Report – Emerging Markets Bitcoin News

The use and trading of cryptocurrencies is booming in India, and most of that growth is coming from small towns. According to reports from local exchanges, the growth has been exponential. The profile of these new participants was also interesting, as they are very well trained, do not just focus on Bitcoin and are open to diversifying their portfolios with more exotic offers.

Crypto is growing in India’s small towns

According to regional media reports, the use and trading of cryptocurrencies is being used by Indian citizens as an opportunity to invest and make extra money after the Covid-19 pandemic. What is more interesting, however, is that this growth is even greater in small towns, where interest in cryptocurrency is reportedly peaking.

A local exchange, Wazirx, reported astonishing new customer numbers from these small towns classified as Tier 2 and Tier 3 cities. User logins reported by the exchange from these cities increased by 2.648%. Wazirx CEO Nischal Shetty told the India Times:

Tier 2 and Tier 3 cities generated nearly 55% of total user signups on Wazirx in 2021, overtaking Tier 1 cities, which saw signups grow by 2,375%.

The locations of new users change, as do the profiles of new crypto investors.

Change in investor profile in India

This new influx of people into the crypto environment in India is changing the profile of the average cryptocurrency investor. Most of the new entrants are under 35 years of age and have a degree. Reports from local exchanges confirm that more than 90% of new investors are IT pros, MBA graduates, engineers, and startup owners.

This has helped diversify the investment patterns seen in Indian crypto markets today. These new traders are more likely to move from investments like Ethereum and Bitcoin to new technologies like decentralized finance (defi) and NFTs. NFTs are being heavily promoted by some exchanges that already have domestic markets to take advantage of buying and selling these instruments.

Wazirx’s CEO said they sold over $ 108,000 to NFTs through their home market. That might not seem like a lot, but it’s a market that is still growing. The exchanges are booming with activity despite all of the regulatory issues the country has faced regarding cryptocurrencies and the legality of digital assets in the country. This growth in demand for crypto has pushed exchanges to offer new products, including peer-to-peer (P2P) markets, to avoid the oversight of regulators.

What do you think of the growth of cryptocurrency in Indian markets? Let us know in the comments section below.

Tags in this story

Bitcoin, Cryptocurrency, DeFi, Emerging Markets, Growth, India, Indian Markets, Investing, NFTs, Small Towns, Wazirx

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source https://www.bisayanews.com/2021/09/20/report-emerging-markets-bitcoin-news/