Posted by Mumbai: Delhi leads in crypto adoption in India followed by Bangalore (4.87%) and Hyderabad (3.27%), according to the latest report published by Indian crypto investing platform CoinSwitch.
With 7.87% capital city Delhi has the highest crypto adoption in India in terms of value invested revealed CoinSwitch‘s annual investor report India’s Portfolio 2022 released on Wednesday.
While Delhi leads in crypto adoption among India’s tier-1 cities, Jaipur (3.04%) holds the top spot in crypto adoption among the tier-2 cities, followed by Luckow (2.02%) and Pune (1.75%), the report stated.
CoinSwitch’s report India’s Portfolio 2022 analyses the actual investing patterns of India’s crypto users, providing insights into how the country responded to a year of rising inflation, market downturns, and landmark events such as the Ethereum Merge.
Highlights from India’s Portfolio 2022:
● Metros with the highest crypto adoption: Delhi, Bangalore, Hyderabad
● Tier-2 cities with the highest crypto adoption: Jaipur, Lucknow, Pune
● Coins that India holds the most: Bitcoin, Dogecoin, Ethereum
● Share of women crypto investors in India: 8%
“2022 has had its share of economic, geopolitical, and market difficulties. It is important to understand how India’s investors responded to the changed circumstances. Did they diversify their portfolio? Were they reactive? India’s Portfolio 2022 provides a comprehensive and quantitative analysis of the investing patterns India followed in the year,” said Ashish Singhal, CEO and Co-Founder of CoinSwitch, which has over 19 million registered users.
“At CoinSwitch, our mission is to make money equal for all—to give every Indian an equal opportunity to invest and create wealth. That India’s men and women follow broadly the same investing pattern shows we are on the right path: There is no information asymmetry; access to knowledge and tools to make wise investment decisions are equal for everyone on CoinSwitch,” Singhal added.
A unique insight from the report was that investing patterns followed by men and women were largely similar in India, though, at 8%, women represent a small albeit growing pie of India’s crypto investors.
The capital allocation of men and women, across categories of crypto assets:
CRE8 or Crypto Rupee Index (CRE8) is India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market. CRE8 comprises the top eight crypto assets with over 85% of the total market capitalisation and includes bitcoin and Ethereum.
Decentralized Finance or DeFi utility tokens include Maker (MKR) and Sushi (SUSHI). Metaverse coins include Decentraland (MANA) and Axie Infinity (AXS). Ethereum Alternatives are Cardano (ADA), Cosmos (ATOM), Solana (SOL), among others. Shiba Inu and Dogecoin are Meme coins.