According to a report by Nasscom titled “Crypto Industry in India” titan in association with WazirX, the cryptotech industry is expected to reach $241 million in India by 2030 and $2.3 billion by 2026. The report suggests that many global banks have started buying crypto and some in the US, Europe and Asia are building blockchain-based systems for making B2B cryptocurrency payments between their customers.
The report sheds light on how the Indian cryptocurrency market has been growing rapidly over the past few years. As more and more young Indian investors are excited to explore new investment options, they are turning to cryptocurrencies like Bitcoin, Ethereum and Polygon to make investments that give them good returns.
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 startups. There are more than 230 startups already operating in the cryptotech sector in India. The increasing investment from institutional and retail investors has raised awareness about the profits of cryptotech in the country.
Furthermore, the report states that the market in India is expected to grow twice as fast and has the potential to create more than 800,000 jobs by 2030. It also has the potential to generate economic value addition of $184 billion in the form of investment and cost savings.
Nasscom President Debjani Ghosh said, “The cryptotech industry in India has not only shown a positive impact at the grassroots level, but is also emerging as one of the fastest growing technology sub-sectors in India. Provides the most unique ecosystem to play a key role in strengthening key priority sectors such as defence, digital identification, trade and finance, and help address the challenges posed by the pandemic.”
WazirX Founder and CEO Nischal Shetty said that the number of crypto users in Tier-2 and -3 cities has increased manifold. He added, “Crypto has immense potential to contribute to the vision of a $5 trillion economy and in the years to come, we will see crypto break down financial barriers for rural India, creating more opportunities and access to jobs, investment and capital.” will reach.”
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