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The National Association of Software and Services Companies (NASSCOM), in collaboration with industry partner WazirX, releases a report titled “Crypto Industry in India,” which highlights the country’s growing interest in CryptoTech.
Rise of India’s Crypto Sector
The research details how the Indian cryptocurrency sector has developed exponentially over the previous several years. As more young Indian investors seek new investment opportunities, they turn to cryptocurrencies like Bitcoin, Ethereum, and Polygon to make profitable bets.
Digital currencies, as well as other DLT applications, get a lot of interest. As a result, India’s CryptoTech industry has grown at an exponential rate. According to the research, more than 60% of Indian states have adopted CryptoTech. Furthermore, more than 15 million retail investors have contributed to the expansion. As a result, the industry is attracting a growing number of new start-ups.
In India, around 230 CryptoTech start-ups are already operational. Growing institutional and retail investment has also aided in raising awareness of CryptoTech’s benefits in the country.
Indian Crypto Market To Develop Faster
The research anticipates India’s market to develop at a 2x quicker rate. By 2030, it has the potential to generate over 800,000 employment. It also can bring USD 184 billion to the economy in the form of investments and cost savings. The CryptoTech sector to reach USD 1.6 billion by 2021 and USD 2.3 billion by 2026 worldwide.
Various corporations and start-ups collaborate with the government, industry, and academia to develop use cases in health and safety, digital identification, trade finance, and other areas to address the pandemic’s crucial issues.
Ever Growing Sector
The research also identifies seven important trends to drive CryptoTech’s growth in India. Bitcoin, Smart Contracts, Decentralized Finance, The Wave of Tokenization, Non-Fungible Tokens, Rise of CryptoTech Capital, and Central Bank Digital Currencies are just a few of the topics covered.
While the sector is still in its early stages, it is already growing. Therefore, providing job possibilities in trading, software development, analytics, and other areas.
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