For the first time ever, Gen Z have taken the lead over millennials when it comes to cryptocurrencies in India, comprising around 38% of the investor pie on CoinSwitch, the crypto trading platform said in a report.
Among cities, the national capital Delhi took the lead, followed by startup hub Bengaluru and India’s financial capital Mumbai, rounding off the top three in terms of most crypto investments.
Crypto trading platform CoinSwitch’s Q3 2025 edition of its flagship report, ‘India’s Crypto Portfolio: How India Invests’, looked at insights from its over 2.5 crore users to map India’s evolving crypto investment behaviours, trading patterns, and demographic trends, it said in a release.
Who is investing in cryptos in India? Gen Z take lead
According to the report, Gen Z investors, aged between 18 and 25, now lead India’s crypto investor base for the first time, as per CoinSwitch data.
They comprise 37.6% of the investors on the platform, narrowly surpassing millennials (aged 26–35) who comprise 37.3%, and older investors (aged 36-45) at 17.8%, the data showed.
Metros continue to dominate, but Tier 2 cities emerge as new hubs
Among the cities, metros saw the most investments in crypto, with the national capital Delhi, startup hub Bengaluru, and financial capital Mumbai, rounding off the top three spots. Investors from Delhi comprised 19.3% on CoinSwitch’s base, followed by Bengaluru at 8.9%, and Mumbai at 7%.
Notably, while the metro cities did dominate, tier-2 hubs such as Jaipur, Lucknow, Patna and others are “emerging as new centres of adoption”, as per the report.
‘Crypto market entering more mature phase’
India’s crypto market is expanding in both maturity and reach, as per the report.
“Our insights reflect one of the largest retail investor bases in the country. The data clearly shows India’s crypto market is entering a more mature phase. What we’re seeing is financial empowerment beyond the big cities. Though metros continue to lead, the next phase of India’s crypto story will be shaped by Tier 2 and 3 cities,” said Balaji Srihari, Vice President of CoinSwitch.
Founded in 2017, with more than 2.5 crore users and over 350 coins, CoinSwitch is India’s largest crypto trading platform, as per the release. The platform has seen investment to the tune of $300 million from investors including Coinbase Ventures, Tiger Global, and Sequoia Capital India.
