CoinDCX, a crypto exchange, has unveiled its ‘‘Year End Report – 2023’ Unfolding India’s Crypto Story’’.
According to an official release, 10 cities hold 60% of the user base, them being tier-2 cities such as Lucknow and Patna emerging as frontrunners in adoption, with Jaipur, Indore, Bhubaneswar, and Ludhiana, all ranking among the top 15. From what it’s understood, Indian crypto investors are maturing, with the average age rising from 25 in 2022 to 30 in 2023. Though male investors seemingly still outnumber females 7:1, 65% of women crypto users are believed to come from tier-2, tier-3 cities, and smaller towns.
Reportedly, Delhi and Lucknow contribute the most to the female crypto investor base. It’s believed that November 2023, saw the highest crypto trading volume in India, fueled by Bitcoin’s surge to $36,000 amid potential US Securities and Exchange Commission’s approval of a spot Bitcoin ETF, and that the single day with the highest crypto trading volume in 2023 occurred on November 9, 2023.
“I believe the year saw India emerge as a global leader in crypto adoption, showcasing demand and interest in digital assets. Fueled by this momentum, our commitment is to create compliant and user-friendly products and services, ensuring we emerge stronger through hard work and a focus on building,” Sumit Gupta, co-founder, CoinDCX, said.
