Tier-2 and tier-3 cities fast embracing cryptocurrencies

Tier-2 and tier-3 cities are embracing cryptocurrency faster than others, according to media reports which also said one factor that has contributed to this is work-from-home culture. A study of data from crypto exchanges show Ahmedabad, Lucknow, Patna, Vadodara, Kolkata and Bhopal are the tier-II cities that are adopting cryptocurrencies fast, according to a report in The Times of India.

Tier-2 and tier-3 cities accounted for 55% of users on Wazir X in 2021, the report said, adding that the exchange recorded a 2,375% jump in sign-ups in 2021 from tier-2 and tier-3 cities.

Bhopal reported the highest growth at 100%, according to BuyUcoin exchange, it said.

As regards the profile of crypto users, new ones are mostly under 35 years. Another interesting factor is that a vast majority of investors– 90% — are IT professionals, MBA graduates, engineers and start-up owners.

The exchanges also registered a significant rise of 30-40% in women investors. Young investors are interested in DeFi assets and NFTs, besides Bitcoin.