More women from small-town India signup for digital coins: Report

Cryptocurrency exchange WazirX on Wednesday said it has witnessed a massive 2,648 per cent growth in user signups from tier 2 and 3 cities in the country, observing higher participation from women from smaller towns compared to their urban counterparts.

Tier 2 and 3 cities have driven almost 55 per cent of total user signups on WazirX in 2021, overtaking tier 1 cities which demonstrated a signup growth of 2,375 per cent.

The cryptocurrency exchange currently has more than 7.3 million users and has clocked over $21.8 billion in trading volume in 2021 till date.

"Crypto has immense potential to remove the financial barriers for rural India, and provide cheaper access to capital, more online jobs," said Nischal Shetty, CEO, WazirX.

Cities like Ahmedabad, Lucknow and Patna have reported an average growth of 2,950 per cent whereas Ranchi, Imphal and Mohali have reported an average growth of 2,455 per cent on WazirX.

Moreover, women from these regions contribute to 65 per cent of the total signups by women from all over the country.

Starting from August 11, the company said it has organised a week-long giveaway to thank the crypto community and support home-grown projects and talent.

There are more than 1.5 crore Indians holding over Rs 1,500 crore worth crypto-assets.

According to industry experts, crypto may become the most important asset class of the 21st century.