vendredi, 29 mars 2024

Report – Emerging Markets Bitcoin News

Crypto Grows in India’s Small Cities

Cryptocurrency usage and trading are being embraced by Indian citizens as a way of investing and gaining additional money after the Covid-19 pandemic, according to reports from regional media outlets. But what’s more interesting is that this growth is even bigger in small cities, where interest in cryptocurrency is reportedly peaking.

A local exchange, Wazirx, reported amazing levels of new customers coming from these small cities, that are classified as tier-2 and tier-3 cities. The exchange reported users signups from these cities have grown by 2,648%. Wazirx CEO, Nischal Shetty, told the India Times that:

Tier-2 and tier-3 cities have driven almost 55% of total user sign-ups on Wazirx in 2021, thereby overtaking tier-1 cities, which demonstrated a sign-up growth of 2,375%.

The locations of new users are changing, alongside the profiles of new crypto investors.

Investor Profile Changing in India

This new influx of people to the crypto environment in India is changing the profile of the average cryptocurrency investor. Most of the new blood is less than 35 years of age and has some type of degree. Reports from local exchanges confirm that more than 90% of the new investors are IT professionals, MBA graduates, engineers, and startup owners.

This has contributed to the diversification of investments patterns seen today in Indian crypto markets. These new traders are more inclined to move from investments like ethereum and bitcoin to new technologies like decentralized finance (defi) and NFTs. NFTs are being pushed hard by some exchanges, that already feature native markets to profit from purchases and sales of these instruments.

Wazirx’s CEO stated that they have sold over $108K in NFTs using their native market. This might not seem like much, but it is a market that is still growing. Exchanges are booming with activity, even with all the regulatory woes that the country has faced regarding cryptocurrencies and the legality of digital assets in the country. This growth in the demand for crypto has moved exchanges to offer new products, including peer-to-peer (P2P) markets, to avoid the oversight of regulators.

Tags in this story
Bitcoin, Cryptocurrency, DeFi, Emerging Markets, growth, India, Indian markets, Investments, NFTs, small cities, Wazirx

Image Credits: Shutterstock, Pixabay, Wiki Commons

: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto Grows in Indiau2019s Small Cities

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Cryptocurrency usage and trading are being embraced by Indian citizens as a way of investing and gaining additional money after the Covid-19 pandemic, according to reports from regional media outlets. But whatu2019s more interesting is that this growth is even bigger in small cities, where interest in cryptocurrency is reportedly peaking.

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A local exchange, Wazirx, reported amazing levels of new customers coming from these small cities, that are classified as tier-2 and tier-3 cities. The exchange reported users signups from these cities have grown by 2,648%. Wazirx CEO, Nischal Shetty, told the India Times that:

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Tier-2 and tier-3 cities have driven almost 55% of total user sign-ups on Wazirx in 2021, thereby overtaking tier-1 cities, which demonstrated a sign-up growth of 2,375%.

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The locations of new users are changing, alongside the profiles of new crypto investors.

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Investor Profile Changing in India

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This new influx of people to the crypto environment in India is changing the profile of the average cryptocurrency investor. Most of the new blood is less than 35 years of age and has some type of degree. Reports from local exchanges confirm that more than 90% of the new investors are IT professionals, MBA graduates, engineers, and owners.

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This has contributed to the diversification of investments patterns seen today in Indian crypto markets. These new traders are more inclined to move from investments like ethereum and to new technologies like decentralized finance (defi) and NFTs. NFTs are being pushed hard by some exchanges, that already feature native markets to profit from purchases and sales of these instruments.

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Wazirxu2019s CEO stated that they have sold over $108K in NFTs using their native market. This might not seem like much, but it is a market that is still growing. Exchanges are booming with activity, even with all the regulatory woes that the country has faced regarding cryptocurrencies and the legality of digital assets in the country. This growth in the demand for crypto has moved exchanges to offer new products, including peer-to-peer (P2P) markets, to avoid the oversight of regulators.

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What do you think about the growth of cryptocurrency in Indian markets? Tell us in the comments section below.

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nTags in this storyn

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nBitcoin, Cryptocurrency, DeFi, Emerging Markets, growth, India, Indian markets, Investments, NFTs, small cities, Wazirx

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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