Cryptocurrency growth in Bhopal, Chandigarh overtakes Delhi, Mumbai  |  Photo Credit: Thinkstock
Crypto exchanges in India are finding more adopters in small-town India than big cities such as Delhi and Mumbai, according to data from exchanges. A majority of users at WazirX, a cryptocurrency exchange, are below 35 years of age and it has seen growth of 2,648% in user signups in 2021 from tier-1 and tier-2 cities, according to a report in Economic Times. It claims that over $21.8 billion in trading volumes by over 7.3 million users who have registered on the platform in 2021 till date.
According to a WazirX CEO Nischal Shetty, 55% of total user signups on the platform came from tier-2, tier-3 cities overtaking tier-1 cities which showed growth of 2,375%. Other exchanges also recorded a surge in new users from smaller cities such as Lucknow, Ahmedabad, Patna, Bhopal, Vadodara and Kolkata.
Another exchange BuyUcoin saw a growth of 100% in new investors from Bhopal. According to crypto exchanges, more than 90% of investors are professionals from IT, MBA graduates, engineers and startup owners.