India saw a massive increase in young investors trading and investing in cryptocurrencies and stocks from the non-metropolitan areas, reported by India’s news website The Economic Times.
According to the reports released on Tuesday, Crypto and wealth management platforms were able to significantly attract investors via targeted advertising, increased awareness, and strong performing markets.
The data was released by the Bombay Stock Exchange which revealed an average of 45% increase in registered investors, taking the total to 70 million.
Of the data, Uttar Pradesh saw an increase of 60% in user signups compared to the previous year. Other states such as Odisha, Assam, Bihar, and Madhya Pradesh saw a rise of 70%, 191%, 85%, and 80% respectively.
Coinswitch Kuber, one of India’s crypto trading platforms, reported a 135% month-on-month in user signups from non-metropolitan users. Meanwhile, India’s first unicorn company CoinDCX saw nearly 50 times growth in user signups from the country’s less populated areas.
India has the largest population in the world after China with over 1.33 billion citizens residing in the country.