Delhi leads India with the highest crypto adoption; Jaipur tops tier-2 cities

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Delhi
Delhi leads India with the highest crypto adoption

An annual investor report by CoinSwitch, India’s largest crypto-investing platform with more than 19 million registered users, shows that Delhi, the country’s capital, has the most crypto users based on the amount of money they have invested. Among tier-2 cities, most people live in Jaipur.

The report, India’s Portfolio 2022, was released on Wednesday. It looks at how Indian crypto users invest their money and shows how the country dealt with rising inflation, market downturns, and major events like the Ethereum Merge, the company said.

Some of the best parts of India’s Portfolio 2022:

Delhi, Bangalore, and Hyderabad are the cities that use cryptocurrency the most.

Tier-2 cities where crypto is used the most: Jaipur, Lucknow, and Pune

India has most of the following coins: Bitcoin, Dogecoin, and Ethereum

8% of Indian crypto investors are women.

“There have been some economic, political, and market problems in 2022. It’s important to know how India’s investors reacted when the situation changed. Did they spread out their investments? Were they quick to act? Ashish Singhal, CEO and Co-Founder of CoinSwitch, said, “India’s Portfolio 2022 is a full and quantitative analysis of how India invested in the past year.”

The report showed that the way men and women invest is mostly the same in India, but at 8%, women are still a small part of India’s crypto investors, though that number is growing.

How men and women spend their money on different types of crypto assets:

“At CoinSwitch, our goal is to make money the same for everyone, so that every Indian has the same chance to invest and make money. The fact that men and women in India invest in roughly the same way shows that we are on the right track: “There is no information asymmetry; everyone on CoinSwitch has the same access to knowledge and tools to make smart investment decisions,” Singhal said.

CRE8, also known as the Crypto Rupee Index (CRE8), is India’s first benchmark index that measures how well the Indian Rupee-based crypto market is doing. CRE8 is made up of the top eight crypto assets, like bitcoin and Ethereum, that make up more than 85% of the total market capitalization. Some utility tokens for Decentralized Finance, or DeFi, are Maker (MKR) and Sushi (SUSHI). Decentraland (MANA) and Axie Infinity are two examples of metaverse coins (AXS). Cardano (ADA), Cosmos (ATOM), and Solana (SOL), among other things, are alternatives to Ethereum. Meme coins are things like Shiba Inu and Dogecoin.

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