Cryptotech industry is expected to reach $241 million in India by 2030 and $2.3 billion by 2026 globally, according to a report by Nasscom titled ‘Crypto Industry in India’ in association with WazirX.
The report suggests that several global banks have started buying crypto and a few across the US, Europe, and Asia are creating blockchain-based systems to enable B2B cryptocurrency payments between their customers.
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 distributed ledger technology (DLT) have garnered significant attention leading to an exponential growth of the crypto tech industry in India.
According to the report, with more than 60% of states in India emerging as crypto tech adopters and over 15 million retail investors, the industry is increasingly attracting new startups. Over 230 startups are already operating in India in the crypto tech space. Rising investment from institutional and retail investors has heightened awareness of the benefits of crypto tech in the country.
Further, the report states that the market in India is expected to grow two times faster and has the potential to create more than 800,000 jobs by 2030. It also has the potential to create an economic value addition of $184 billion in form of investments and cost savings.
“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 crypto tech 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 crypto tech ecosystem and innovation in India,” said Debjani Ghosh, president, Nasscom.
The number of crypto users from tier-2 and -3 cities has grown multi-fold, said Nischal Shetty, founder, and CEO, WazirX. “Crypto has immense potential to contribute to the $5 trillion economy vision, and in the coming years, we will see crypto shatter the financial barriers for rural India, create more opportunities and access to jobs, investment, and capital.”