WazirX was one of the first and largest cryptocurrency service providers in India, the world’s second-most populous country. The crypto service provider, which is based in the Indian state of Maharashtra, has seen the greatest increase in the number of new users on the platform.
As it tracked the location and gender of these users for statistical knowledge, it discovered a staggering 2,648 percent increase in the number of users across different cities, towns, and Tier-II and Tier-III cities across the country. This data was further analyzed to reveal news facts about crypto participation in the country.
WazirX has seen an increase in female participation.
Female participation in the world of cryptocurrencies has increased significantly in the country. For many years, the crypto industry in India has been dominated by the wealthy and individuals with technical backgrounds. However, times appear to have changed as women and people from Tier II and Tier III cities have joined WazirX.
Tier-II cities, including Uttar Pradesh’s capital Lucknow and Bihar’s capital Patna, saw a significant increase of 2,950 percentage points. Another 2,455 percent increase was recorded in Tier-III cities such as Imphal in the northeast and Ranchi.
Individuals in search of financial independence
There are many people in India who want to be financially independent, and cryptocurrency appears to be one of the biggest and easiest ways to provide massive returns in a relatively short period of time when compared to gold.
In the midst of the market’s recovery from the bearish trend, we can see a large influx of young people from Tier II and Tier III cities investing in cryptocurrency.