Chennai: The National Association of Software and Services Companies (Nasscom), in association with Industry Partner WazirX, has launched its report titled ‘Crypto Industry in India’.
The report sheds light on how the Indian cryptocurrency market is on an exponential rise, growing steadily over the last few years.
As more and more young Indian investors are excited to explore newer investment options, they are adopting cryptocurrencies such as Bitcoin, Ethereum and Polygon to make investments that promise them viable returns, it said.
These digital currencies along with other applications of DLT have garnered significant attention leading to an exponential growth of CryptoTech Industry in India, it added.
According to the report, more than 60 per cent of States in India are emerging as CryptoTech adopters and over 15 million retail investors, the industry is increasingly attracting start-ups to adopt CryptoTech.
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.