The latest data from the crypto exchange based in Mumbai, WazirX, shows a significant increase in user signups from smaller cities in India. It seems that the regulatory confusions and tightening have not affected much the sentiment of the investors towards cryptocurrencies. Moreover, there has been a rise in the number of women investors from across the country.
WazirX, a crypto exchange company and the subsidiary of the leading cryptocurrency exchange platform Binance, recently reported a 2,648% growth to date in the number of signups. Smaller cities, also known as tier-II and tier-III cities having a capacity of holding up to 100,000 citizens, have contributed a lot to this growth.
As reported, the exchange said:
“Tier-II and tier-III cities have driven almost 55% of total user signups on WazirX in 2021.”
Razorpay, a payments service provider based in Bengaluru, India, had released data that showed the involvement of smaller cities in increasing traffic on its network. It additionally highlighted an overall 92% increase in digital transactions.
WazirX cited the lockdown imposed due to the pandemic and revealed that net 2,950% growth was witnessed in cities like Ahmedabad, Patna, and Lucknow, whereas a 2,455% increase was witnessed in cities like Mohali, Imphal, and Ranchi.
Despite facing resistance from regulatory bodies and mainstream finance, the crypto landscape in India is continuing to hit more milestones.
It should be noted that another crypto exchange based in Mumbai, CoinDCX raised $90 million in Series C funding to become the first crypto unicorn of India.
Most recently, IndiaTech.org, an independent body, has also recommended a regulatory framework for the Indian government and has suggested some methods to handle crypto assets and exchanges.
Sumit Gupta, the CEO of CoinDCX, supported the move of handing crypto assets and exchanges and stated that:
“The recommendations can potentially open the immense potential for Indians to participate in this new global asset class.”