covid-19 pandemic, according to reports from regional media outlets. But what’s more interesting is that this growth is even bigger in small cities, where interest in cryptocurrency is reportedly peaking.
A local exchange, Wazirx, reported amazing levels of new customers coming from these small cities, that are classified as tier-2 and tier-3 cities. The exchange reported users signups from these cities have grown by 2,648%. Wazirx CEO, Nischal Shetty, told the India Times that:
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%.
The locations of new users are changing, alongside the profiles of new crypto investors.