-CryptoTech Industry which includes crypto applications in trading, P2P payments, remittances, and retail among others has grown by 39% in the last five years in India
-Globally, the CryptoTech industry is estimated to cross USD 1.6 billion by 2021, and USD 2.3 billion by 2026
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.
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.
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.
New Delhi, 24 September 2021
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