Uncertainty in the regulation of digital assets does not prevent the creation of new startups. Indian cryptocurrency exchanges have created 12 companies specializing in NFT.
In 2021, at least 100 new cryptocurrency businesses were launched in India, and their total number reached 380. The CEO and founder of the Unocoin cryptocurrency exchange Sathvik Vishwanath said that cryptocurrency companies
consolidate investors in the digital asset industry.
“There are many startups that focus on building new assets, supporting exchanges and the ecosystem, and some businesses are building communities of cryptocurrency investors. These events were very active this year. Approximately 50-60 cryptocurrency startups appeared in the last year. ”
Funding for Indian cryptocurrency startups in the first six months of 2021 grew 73% compared to 2020. Cryptocurrency exchanges CoinSwitch Kuber and CoinDCX have grown in capitalization and have become “unicorns.” The average investment per user grew to $ 14,000 in 2021, compared to $ 8,000 and $ 11,000 in 2019 and 2020, respectively.
Local cryptocurrency exchange operators reported investment growth of 50% to 150% in 2021 compared to last year. According to Chainalysis, the volume of investment in cryptocurrencies by residents of the country over the past year increased from $ 200 million to $ 38.8 billion.
Founder and CEO of NFTically Toshendra Sharma believes that India’s crypto industry is following current trends.
“People are crazy about entertainment, sports, utility-based NFTs with the ability to enter the metaverse. There are many NFT offerings on the market and we feel they will remain there for a while. ”
He added that in India, many cryptocurrency exchanges are launching startups that build APIs, tools and infrastructure to build NFTs.
It is noteworthy that the development of the cryptocurrency business in India is taking place against the background of the absence of a legislative framework for regulating cryptocurrencies. It is planned that the corresponding law will be adopted in February 2022.