The Indian cryptocurrency market has been growing exponentially over the last few years and is expected to reach up to $241 million by 2030 in India and $2.3 billion by 2026 globally.
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, a study on “Crypto Industry in India” by the National Association of Software and Services Companies (Nasscom) and industry partner WazirX said on Friday.
These digital currencies and other applications have garnered significant attention leading to an exponential growth of the CryptoTech Industry in India.
According to the report, with more than 60 per cent 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, adding that the rising investment from institutional and retail investors has heightened awareness of the benefits of CryptoTech in the country.
The report further highlights that Bitcoin, Smart Contracts, Decentralised Finance, The Wave of Tokenisation, Non-Fungible Tokens, Rise of CryptoTech Capital and Central Bank Digital Currencies would be seen as seven 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, the report further 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 and trade and finance,” Debjani Ghosh, President, Nasscom, said.
Further, the report said that the market in India is expected to grow 2X faster and has the potential to create eight-lakh+ jobs by 2030. It can create an economic value addition of $184 billion in the form of investments and cost savings.