Report - emerging countries
Report - emerging countries
The use and trade of cryptocurrencies experience a boom in India, and most of this growth comes from small cities. According to reports of local exchanges, growth was exponentially. The profile of these new participants was also interesting because they are very well trained, not only concentrating on Bitcoin and are open to diversify their portfolios with more exotic offers.
crypto grows in India's small towns
According to the Covid 19 pandemic, the use and trade of cryptocurrencies by Indian citizens are used as a way to invest and earn additional money reports from regional media. It is more interesting, however, that this growth in small cities is even greater, where the interest in cryptocurrency is reportedly peaked.
A local stock exchange, Wazirx, reported amazing number of new customers from these small cities, which are classified as animal 2 and animal 3 cities. The user registrations from these cities registered by the stock exchange have increased by 2.648%. The CEO of Wazirx, Nischhal Shetty, said India Times:
Tier-2- and animal 3 cities generated almost 55 % of total user registrations in Wazirx in 2021 and thus overtaken animal 1 cities that recorded registration growth of 2,375 %
The locations of new users change as well as the profiles of new crypto investors.
change in the investor profile in India
This new influx of people into the crypto environment in India changes the profile of the average cryptocurrency investor. Most newcomers are younger than 35 years and have a degree. Reports from local stock exchanges confirm that more than 90 % of the new investors are IT experts, MBA graduates, engineers and startup owners.
This has contributed to the diversification of the investment patterns, which can be seen today on the Indian cryptoma markets. These new dealers tend to go from investments such as Ethereum and Bitcoin to new technologies such as decentralized financing (DEFI) and NFTS. nfts are already made by some exchanges, hard markets pushed to benefit from the purchase and sale of these instruments.
The Wazirx CEO indicated that they sold over $ 108,000 to NFTs via their home market. That may not seem much, but it is a market that is still growing. The exchange is booming with activity, despite all the problems with which the country in relation to cryptocurrencies and legality digital assets were faced in the country. This growth of demand for crypto has moved the stock exchanges to offer new products, including peer-to-peer (P2P) markets to avoid the supervision by the regulatory authorities.
What do you think about the growth of cryptocurrency in the Indian markets? Tell us in the comment area below.
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