India Is The New Emerging Cryptocurrency Hotspot - Here's Why?

India Is The New Emerging Cryptocurrency Hotspot - Here's Why?

2021-10-23 | Selina Mathew

India Is The New Emerging Cryptocurrency Hotspot - Here's Why?

India is gradually emerging as a new global hotspot for cryptocurrency, and data supplied by crypto exchanges reveals what's driving the euphoria. According to data shared by crypto exchanges CoinSwitch Kuber and WazirX, India is progressively becoming a new hub for cryptocurrency globally, with millennials and Generation Z driving the boom. Importantly, the data shows that, in addition to metro areas, crypto usage has accelerated across India's Tier-2 and Tier-3 cities, showing that these digital currencies are becoming more widely accepted. And this growth is taking place despite the fact that the government has yet to provide regulatory clarity on the future of digital currencies. Within the first six months of the portal's introduction, at least 55% of users began to arrive from India's Tier-2 and Tier-3 cities, according to Singhal, and the platform today serves users from at least 4000 cities across the country, according to Singhal. When we combine this data by WazirX, another popular crypto exchange service, we get a similar picture. According to the corporation, when it comes to user signups on the site, smaller towns and cities have entirely surpassed their metro counterparts this year. WazirX reported that Tier 2 and Tier 3 cities accounted for 55% of all user signups in 2021. What's more intriguing is that the majority of Indian cryptocurrency investors are under the age of 25. “At this point, it's worth asking who these users are. And the answer is that these are extremely inexperienced users. "At CoinSwitch, 50 to 60% of customers trading and investing are under the age of 28, with the average age being 25," Singhal explains. Similarly, according to WazirX, the average age of individuals who utilize the site is between the ages of 18 and 35.

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