About two-thirds of the registrants from semi-urban and rural areas of India were women, the exchange said.
WazirX, India’s Binance-owned crypto exchange, announced that the platform has seen a 2,648% increase in new investor registrations from Tier II and Tier III cities like Ahmedabad, Patna, Ranchi and Imphal this year. These small cities 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 financial and crypto accessibility in India.
Reports generated by RazorPay, a payment gateway platform, suggested that 55% of WazirX’s new sign-ups came from small towns, although sign-ups 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 confinements that have led to greater digital adoption and the recent drive in India to diversify its portfolio and find ways to make money online.
“ Crypto-currencies have immense potential to remove financial barriers for rural India, and provide cheaper access to capital and more online jobs,” Nischal Shetty, CEO of WazirX, said of the announcement.
The report further revealed that not only was India’s largest crypto exchange by volume reaching Tier II and Tier III cities in India, but WazirX was also introducing a growing number of female traders into the crypto economy.
About two-thirds of the 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 living standards and achieve financial freedom.
Talking about how WazirX’s efforts to include more women in the crypto economy have yielded results, Shetty said that women ” started with basic investments, and after that, they learned how to do charts, technical analysis… and they have very good knowledge on how to filter good projects. And that in itself is a very good skill to have.”
Despite regulatory vagueness and fears of an upcoming crypto-currency ban in the country acting as barriers, WazirX has managed to reach over 7.3 million users with a volum21.8 billion by 2021.