The number of young investors in non-metro areas across India looking to purchase and trade crypto as well as stocks has increased significantly in the last year, The Economic Times reported Tuesday.
- Crypto and wealth management platforms have been able to attract new users due to strong performing markets, targeted ads and increased awareness, the report said.
- The uptick in new user registrations is a 45% increase to 70 million when compared to the year prior, according to the report, which cites BSE stock exchange data.
- User sign-ups in the state of Uttar Pradesh jumped by almost 60% as of August 23, while the states of Odisha, Assam, Bihar and Madhya Pradesh also saw significant increases from the year before.
- Local crypto platform CoinSwitch Kuber is reported to have clocked a 135% increase in month-on-month growth from non-metro cities since June of last year.
- Meanwhile, India's first crypto unicorn, CoinDCX, saw 48.7 times growth in user sign-ups from India's less populated cities over the past six months.
- India's total population is one of the largest in the world, with 1.33 billion inhabitants, second only to China's 1.39 billion, according to U.S. Census Bureau data.