Several young investors in non-metro areas across India looking to get and trade crypto, as well as stocks, have increased significantly within the last year, The Economic Times reported earlier today on Tuesday.
Crypto and wealth management platforms are able to attract new users due to strong performing markets, targeted ads, and increased awareness, the report outlined.
The uptick in new user registrations maybe a 45% increase to 70 Mln in comparison to the year prior, consistent with the report which cites BSE stock market data.
User signups within the state of Uttar Pradesh jumped by almost 60% as of 23rd August, while the states of Odisha, Assam, Bihar, and Madhya Pradesh also saw significant hikes on the year before.
Native crypto platform Coinswitch Kuber is reported to possess clocked a 135% increase in month-on-month growth from non-metro cities since June last year.
Meanwhile, India’s primary cryptocurrency unicorn, CoinDCX, saw 48.7x times growth in user signups from India’s less populated cities over the past 6 months.