India’s largest cryptocurrency exchange WazirX has seen a 2648% growth in new users from Tier-II and Tier-III cities in India. The exchange claims to have over 7.3 million users, and has so far exceeded $21.8 billion in trading volume in 2021.
Tier-II and Tier-III cities accounted for 55% of the total new users on WazirX in 2021. It has overtaken Tier-I cities. Tier-I cities showed an increase of 2375% in new users. According to a report by RazorPay, India’s leading online payment gateway, tier-II and tier-III cities accounted for 54% of digital transactions on its platform in 2020, marking a year-on-year growth of 92%.
Cheap and fast internet, coupled with the introduction of low-cost smartphones, has made internet access easier and faster in India’s semi-urban areas and rural areas. The pace of adoption of digital services in these areas has accelerated during the lockdown imposed to control the Covid-19 epidemic.
Moreover, it has also been the biggest driver of acceptance of cryptocurrencies in India as it has tried to find new ways for people to earn online and diversify their portfolio. This is where they get a global asset like bitcoin, in which they can invest in any part of the world.
Interestingly, Tier-II cities like Ahmedabad, Lucknow, Patna have registered an average growth of 2950% while Tier-III cities like Ranchi, Imphal, Mohali have registered an average growth of 2455% on WazirX.
Nischal Shetty, CEO, WazirX, said, “Cryptocurrency has the potential to address the financial constraints of rural India and provide more online jobs with low cost capital availability. Take forward the vision of Digital India by transforming it into a digitally empowered society and knowledgeable economy.”
However, one of the best aspects of the results was the participation of women from Tier-II and Tier-III cities in investing in crypto. Apart from this, 65% of the women from all over India who have invested in this new asset class are women from these sectors. WazirX also contacted some women traders. He said that crypto has helped him achieve financial independence, improve his standard of living, add a source of income to the family.
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