Crypto adoption goes up in tier-2 and tier-3 cities in India

NEW DELHI: According to the data from crypto exchanges including CoinDC X and Wazir X, tier-2 and tier-3 cities are adopting and acclimatizing to cryptocurrency trading faster than others, Economic Times reports.
The rise in cryptocurrency adoption is partly attributed to the work-from-home culture brought about by the pandemic as also to the positive response from the government, the report says The diverse profile of the Indian cryptocurrency users has caught as much attention.
Data from the crypto exchanges reveals the following findings:
* Majority of the new signups were reported from tier-2 and tier-3 cities. Wazir X had 55 percent users in 2021 from these small cities.
* Among small cities, Bhopal reported the highest growth at 100 percent, according to BuyUcoin exchange.
* Other leading exchanges also witnessed similar sign-up growth patterns from Ahmedabad, Lucknow, Patna, Vadodara, Kolkata and Bhopal.
* WazirX reported a 2,375 percent increase in sign-ups in 2021, from tier-2 and tier-3 cities.
* The following information came up about the profile of crypto users :
- The new crypto users are mostly under 35 years and possess some kind of degree.
- 90 per cent of these investors are IT professionals, MBA graduates, engineers and start-up owners.
- The local exchanges unanimously reported a remarkable rise in women investors at 30-40 per cent from last year’s 15 per cent.
- The young Indian investors are not only banking on Bitcoin, but are also interested in other forms of cryptocurrency assets like DeFi assets and NFTs.
The new cohort of young cryptocurrency investors who are keen towards all forms of virtual assets. This has led to diversification of the investment patterns in the Indian crypto markets.
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