About two-thirds of those enrolled in India’s semi-urban and rural areas were women, according to the exchange.
WazirX, the Indian crypto exchange owned by Binance, announced that the platform has seen a 2,648% increase in new investor registrations from Tier II and III cities like Ahmedabad, Patna, Ranchi and Imphal this year. These small towns in the world’s second most populous country represent a huge untapped market for the crypto industry, making WazirX’s findings the first step towards building affordability and crypto in India.
Reports generated by RazorPay, a payment gateway platform, suggested that 55% of WazirX’s new registrations came from small towns, although registrations from Tier I cities also increased by an impressive 2,375%. This rapid penetration of the Indian market can be attributed to the influx of faster and cheaper Internet facilities and the falling price of smartphones, WazirX told the local media network Times of India.
Other factors that have contributed to the growth of interest in crypto include pandemic-induced lockdowns that have led to greater digital adoption and the recent drive in India to diversify its portfolio and find ways to make money online.
« Cryptocurrencies have immense potential to lift financial barriers for rural India, and provide cheaper access to capital and more jobs online “, said Nischal Shetty, CEO of WazirX, about the announcement.
The report further revealed that not only is India’s largest crypto exchange by volume reaching tier II and III cities in India, but WazirX is also introducing an increasing number of women traders into the crypto economy.
About two-thirds of new registrations from semi-urban and rural areas in India were women, the exchange said, adding that crypto investments are seen as a viable secondary income option by women in small towns who want to improve their standard of living and achieve financial freedom.
Speaking about how WazirX’s efforts to include more women in the crypto economy have yielded results, Shetty said women ” started with basic investments, and after that they learned how to make charts, technical analysis … and they have very good knowledge on how to filter the right projects. And that in itself is a very good skill to have ».
Despite regulatory vagueness and fears of an upcoming ban on cryptocurrencies in the country that act as barriers, WazirX managed to reach more than 7.3 million users with a trading volume of $ 21.8 billion in 2021.