New Delhi, September 27, 2021: National Association of Software and Services Companies (Nascom), In collaboration with industry partners Wazir Xtoday released a report entitled 'India's Crypto Industry'. This report reveals how the Indian cryptocurrency market has risen exponentially and has grown steadily over the past few years. More and more young investors in India are excited to explore new investment options and are turning to cryptocurrencies like Bitcoin, Ethereum, and Polygon to make investments that promise realizable returns. We are hiring. These digital currencies, along with other applications of DLT, are attracting a lot of attention and are leading to the exponential growth of the cryptographic technology industry in India.
Main highlights
- Cryptography industry expected to reach USD 241 million in India by 2030 and USD 2.3 billion globally by 2026
- $6.6 billion investmentIncrease in crypto assets by individual investors in India
- Cryptotech provides employment for people such as50,000 peoplein india
- The cryptographic landscape is rapidly evolving230+ startups and 150+ proofs of conceptand the project
- BitcoinIt became the fastest asset to reach a market capitalization of US$1 trillion, surpassing gold and the US dollar.
- decentralized financeMarket size has surged 100x in the past year
- Industries can potentially generate economic added value such as:$184 billionInvestment and cost savings and more 800,000 jobs opportunity
According to the report, over 60% of Indian states have emerged as CryptoTech adopters, with over 15 million retail investors increasingly attracting CryptoTech startups to the industry. More than 230 startups are operating in the cryptotech field in India. Increased investment from institutional and individual investors is increasing awareness of the benefits of cryptotech in the country.
The report further states: The Indian market is expected to grow twice as fast and could create over 800,000 jobs by 2030. It also has the potential to create. It will add US$184 billion in economic value in the form of investments and cost savings.
Nischal Shetty, Founder and CEO of WazirX, “Crypto is poised to advance our Prime Minister’s Digital India mission. In fact, the number of users in Tier-II and Tier-III cities grew by 2648% and WazirX’s total sign-ups increased by 2648% in 2021. Cryptocurrencies have immense potential to contribute to our $5 trillion economic vision in the coming years. This will create more opportunities, jobs, investment and access to capital.”
share her thoughts, Mr. Debjani Ghosh, President, NASSCOMsaid, “India's cryptographic technology industry is not only showing positive impact at the grassroots level but is also emerging as the fastest growing technology sub-sector.” India offers the most unique ecosystem for cryptotech and plays a transformative role in strengthening key priority areas such as healthcare, safety, digital identity, trade and finance, and remittances, driven by the pandemic. We help you deal with challenges. Consultative and effective regulatory reporting on crypto technologies will help drive growth and innovation in the cryptocurrency ecosystem in India. ”
A wide range of companies and even startups are partnering with government, industry, and academia to create use cases around health and safety, digital identity, and trade finance to solve critical challenges posed by the pandemic.
The report further highlights Bitcoin, smart contracts, decentralized finance, tokenization wave, non-fungible tokens, rise of cryptotech capital, and central bank digital currencies as seven key trends driving cryptotech growth and adoption in India. It is emphasized that it is considered as Although the industry is in its infancy, it is already capturing and creating job opportunities across trading, software development, analytics, and other operations.
Globally, the cryptotech industry is expected to exceed USD 1.6 billion by 2021 and USD 2.3 billion by 2026. Several global banks have started buying cryptocurrencies, and several banks in the US, Europe, and Asia are building blockchain-based banks. A system that enables B2B cryptocurrency payments between customers. Even more than 20 major companies have started accepting cryptocurrencies for payments, from Microsoft to PayPal. This global cryptocurrency adoption was spurred by the impact of COVID-19, leading to growth and expansion across the industry.
