About two-thirds of new sign-ups from semi-urban and rural areas in India were women, the exchange said.
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 Tier III cities such as Ahmedabad, Patna, Ranchi and Imphal this year. These smaller cities in the world’s second-most populous country represent a large, untapped market for the crypto industry, making WazirX’s findings an initial step toward building broader financial and crypto access across India.
Reports generated by Razorpay, a payment gateway platform, indicated that 55% of WazirX’s new registrations came from smaller cities, although registrations from Tier I cities also rose by an impressive 2,375%. WazirX told the local media outlet Times of India that this rapid market penetration can be attributed to faster, more affordable internet services and lower smartphone prices.
Other factors contributing to rising crypto interest include pandemic-related lockdowns that accelerated digital adoption and a growing desire among Indians to diversify portfolios and discover new online income streams.
“Cryptocurrencies have immense potential to lower financial barriers for rural India, providing cheaper access to capital and more online job opportunities,” said Nischal Shetty, CEO of WazirX, commenting on the announcement.
The report further revealed that not only was India’s largest crypto exchange by volume reaching Tier II and Tier III cities, but WazirX was also bringing 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 viewed as a viable secondary income option by women in smaller towns who want to improve their standard of living and achieve financial independence.
Discussing how WazirX’s efforts to include more women in the crypto economy have paid off, Shetty noted that women “started with basic investments, and then learned charting, technical analysis … and they have developed very good knowledge on how to filter quality projects. That in itself is a very valuable skill.”
Despite regulatory uncertainty and fears of a potential crypto ban in the country acting as obstacles, WazirX reached more than 7.3 million users with $21.8 billion in trading volume in 2021.