Cryptocurrency users in India's small cities up by 2,648%
Cryptocurrency usage and trading are experiencing a boom in India’s small cities as a way to invest and earn amid the pandemic with new customers growing by 2,648 percent.
Nischal Shetty, CEO of local exchange Wazirx, said tier-2 and tier-3 cities have driven almost 55 percent of total user sign-ups on Wazirx in 2021, overtaking those from tier-1, which had a sign-up growth of 2,375 percent.
Most of the new investors are less than 35 years of age, who are not only focused just on bitcoin, and are open to diversifying their portfolios with more exotic offerings.
These new traders are more inclined to move from investments like ethereum and bitcoin to new technologies like decentralized finance defi and NFTs.
The new participants are also highly educated, with over 90 percent being IT professionals, MBA graduates, engineers, and startup owners