More than half of WazirX's new users this year are from tier 2 and tier 3 cities

Cryptocurrency exchange WazirX on Wednesday said it has recorded 2,648 per cent growth in user $4 from tier-II and -III cities of India. Based on a report generated by payments gateway firm Razorpay, WazirX said tier-II and -III cities have driven almost 55 per cent of the total user sign-ups on its platform in 2021, thereby overtaking tier-I cities that demonstrated a sign-up growth of 2,375 per cent.

WazirX in a statement said the influx of cheaper and faster internet clubbed with continuously-lowered smartphone prices have led to rapid internet penetration in the semi-urban cities and rural towns of India.

"Coupled with the pandemic-induced lockdown, it has further accelerated the$4 adoption in these regions.

"Moreover, it has also been the biggest driver of $4 adoption in India, as it has led to people trying to find new ways to earn online and diversify their portfolio," the statement said.

The India-based exchange claims to have over over 7.3 million users, and has clocked over USD 21.8 billion in trading volume in 2021 till date.

Tier-II cities like Ahmedabad, Lucknow and Patna have reported an average growth of 2,950 per cent, whereas tier-III cities like Ranchi, Imphal and Mohali have reported an average growth of 2,455 per cent on WazirX, the statement said.

$4 — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

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