The nation’s capital, Delhi, has the highest crypto adoption in India, measured in terms of value invested, an annual investor report by crypto investing platform CoinSwitch showed. Jaipur has the highest adoption among tier-2 cities.

Delhi at 7.87 per cent, Bangalore at 4.87 per cent and Hyderabad at 3.27 per cent were the metro cities with the highest crypto adoption. Amongst the tier-2 cities, Jaipur at 3.04 per cent, Lucknow at 2.02 per cent and Pune at 1.75 per cent saw the highest adoption. 

Similar pattern

An insight from the report was that investing patterns followed by men and women were largely similar in India, though at 8 per cent, women represent a small albeit growing pie of India’s crypto investors.

“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,” said Ashish Singhal, CEO, and Co-Founder, CoinSwitch.

The report showed that India set aside 40 per cent of its crypto investments on top-dollar CRE8 coins and DeFi utility tokens in 2022, and only about 6 per cent on metaverse tokens. In fact, a greater share of investments (8 per cent) was made on Ethereum alternatives (Layer1 networks that rival the blue-chip smart-contract chain) than metaverse tokens.

CRE8 or Crypto Rupee Index (CRE8) is a benchmark index to measure the performance of the Indian Rupee-based crypto market. CRE8 comprises the top eight crypto assets with over 85 per cent of the total market capitalisation. 

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