According to the most recent statistics from cryptocurrency exchanges, India’s legislative uncertainty hasn’t dampened investor enthusiasm for cryptocurrency.
Upsurge of User Signups
WazirX, a Binance-owned Indian crypto exchange, has seen a 2,648% increase in user signups from smaller Indian cities. According to the Mumbai-based exchange:
“In 2021, Tier-II and Tier-III cities accounted for over 55% of all WazirX user signups.”
In addition, the statistics revealed an increase in the number of female investors and fans across the country. Moreover, 65% of the accounts linked to Indian women on WazirX, according to the data.
WazirX claimed a 2,950% increase in tier-II cities like Ahmedabad, Lucknow, and Patna. Additionally, they claimed a 2,455% increase in tier-III cities like Ranchi, Imphal, citing pandemic-induced lockdown as a critical cause.
Increase in Digital Transcations
Razorpay, a Bengaluru-based fiat payments gateway provider, reveals that smaller cities accounted for roughly 54% of traffic on their network. Therefore indicating a 92% increase in digital transactions.
WazirX claimed that investors are turning to crypto to achieve financial independence, a higher quality of life. Therefore, basing the claim on an instant follow up with female traders.
Crypto in India reach new heights
Despite conventional finance’s opposition, the Indian crypto scene continues to reach new heights. CoinDCX, a Mumbai-based cryptocurrency exchange, earned $90 million in a Series C investment round, making it India’s first crypto unicorn.
IndiaTech.org, a non-profit organisation, recently suggested a regulatory framework for the Indian government. Therefore, outlining how to manage crypto assets and exchanges. Sumit Gupta, CEO of CoinDCX, praised the action. He said that the suggestions might “open tremendous possibilities for Indians to join in this new global asset class.”