Cryptocurrency: Small towns continue to dominate cryptocurrencies, metro cities lag behind
Most of the new investors in cryptocurrency were from Lucknow, Patna, Ahmedabad, Bhopal, Vadodara and Kolkata. Now more signups are being done from smaller cities than metro.
The craze of cryptocurrency in India is now increasing even in small towns. According to data from top crypto exchanges, now more signups are coming from smaller cities than metros. During the past few months of the pandemic, youth and investors from Tier 2 and Tier 3 cities have made their presence felt on cryptocurrency platforms. During the pandemic, there has been a huge jump in the number of people signing up on crypto exchanges from cities like Patna, Bhopal, Vadodara.
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55% of new signups are from smaller cities in Cryptocurrency
According to the data, 55 per cent of the new signups on cryptocurrency exchanges are from Tier 2 and Tier 3 cities. Crypto exchange WazirX says that its platform saw a 2648 percent increase in user signups from Tier 2 and Tier 3 cities in 2021. About 55% of the total signups were from smaller cities. At the same time, there was a 2375 percent increase in signups from Tier 1 cities.
The same trend was observed on other crypto exchanges as well. Most of the new investors were from Lucknow, Patna, Ahmedabad, Bhopal, Vadodara and Kolkata. According to Baiyu Coin crypto exchange, the number of new crypto investors from Bhopal increased by 100 percent this year, which is the biggest jump.
Cryptocurrency Exchanges Are Doing This To Attract New Investors
Crypto exchanges are also adopting aggressive strategy in view of the increasing craze of cryptocurrencies in small towns. Crypto platforms are attracting young investors through new schemes and new products. Social media and aggressive marketing of influencers are also helping the growth of cryptocurrencies in smaller towns.
Indians have invested 15000 crores in cryptocurrency
In the last one year, the number of users on crypto platforms in India has increased from 5 million to 15 million. So far, Rs 15000 crores have been invested in cryptocurrencies by Indians. More than 90 percent of new investors are IT professionals, MBA graduates, engineers and startup owners. Also the average age of crypto investors has decreased, while investing has increased.