More than 60 percent of states in India are emerging as CryptoTech adopters and there are over 15 million retail investors.
Indian investors are adopting cryptocurrencies such as Bitcoin, Ethereum, and Polygon to make investments that promise them viable returns.
Over 230 start-ups are 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, the National Association of Software and Services Companies (NASSCOM), in association with WazirX, said in a report called Crypto Industry in India.
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.
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.
On the global front, 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.
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.