Key message: India is seeing a rise in number of crypto investors in smaller cities. Data from crypto exchanges operating in the country show that the surge is not just in the interest in bitcoin, but also other digital assets. The exchange WazirX, for example, says it has seen a 2,648% increase in registrations from small towns. This was reported by The Economic Times.
The surge in interest
Nischal Shetty, CEO of WazirX, said that it is mainly smaller cities that are tier-2 and tier-3 and in fact accounted for almost 55% of the total registrations on WazirX. This put it ahead of tier-1 cities, which showed a 2,375% surge in registrations. New crypto investors also vary in age and education. The influx was of investors under the age of 35. They are mostly IT professionals, MBA graduates, engineers and startup owners.
Investors are also diversifying their portfolios, from digital assets to new technologies such as DeFi (decentralized finance) and NFT (non-fungible tokens). Exchanges are also introducing new products to retain investors. Be it systematic investment plans (SIPs), loans or staking.
According to experts, social media has become a driving force and probably the pandemic has had a positive impact as most investors have had time to invest and use their time while working from home to their advantage.
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