WazirX said tier-II and -III cities have driven almost 55 percent of the total user sign-ups on its platform in 2021.
Cryptocurrency exchange WazirX on Wednesday said it has recorded 2,648 percent growth in user sign-ups from tier-II and -III cities of India.
Based on a report generated by payments gateway firm Razorpay, WazirX said tier-II and -III cities have driven almost 55 percent of the total user sign-ups on its platform in 2021, thereby overtaking tier-I cities that demonstrated a sign-up growth of 2,375 percent.
WazirX in a statement said the influx of cheaper and faster internet clubbed with continuously-lowered smartphone prices have led to rapid internet penetration in the semi-urban cities and rural towns of India. "Coupled with the pandemic-induced lockdown, it has further accelerated the digital adoption in these regions.
"Moreover, it has also been the biggest driver of crypto adoption in India, as it has led to people trying to find new ways to earn online and diversify their portfolio," the statement said. The India-based exchange claims to have over 7.3 million users and has clocked over $21.8 billion in trading volume in 2021 till date.
Tier-II cities like Ahmedabad, Lucknow, and Patna have reported average growth of 2,950 percent, whereas tier-III cities like Ranchi, Imphal, and Mohali have reported average growth of 2,455 percent on WazirX, the statement said.
First Published: IST