India’s largest cryptocurrency exchange, WazirX has witnessed 2648% growth in user signups from Tier-II and Tier-III cities of India. The exchange boasts of having over 7.3 Million users, and has clocked over $21.8 Billion in trading volume in 2021 till date.
Tier-II and Tier-III cities have driven almost 55% of total user signups on WazirX in 2021, thereby overtaking Tier-I cities which demonstrated a signup growth of 2375%.
According to a report by India’s prominent online payment gateway – Razorpay – Tier-II and Tier-III cities contributed to around 54% of digital transactions on its platform in 2020, thereby showing a 92% growth in a year. The influx of cheaper and faster internet clubbed with continuously-lowered smartphone prices have led to rapid internet penetration in the semi-urban cities and rural towns of India. Coupled with the pandemic-induced lockdown, it has further accelerated the digital adoption in these regions. Moreover, it has also been the biggest driver of crypto adoption in India as it has led to people trying to find new ways to earn online and diversify their portfolio. This is where they come across global assets like Bitcoin which they can invest in while sitting in any part of the world.
Interestingly, Tier-II cities like Ahmedabad, Lucknow, Patna have reported an average growth of 2950% whereas Tier-III cities like Ranchi, Imphal, Mohali have reported an average growth of 2455% on WazirX.
Speaking on the development, Nischal Shetty, CEO of WazirX said, “Crypto has immense potential to remove the financial barriers for rural India, and provide cheaper access to capital, more online jobs. At WazirX, our goal is to create a secure crypto ecosystem that takes the vision of Digital India forward by transforming the country into a digitally empowered society and knowledge economy.”
However, one of the best aspects of the findings was how a massive percentage of women from Tier-II and Tier-III cities have joined the crypto bandwagon. Moreover, women from these regions contribute to 65% of the total signups by women from all over the country. WazirX reached out to a few female traders and they responded that crypto helped them achieve financial independence, raise their living standards, added a great source of secondary income for the family, among others.
As part of the #HumansofCrypto campaign, speaking about her experience, one of the active traders, Anncie said, “Investing through this platform has led to a transformation in many ways for me and my family and friends. I have learned how to read charts, take calculated risks and earn a decent second income. As far as my family is concerned, I come from a humble background, from South Tamil Nadu. My folks are well educated but shy away when it comes to taking calculated risks in investing. I introduced WazirX to my clan, especially the women folks who are very good homemakers and have an instinct in managing the finances. Well, I must admit with the clean user interface of WazirX, learning how to deposit, buy and sell was a breeze. I hardly spent a few hours explaining the whole process. And guess what! Now my aunts, uncles, and in-laws give me advice on which altcoins to buy. Crypto has surely brought in a lot of financial inclusiveness in my family.”
WazirX, which offers a seamless, powerful and super fast trading experience is on a mission to make crypto accessible to everyone in India. The platform will reiterate the same during the Indian Independence Week 2021 by collaborating with spectacular Indian crypto projects who are putting India on the world map. Starting from 11th August 2021, the team has organized a week-long giveaway to thank the crypto tribe, and support home-grown projects and talent.