Delhi, Jaipur recorded highest crypto adoption in 2022: CoinSwitch

business-standard.com:

The highest crypto adoption in India in 2022 was recorded in New Delhi, a report showed on Wednesday. It was followed by Bangalore and Hyderabad. In tier-2 cities, Jaipur saw the highest adoption of cryptocurrency, followed by Lucknow and Pune.

"Capital city Delhi leads India on crypto adoption—measured in terms of value invested—followed by India's tech hubs of Bangalore and Hyderabad," according to the "India's Portfolio 2022" report released by crypto exchange CoinSwitch.

"The pink city of Jaipur has the highest crypto adoption among tier-2 and tier-3 cities, followed by Lucknow and Pune," the report said.

The highest holdings in the virtual currencies in India were in Bitcoin. It was followed by Dogecoin and Ethereum.

The report added that the investing patterns followed by men and women in India were "largely similar". Women, however, accounted for 8 per cent of the total investors in India. The highest allocation by both genders was made in tokens listed on CRE8. These include Bitcoin, Ethereum, BNB, Ripple, Dogecoin, Cardano, Polkadotn and Solana.

"India's men and women follow broadly the same investing pattern showing we are on the right path: There is no information asymmetry," said Ashish Singhal, CEO and co-Founder at CoinSwitch.

Jaipur, with the highest crypto adoption in tier-2 cities, allocated the highest share of its investment in meme coins than the rest of India. At 14.43 per cent, Jaipur's asset allocation in meme coins is over two percentage points higher than Delhi, the report added.

Furthermore, over 60 per cent of crypto investors in Gurugram are under the age of 25.

It said that India is most active in the crypto market between 6 pm and 9 pm.

CoinSwitch is India's largest crypto investing