In tune with global trends, Indian crypto trading is growing at an exponential rate over the past few years. With investors looking towards newer investment avenues, the cryptocurrency market stands in an extremely favorable position. Foreign investors are also investing in India’s crypto industry, and trading exchanges are the most notable.
Crypto Exchanges in India
The RBI uplifted its previous cryptocurrency ban after the Supreme Court struck it down as unconstitutional in March 2020. This opened the floodgates for investments in crypto-trading and blockchain infrastructure and within a year, India ranks among the top nations in terms of digital asset owners. Today, there are more than 10 fully functional cryptocurrency exchanges in India, and several others in the pipeline.
New Ventures: Crypto Industry Opinion
Raj Chowdhury, the founder and CEO of HashCash Consultants, has often been vocal on the subject of crypto adoption. In an interactive session, he puts it thus:
“A large number of investors are looking forward to funding crypto trading infrastructure in India. With a high population of Indian youths looking for viable asset growth options and a still-nascent market, crypto exchanges are attractive options for those with the resources.”
NASSCOM Report: Crypto Industry of India
The NASSCOM report also estimates that India will witness a crypto market valuation of $241 million by 2030. The global market is likely to scale $2.3 billion by 2026. The industry is expected to grow 2x faster and will likely create over 8 lakh job opportunities by 2030. In terms of economic impact, the industry has the potential to contribute $184 billion through investments and cost savings.
Indian Crypto Decentralized Exchanges
Decentralized exchanges operate on the blockchain platform. The underlying exchange software functions flawlessly despite high trade volumes. Cryptocurrencies have a reputation for high volatility and consequent trading highs and lows. Hence scalability is a key performance indicator of the exchange’s architecture, along with security, coin-listing capabilities, and device compatibility.
“The world’s largest democracy has already switched gears with massive digital transformation. Blockchain and cryptocurrencies are the next steps in the evolution to a transparent and financially empowered society,” mentioned Chowdhury.
HashCash White Label Cryptocurrency Exchange
Enterprises can now skip past the time-consuming process of research and software development, and focus on other business aspects. HashCash Consultants, a blockchain development company, offers custom white label cryptocurrency exchange solutions for enterprises or financial institutions looking to add crypto trading services. The US-based based company runs a digital asset exchange, PayBito, and offers state-of-the-art exchange architecture. The services are successfully deployed across multiple continents. The company also offers its expertise across a wide range of services built upon blockchain, cryptocurrencies, AI, Big Data, and Cloud Computing.
Over 6 out of 10 Indian states are implementing blockchain and crypto services in response to the growing market demands. There are over 15 million retail investors and 230 different startups working in crypto technology. As per research forecasts, the 7 key areas of Indian crypto development will include Bitcoin, Smart Contracts, DeFI, Tokenization, NFTs, CBDC, and increasing crypto tech capital.