The crypto-tech industry in India grew 39 percent over the past five years to $74.2 million in FY21, according to a report by the National Association of Software and Services Companies in association with WazirX released on September 24.
“Crypto-tech is essentially a technology secured by cryptography, which enables exchange of data and facilitates transactions which are duplicated and distributed across the entire network of computer systems on the blockchain,” the report stated.
Retail investors in India have invested $6.6 billion in crypto assets, which is estimated to increase to $15.6 billion by 2030.
Decoded: The excitement of young India despite govt's crypto hesitation
“The crypto industry in India can potentially create an economic value-addition of $184 billion in the form of investments and cost savings,” Nasscom said.
The size of the crypto-tech market in India is expected to reach $241 million by 2030, growing at a CAGR of 14 percent, with the potential of creating 877,000 jobs by then.
The crypto-tech ecosystem is developing quickly with more than 230 startups mushrooming and almost $270 million invested in Indian blockchain and crypto startups till 2021. About 1.8 percent of India’s adult population has invested in crypto until 2021, a growth of 2.2x over a year.