- Crypto currencies will come up as a medium for cross border remittances which will reduce the fees involved in transaction
- Crypto currencies can be seen as an alternative medium of foreign exchange in the coming future due to the higher flexibility specially for unstable currencies
Cross-border Remittances
Cryptocurrency as a cross-border payment medium will make a big difference in the Indian market. Due to great remittance demand, it will drive the prosperity of digital currency growth in India for a long time. Since cross-border transactions traditionally carry high fee using bitcoin or other cryptocurrencies as a cross-border payment medium, Indians can save a large number of remittance fees
Online and Offline (OnO)
In near future, users will be able to spend their cryptocurrency to purchase products, vouchers, pay bills and do even more at discounted rates on all major e-commerce websites around the world. Such purchases & transactions would be aided by a browser plugin that helps buyers calculate the real-time value of an equivalent amount of cryptocurrency to be paid in fiat for the purchase. Providing support for online and offline purchases by crypto exchange platforms could pave as traction for users which serves as an immediate opportunity of crypto exchange platforms and enabling offline purchases could be made possible by virtual currencies tying up with local merchant
Strict Foreign Exchange Regulations
Due to strict foreign exchange regulations, it is complicated to convert rupee directly to US dollars. The value of Indian rupee is not stable, especially during the Covid-19 pandemic. The exchange rate between rupee and USD continued to rise, causing the former to enter constant depreciation. Therefore, most Indians will choose to convert rupee to bitcoin & then to US dollars (a more stable fiat currency) through C2C trading platforms such bitcoins which paves a way for crypto exchange platforms to increase their user base.
Central Bank Digital Currency
There has been an increased adoption of CBDCs (Central Bank Digital Currency), with India also now moving on the path of having its own CBDC by the year 2023 (as per the address by Finance Minister of India in the Union Budget for FY 2022-23). India’s high currency to GDP ratio holds out another benefit of CBDCs. To the extent large cash usage can be replaced by CBDCs, the cost of printing, transporting, storing and distributing currency can be reduced
Future Opportunities for Indian Crypto Exchange Platforms
With increasing operational efficiency of crypto exchange platforms, higher liquidity and transparency in financial payments, crypto exchange platforms have a huge opportunity to cater the ever-increasing user base due to surging awareness among the country residents leading to wide scale adoption of virtual currency in India.
The publication titled “Indian Crypto Market Outlook to 2027: Driven by growing adoption of cryptocurrencies, with high liquidity, proper risk management facilitated by Indian crypto exchange platforms” provides a comprehensive analysis of the crypto exchange industry in India. The report covers various aspects including crypto exchange industry market size on the basis of revenue, market overview, genesis of the market, market potential, value chain analysis of centralized and decentralized exchanges, ecosystem, business model of leading crypto exchanges, growth drivers, issues and challenges, SWOT analysis, major trends and developments, role of government, regulation and tax implications, investment analysis, merger and acquisitions in the last 3 years, segmentation by funding rounds, segmentation by type of institutional investors, segmentation by origin of funding source and impact of COVID-19. Insights on competitive landscape of crypto exchange industry, company profile of major players along-with cross comparison between leading crypto exchange platforms operating in the ecosystem on the basis of company overview, number of employees, revenue generated, number of registered users, country of origin, revenue model, fee structure, key features, strengths, weaknesses and recent developments is also covered in the report. Further report also focuses on the Indian Crypto Exchange Market Segmentation by By Origin of Company, By Type of Transaction, By Geographic Region, By Age Group of Users, By Type of Cryptocurrency. Indian Crypto Exchange Market report concludes with projections for the future of the industry including forecasted industry size by revenue by 2026, and analysts’ take on the future highlighting the major opportunities.
