The Indian cryptotech market has the potential to create an economic value addition of $184 billion by 2030 in the form of investments and cost savings, states a report titled-Crypto Industry in India.

The report by the National Association of Software and Services Companies (NASSCOM), in association with an Indian crypto exchange WazirX, stated that the Indian crypto market could generate over eight lakh jobs by 2030. 

Speaking about the Cryptotech industry, Debjani Ghosh, President at NASSCOM, 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, trade and finance, and remittances, and help in addressing pandemic-induced challenges.”

Debjani added that a consultative and enabling regulatory approach towards crypto technologies could help drive the growth of this crypto ecosystem and blockchain innovation in India.

As per the report, the global cryptotech industry is estimated to cross $1.6 billion by 2021 and $2.3 billion by 2026. It added that 10% of global startups are working on or using blockchain technology in some form. With over 230 startups in the Indian cryptotech space, there is rising investment from institutional and retail investors, leading to a heightened awareness of the segment in India.

Speaking on the Crypto space, Nischal Shetty, Founder and CEO of WazirX, said,

“Crypto is primed to take our PM’s Digital India mission forward. In fact, our number of users from Tier-II and Tier-III cities have grown multifold. In the coming years, we’ll see crypto shatter the financial barriers for rural India, create more opportunities and access to jobs, investment and capital.”

The report also highlighted seven key trends that are driving the growth of this industry, namely Bitcoin, Decentralised Finance (DeFi), tokenisation, Non-Fungible Tokens (NFTs), smart contracts, cryptotech capital, and Central Digital Bank Currencies (CBDC).

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