India's regulatory uncertainties have not affected the investor's sentiment toward crypto every bit the latest information from crypto exchanges suggests a ascension influx of users.

Binance-endemic Indian crypto substitution WazirX reported 2,648% growth to date in user signups from smaller cities across India, also known every bit tier-Ii and tier-3 cities, which can host up to 100,000 citizens. The Mumbai-based commutation reported:

"Tier-2 and tier-Iii cities have driven almost 55% of total user signups on WazirX in 2022."

The information also highlighted a rise in the number of female investors and enthusiasts across the country. Out of all the signups attributed to Indian women on WazirX, 65% of the accounts are based out of Republic of india'southward tier-Two and tier-Iii cities.

Citing the pandemic-induced lockdown as a primary goad, WazirX reported average growth of ii,950% in tier-Ii cities such as Ahmedabad, Lucknow and Patna, followed by a similar two,455% spike in tier-III cities such as Ranchi, Imphal and Mohali.

A fiat payments gateway provider out of Bengaluru, Razorpay also showed that smaller cities were responsible for around 54% of traffic on its network, highlighting a 92% growth in digital transactions.

Based on an firsthand follow upward with female person traders, WazirX reported that investors are looking to crypto as a means to attain financial independence, a higher standard of living and a source of secondary income.

Related: Indian crypto exchange becomes unicorn after $90M funding round

Amid the resistance from mainstream finance, the Indian crypto landscape continues to achieve new milestones. Yesterday, Mumbai-based crypto substitution CoinDCX raised $ninety 1000000 in a Serial C funding circular to get India'due south first crypto unicorn.

As of recently, IndiaTech.org, an independent body, has also recommended a regulatory framework for the Indian regime, suggesting means to handle crypto assets and exchanges. CoinDCX CEO Sumit Gupta supported the move by stating that the recommendations can potentially "open up immense potential for Indians to participate in this new global nugget class."