WazirX, a cryptocurrency exchange, announced on Wednesday that it has seen a 2,648 percent increase in customer sign-ups from India’s tier-II and -III towns.
According to a survey by payments gateway business Razorpay, tier-II and -III cities accounted for nearly 55 percent of total user sign-ups on WazirX’s platform in 2021, surpassing tier-I cities, which had a 2,375 percent increase in sign-ups.
WazirX stated in a statement that the surge of cheaper and faster internet, combined with steadily decreasing smartphone prices, has resulted in increased internet penetration in India’s semi-urban and rural communities.”When combined with the pandemic-induced lockdown, it has expedited digital adoption in these areas even more.”
“Moreover, it has been the most significant driver of crypto adoption in India, since it has prompted people to seek out new methods to generate money online and diversify their portfolio,” the statement stated. The India-based exchange claims to have over 7.3 million members and a total trading volume of over USD 21.8 billion in 2021.
Tier-II cities such as Ahmedabad, Lucknow, and Patna have seen average increase of 2,950 percent, while Tier-III cities such as Ranchi, Imphal, and Mohali have seen average growth of 2,455 percent, according to the statement.