For the past few years, the Indian crypto market has been growing exponentially and it is being expected that by 2030, it will reach near $241 million.
On September 24, the National Association of Software and Services Companies (Nasscom) published a report stating, “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.”
Along with the time, digital currencies and other applications have gained significant consideration in the country and have helped the CryptoTech Industry in its growth in India.
It has been reported that over 60 percent of states in India have started adopting CryptoTech and more than 15 million people are investing in cryptocurrencies. This is helping the crypto industry in its growth and attracting new startups.
Further, it has been stated that there are more than 230 start-ups operating in India in the CryptoTech space. The increasing investment from institutional and retail investors has boosted awareness of the benefits of CryptoTech.
According to the report, there are seven key trends that have helped in driving the growth and adoption of CryptoTech in India. These seven trends are Bitcoin, Smart Contracts, Decentralised Finance, The Wave of Tokenisation, Non-Fungible Tokens, Rise of CryptoTech Capital and Central Bank Digital Currencies (CBDC).
Although the Indian crypto industry is at its nascent stage, it has already started generating employment opportunities in several departments like trading, software development, analytics and other practices.
Debjani Ghosh, President of Nasscom, has recently 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.”