The National Association of Software and Services Companies (NASSCOM), in association with Industry Partner WazirX, has today 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.
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 by 2648% and contributed to 55% of total signups on WazirX in 2021. Crypto has immense potential to contribute to our $5 Trillion economy vision, and in the coming years, we’ll see crypto overcome the financial barriers for rural India, create more opportunities and access to jobs, investment and capital.”
Sharing her thoughts, Debjani Ghosh, President, NASSCOM, said, “CryptoTech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as a 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 report towards Crypto technologies can help drive the growth of Crypto ecosystem and innovation in India.”
● CryptoTech industry to reach USD 241 Million by 2030 in India, and USD 2.3 billion by 2026 globally
● USD 6.6 billion investments in crypto assets by retail Investors in India
● CryptoTech provides employment for 50,000 individuals in India
● CryptoTech landscape is fast evolving with 230+ startups and 150+ proof of conceptsand projects
● Bitcoin has become the fastest asset to reach a market cap of USD 1 trillion surpassing gold and US Dollar
● Decentralized finance market size has jumped 100x over the last one year
● Industry can potentially create an economic value addition of USD 184 billion in form of Investments and cost savings, and more than 800k employment opportunities
According to the report, more than 60% of states in India are emerging as CryptoTech adopters and over 15 million retail investors, the industry is increasingly attracting start-ups to adopt CryptoTech. Over 230 start-ups are operating in India in the CryptoTech space. Risinginvestment 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 the form of Investments and cost savings.
Even various corporates and start-ups are partnering with the government, industries, and academia to create use cases on health & safety, digital identity, trade finance, and solve critical challenges induced by the pandemic.
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.