The National Association of Software and Services Companies, in association with WazirX, launched its report titled ‘Crypto Industry in India’. The report sheds light on how the Indian cryptocurrency market is on an exponential rise, growing steadily over the last few years. As more and more young Indian investors are excited to explore newer investment options, they are adopting cryptocurrencies such as Bitcoin, Ethereum, and Polygon to make investments that promise them viable returns. These digital currencies along with other applications of DLT have garnered significant attention leading to an exponential growth of CryptoTech Industry in India.
According to the report, with more than 60% of states in India emerging as CryptoTech adopters and over 15 million retail investors, the industry is increasingly attracting new start-ups. Over 230 start-ups are already operating in India in the CryptoTech space. Rising investment from institutional and retail investors has heightened awareness of the benefits of CryptoTech in the country.
Further, the report states that the market In India is expected to grow 2X faster and has the potential to create 800k+ Jobs By 2030. It also has a potential to create an economic value addition of USD 184 billion in form of Investments and cost savings.
Debjani Ghosh, President, NASSCOM, said, “CryptoTech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as one of the fastest growing technology sub-sector. India provides the most unique ecosystem to CryptoTech to play a transformative role in strengthening key priority areas such as healthcare, safety, digital identification, trade and finance, and remittances and help in addressing pandemic-induced challenges. A consultative and enabling regulatory approach towards Crypto technologies can help drive the growth of CryptoTech ecosystem and innovation in India”
Nischal Shetty, Founder and CEO, WazirX, said, “Crypto is primed to take our PM’s Digital India mission forward. In fact, our number of users from Tier-II and Tier-III cities have grown multifold. Crypto has immense potential to contribute to the $5 Trillion economy vision, and in the coming years, we’ll see crypto shatter the financial barriers for rural India, create more opportunities and access to jobs, investment and capital.”
The report further highlights that Bitcoin, Smart Contracts, Decentralised Finance, The Wave of Tokenization, Non-Fungible Tokens, Rise of CryptoTech Capital and Central Bank Digital Currencies would be seen as 7 key trends driving the growth and adoption of CryptoTech in India. While at a nascent stage, the industry is already picking up and creating employment opportunities across trading, software development, analytics, and other practices.
On the global front as well, the CryptoTech industry is expected to cross USD 1.6 billion by 2021, and USD 2.3 billion by 2026. Several global banks have started buying crypto and a few across the US, Europe and Asia creating their block-chain based systems to enable B2B cryptocurrency payments between their customers. Even 20+ leading corporations started accepting crypto for payments ranging from Microsoft and PayPal. This worldwide adoption of Cryptocurrencies has been driven during COVID-19, leading the industry to grow and expand more across verticals.