Key Segments Covered in Indian Crypto Exchange Industry
Indian Crypto Exchange Market
- By Origin of Company
- Domestic
- International
- By Type of Transaction
- Regular
- Peer to Peer
- By Geographic Region
- Northern
- Southern
- Eastern
- Western
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- By Age Group of Users
- Below 20 years
- Between 20-40 years
- Between 40-60 years
- Above 60 years
- By Type of Cryptocurrency
- Bitcoin
- Ethereum
- Cardano
- Tether
- Binance Coin-USD
- Polygon
- Segmentation of Funding rounds by – Seed Stage, Early Stage, Growth Stage,2019-2021
- Segmentation of funding, by type of institutional investors – VC & PE Funds and Angel Investors,2019-2021
- Segmentation of Funding by Origin of Funding Source, Entry of International Exchanges,2019-2021
Indian Crypto Demand Side: End User Analysis
- Target Addressable Market, Service Addressable Market and Service Obtainable market in the Indian Crypto Exchange Industry
Key Target Audience
- Crypto Exchange Platforms
- Investors such Venture Capitals and Angel Investors
- Traders
- Banking Institutions
- Regulatory Bodies
- Potential Crypto users
Time Period Captured in the Report:
- Historical Period: 2016-2021
- Forecast Period: 2022-2026F
Indian Crypto Exchange Industry Players/Ecosystem
- Indian Crypto Exchanges
- CoinDCX
- ZebPay
- WazirX
- CoinSwitch Kuber
- Unocoin
- BuyUCoin
- Bitbns
- Giottus
- Flitpay
- Belfrics
- in
- PCEX Member
- Non-Indian Exchanges
- Binance
- Okx
- Coinbase
- Kraken
- Bitfinex
- Bitstamp
- Vauld
- Coinmama
- Coinstore
Key Topics Covered in the Report
- Overview and Genesis of Indian Crypto Exchange Market
- Market Potential of Indian Crypto Exchange Market.
- Ecosystem of Major Entities in Cryptocurrency Exchange Market
- Value Chain Analysis of Centralized Exchanges
- Value Chain Analysis of Decentralized Exchanges
- Business Models of Major Indian Crypto Exchange
- Indian Crypto Exchange Market Size on the basis of Revenue and Total Transaction Value
- Indian Crypto Exchange Market Segmentation (By Origin of Company, By Type of Transaction, By Geographic Region, By Age Group of Users, By Type of Cryptocurrency)
- Domestic Consumer Demographics: Age group, Gender and Occupational Domains
- Consumer Perception: User-Interface, Customer Experience and Delighters
- Preference for P2P Vs Regular Transaction model for Cryptocurrencies in India
- Trends and Developments in the End User Preferences in the last 5 years
- Growth Drivers of the Indian Crypto Exchange Market
- Issues and Challenges
- Role of Government in the Indian Crypto Exchange Market
- Regulations and Tax Implications in the Indian Crypto Exchange Market
- SWOT Analysis
- Start-Ups (Split by Year of Formation) across Indian Crypto Exchange Market and Other Ecosystem Players
- Segmentation of Funding rounds by – Seed Stage, Early Stage, Growth Stage
- Segmentation of funding, by type of institutional investors – VC & PE Funds and Angel Investors
- Segmentation of Funding by Origin of Funding Source, Entry of International Exchanges
- Investment Analysis of the Indian Crypto Exchange Market, Mergers and Acquisitions in the last 3 years within the Indian Crypto Exchange Market
- Cross comparison of major players in the Indian Crypto Exchange Market (Year of Establishment, Number of Employees, Revenue Generated, Number of Registered users, Country of Origin)
Company Profile of leading Indian Crypto Exchange Platforms (Company Snapshot, About the Exchange, Revenue model, Fee structure, Key Features, Strength, Weakness, Recent Developments and Key Takeaways)
- Impact of Covid-19 on the Indian Crypto Exchange Market
- Target Addressable Market, Service Addressable Market and Service Obtainable Market in Indian Crypto Exchange Industry
- Analyst Recommendations
- Industry Speaks
For more information on the research report, refer to the below link: -
Indian Crypto Exchange Market Outlook to 2027:Ken Research
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2.1 Moreover, factors such as strict foreign regulations made Rupee conversation complicated, therefore Indians are opting for digital currencies for conversion of INR to a more stable fiat currency
2.2 The introduction of Central Bank Digital Currency (CBDC) and the increasing popularity of NFTs among others has contributed to enhanced visibility of digital currencies in the market.
3. Though India is booming as a hub for Cryptos, there are several issues associated with it such as operational risks, cyber risks and governance risks.
4. To curb the issues, the Government of India played a major role to form a committee to draft regulatory frameworks on Cryptos, working with the Financial Action Task Force to update Crypto policies, and…
4.1. ... Pushed for the upliftment of the blanket ban on virtual currencies and set up Cybercrime unit for detection of the crypto-related frauds held online
5. Indian Crypto market shows good potential due to a surge in Crypto investments, Non-Fungible Tokens and entry of International Cryptocurrency Exchanges in India indicates a strong step forward
Some of the Intelligence Curated by Ken Research in Crypto Exchange Market Space:
