India’s smaller cities recording a spike in new crypto investors

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India is recording a shift in cryptocurrency interest, with smaller cities emerging as new hubs for investors in digital currencies.

Data from cryptocurrency exchanges operating in the country indicates that investors from the smaller towns are not only focusing on Bitcoin but other digital assets, The Economic Times reports One of the exchanges, WazirX, notes that it has recorded a 2,648% growth in sign-ups from small cities that have been classified into tier-2 and tier-3 cities.

“In fact, tier-2 and tier-3 cities have driven almost 55 percent of total user sign-ups on WazirX in 2021, thereby overtaking tier-1 cities, which demonstrated a sign-up growth of 2,375 percent,” said Nischal Shetty, CEO at WazirX, At the same time, the new crypto investors are also varying in age and education status. The exchange has reported an influx of investors below 35 years old, mostly IT professionals, MBA graduates, engineers, and startup owners.