Indian crypto exchange market is expected to expand with a CAGR of XX% in between FY’22 and FY’27 on the basis of revenue generated. It is anticipated that crypto exchange industry will grow at a substantial rate owing to factors such as transparency in financial payment which is expected to propel the growth of the cryptocurrencies market in the coming years. Digital currencies are created using blockchain technology, which allows multiple entities to keep copies of historic transactions, that means it is not controlled by one central source. This blockchain technology makes the transaction process of cryptocurrencies a lot more transparent and secure. In the initial stages of the introduction of this technology in the country, the growth was a lot slower as the customers and the users weren’t aware of it. But in the coming years with the initiatives taken by Indian crypto exchange platforms to create awareness about cryptocurrency in the country residents via courses and sessions will lead to ever-increasing user base. With India on the path of proper crypto regulation in coming years ahead, the market will witness surplus funding from venture capitals and angel investors, with major players giving out services regarding the cryptocurrency. For example, Tata Consultancy services (TCS) launched a product called as Quartz Smart Solution for crypto for the banking institutions who are dealing in cryptocurrencies. The market is poised to gain significant traction from increasing women participation in the crypto world
Market Definitions and Assumptions:
- India Crypto Exchange Market : The Indian crypto exchange market is defined as the revenue generated from commissions and transaction fees by the centralized cryptocurrency exchange entities that operate in India and the decentralized cryptocurrency exchanges that have originated their business operations from India.
- Centralized Exchanges (CEXs): These are the crypto exchanges that are controlled and regulated by the exchange.
- Decentralized Exchanges (DEXs): These are the crypto exchanges that offer a peer-to-peer marketplace that connect buyers and sellers directly without involving intermediaries.
- Non-Fungible Tokens (NFTs): These are the cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency.
- Decentralized Finance (DeFi): Decentralized Finance is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services.
- Crypto Mining: Crypto mining refers to gaining cryptocurrencies by solving cryptographic equations through the use of computers. This process involves validating data blocks and adding transaction records to a public record (ledger) known as a blockchain.
- Blockchain: Blockchain refers to a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
- Know-Your-Customer (KYC): KYC refers to establishing an individual's identity and address through relevant supporting documents, including photo IDs (for example, PAN card, Aadhar card), In-Person Verification (IPV) and proof of address.
- Anti-Money Laundering (AML): Anti money laundering refers to the web of laws, regulations, and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income.
- Smart Contract: A smart contract refers to a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.
- Central Bank Digital Currency (CBDC): Central bank digital currencies refer to digital tokens, similar to cryptocurrency, issued by a central bank of a respective country. They are pegged to the value of that country's fiat currency.
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Market Sizing Approach:
- Hypothesis Creation: After analyzing the major industry factors a hypothesis is framed about the market size based on reports from magazines, journals, online articles, and government association, company reports, magazines, journals, online articles, industry sources, articles and other industry reports. We have used both public databases and interviews with market experts to define each market and collect data points about the same
- Hypothesis Testing: The research team conducted computer assisted telephonic interviews (CATIs) with several industry professionals such Co-founder, Chief Executive Officers, Partners and Others to collect their insight and industry pattern about Indian Crypto Exchange market.
- Future Forecasting Methodology: The outlook of industry estimated was further sanity checked with respect to the interviews conducted with industry veterans, gym managers and C-level executives regarding all the important parameters of the fitness industry
Market Assessment:
To derive the revenue of the Crypto Market in India, our team followed a streamlined approach which has been described below:
- Primary interviews via Computer Assisted Telephonic Interviews (CATI's) with the Crypto Exchanges professionals to understand their viewpoint on the status of market, new developments, end user perception, understanding the trends and challenges in the sector.
- In this method, interviews are carried out by telephone and are guided by a questionnaire displayed on the screen of a computer. The interviewer records answers via the keyboard to correspond with the pre-coded responses displayed on the screen. The advantage of this method is that, there would be high accuracy as participants can clear their queries related to any questions and we can probe them on answers within the interview on a real time basis which would eliminate any chance of incorrect responses or biasness.
- The interview comprised of both subjective as well as objective questions to understand the industry challenges, growth drivers, price points, overall market scenario and other relevant details.
Limitations and Future Conclusion:
- There might be a case that the chief executives/representatives might be bullish with the numbers. We have cross checked and revalidated the data, collected with our hypothesis and question them on the numbers. But in the end, justification provided by a primary might/might not be satisfactory on the numbers as there is no right mechanism to revalidate their numbers. Henceforth in this scenario, the team has to accept the numbers even though it looks bullish to our/your logical thought process.
- Future growth model has been built on the basis of future developments and opinions received from key industry veterans of the market. The analysts at Ken Research have run a sanity check and followed by subjective analysis.
- The analysts have obtained certain data points from official sources of government and related bodies. In case where the data is not updated, team has quoted the historical statistics wherever applicable.
- The conclusion regarding the expected value of Indian Crypto Exchange Market is determined by using weighted average of the output of subjective judgment, primary research and opinions polls. The weighted average method enables us to filter out the possible noise in each computation method and helps us to derive the best possible future projections.
For more information on the research report, refer to below link:
Indian Crypto Exchange Market Trends and Developments
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