New Delhi: cryptocurrency Exchange WazirX on Wednesday said it has registered 2,648 per cent growth in user sign-ups from Tier-II and -III cities in India.
Based on a report prepared by payments gateway firm RazorPay, WazirX said that tier-II and -III cities accounted for about 55 per cent of the total user sign-ups on its platform in 2021, leaving Tier-I cities which has shown a sign – a growth of 2,375 per cent.
WazirX said in a statement that the influx of cheap and fast internet, coupled with a steady fall in smartphone prices, has accelerated internet penetration in India’s semi-urban cities and rural towns.
“With the pandemic-induced lockdown, this has further accelerated digital adoption in these regions.
“In addition, it has also been the biggest driver of crypto It is being adopted in India as it has inspired people to find new ways to earn online and to diversify their portfolio,” the statement said.
The India-based exchange claims to have over 7.3 million users, and has so far garnered over $21.8 billion in trading volume in 2021.
Tier-II cities such as Ahmedabad, Lucknow and Patna have registered an average growth of 2,950 per cent, while Tier-III cities such as Ranchi, Imphal and Mohali have registered an average growth of 2,455 per cent on WazirX, the statement said.
Based on a report prepared by payments gateway firm RazorPay, WazirX said that tier-II and -III cities accounted for about 55 per cent of the total user sign-ups on its platform in 2021, leaving Tier-I cities which has shown a sign – a growth of 2,375 per cent.
WazirX said in a statement that the influx of cheap and fast internet, coupled with a steady fall in smartphone prices, has accelerated internet penetration in India’s semi-urban cities and rural towns.
“With the pandemic-induced lockdown, this has further accelerated digital adoption in these regions.
“In addition, it has also been the biggest driver of crypto It is being adopted in India as it has inspired people to find new ways to earn online and to diversify their portfolio,” the statement said.
The India-based exchange claims to have over 7.3 million users, and has so far garnered over $21.8 billion in trading volume in 2021.
Tier-II cities such as Ahmedabad, Lucknow and Patna have registered an average growth of 2,950 per cent, while Tier-III cities such as Ranchi, Imphal and Mohali have registered an average growth of 2,455 per cent on WazirX, the statement said.
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