Only 8% of crypto investors in India are women: CoinSwitch report

In its yearly report for 2022, Indian crypto trading platform CoinSwitch revealed only 8% of the 19 million crypto investors on its platform are women.

However, it added, investing patterns between men and women are largely similar in India.

While men allocated 20.54 percent of their portfolio towards the top eight crypto assets, women allocated 20.39% towards the same. Men allocated 13.19% towards meme coins Shiba Inu (SHIB) and Dogecoin (DOGE), while women allocated 12.90% towards them.

Further, men allocated 12.33% towards Decentralised Finance (DeFi) tokens while women allocated 13.59%.

Ashish Singhal, CEO and Co-Founder, CoinSwitch, said:

“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."

The report also revealed Bitcoin (BTC) was the top coin in India, with an average allocation of 12.12%, followed by DOGE at 11.54% and Ethereum (ETH) at 9.43%.

Further, users from Delhi led the pack in terms of value invested, at 7.87%, followed by Bengaluru (4.87%) and Hyderabad (3.27%). Among tier-2 cities, Jaipur was first, at 3.04%.

CoinSwitch also found its Indian users were most active in the crypto market between 6-9 PM IST.

Earlier this week, WazirX, another leading Indian crypto exchange, revealed in its annual report 27% of first-time crypto buyers on its platform bought SHIB tokens, followed by Tron (TRX) at 11% and BTC at 8%.

WazirX found, unlike CoinSwitch, that male users on its platform invested more in meme tokens, gaming tokens compared to women, while female users primarily traded blue-chip tokens like Bitcoin (BTC) and Ethereum (ETH).

CoinSwitch recently launched Coinswitch Pro - a multi-exchange trading platform for users to trade crypto across Coinswitch, CoinDCX and WazirX with a singular login. The company claimed plans for the multi-exchange platform took shape well before the current challenges in the crypto industry emerged.

According to CEO Ashish, CoinSwitch's goal is to become a wealthtech destination for Indians, and starting a crypto platform for retail investors was the starting point. The exchange is planning to launch its first non-crypto offering by the end of March 2023.