About two-thirds of registrations from semi-urban and rural areas in India were women, the exchange reported
Indian crypto exchange WazirX, owned by Binance, has announced that the platform has seen a surge in new registrations this year from investors from Tier II and Tier III cities like Ahmedabad, Patna, Ranchi and Imphal. These small towns in the world’s most populous country represent a huge untapped market for the crypto industry, making WazirX’s findings the first step in building finance and crypto access in India.
Reports produced by RazorPay, a payment gateway platform, found that 55% of new signups to WazirX came from small towns, although registrations from Tier I cities also improved by an impressive 2.375%. This rapid penetration of the Indian market is due to the influx of faster and cheaper Internet facilities and a drop in prices for smartphones, WazirX told the local media network Times of India.
Other factors that have contributed to the growth in crypto interest include the pandemic lockdowns that have led to greater digital adoption and recent efforts in India to diversify the portfolio and find ways to make money online.
“Crypto has immense potential to remove the financial barriers to rural India and provide cheaper access to capital, more online jobs,“Said Nischal Shetty, CEO of WazirX, of the announcement.
The report further revealed that not only did India’s largest crypto exchange rise in volume to reach Tier II and Tier III cities in India, but WazirX also brought an increasing number of female traders into the crypto economy.
About two-thirds of new registrations from semi-urban and rural areas in India are women, the exchange said, adding that crypto investments are seen as a viable secondary income option by women from small towns looking to improve their standard of living and achieve Financial Freedom.
Speaking about how WazirX’s efforts to get more women into the crypto economy have shown results, Shetty said that women “They started out with simple investments and then learned charting, technical analysis … and they have a very good knowledge of how to filter out good projects. And that in itself is a very good skill. “
Despite regulatory ambiguities and fear of an impending crypto ban in the country as barriers, WazirX managed to reach over 7.3 million users with a trading volume of 21.8 billion US dollars in 2021.