Increasing Adoption of Cryptocurrencies in India
With increasing tech-savvy generation who are well-aware, keen and is taking initiatives such as going through courses and sessions provided by the various crypto exchange platforms to understand the crypto world are driving the market. This is leading to the more awareness and adoption of virtual currencies in the country as they are becoming the convenient choice of a lot of users as a mode of investment. Surge in women participation in virtual currencies related activities and using it as a mode of investment has been witnessed fueling the popularity of cryptocurrencies in the country.
The Market witnessed the growth post quashing of Ban by the Supreme Court
The Reserve Bank of India imposed a blanket ban on all the virtual currencies in the market through BCRODC Bill 2019, which made traders petrified, and they became sceptical for investing in cryptocurrencies. After two years, the Supreme Court overruled the ban on trading of cryptocurrencies allowing all the trading activities related to virtual currencies. Post upliftment of ban the crypto exchange platforms has witnessed boost in the number of users of cryptocurrency and also the amount of money traded. There were a number of companies, which started offering solutions for an easier trading of the currency like TCS’s Quartz Solution for Crypto. Mumbai based cryptocurrency exchange platform WazirX recorded a rapid growth in the amount of trading done using cryptocurrency in India.
Impact of COVID-19
In 2020, crypto exchange industry experienced a temporary downfall owing to the collaboration of confusion created by Indian government regarding the ban of cryptocurrencies by circulation of BCRODC Bill 2019 which made buyers skeptical fueled by Covid-19 in the beginning. Though Supreme Court lifted the ban in March 2020, people were still in state of confusion about the current status of virtual currencies in India and with that spread of Covid-19 led to countrywide lockdown which was imposed in the mid-march, people became petrified to new circumstances and took time to adjust. During the initial stage of lockdown people started saving their assets to sail through the unforeseen condition which led to detachment from the crypto world. When lockdown continued for more than ten months people became accustomed to it and started looking ways for investments by end of 2020. A massive growth is seen in the year 2021 as cryptocurrency became an obvious choice of investment for a lot of users. Crypto jumped because of the money that flooded the markets, and the stimulus that was given to the economies due to shutdowns, which also lead to K-Shaped recovery.
Competitive Landscape in the Indian Crypto Exchange Market
Indian Crypto Exchange market is concentrated among 12-15 players. Several crypto exchange startups in India are gaining traction due to the growing appetite for underinvested crypto assets ranging from the most popular Bitcoin and Ethereum to not-so-familiar tokens like dogecoin, ripple, litecoin and more. CoinDCX became the first crypto unicorn in India valued at $1.1 Billion in 2021; it has integration with international exchanges such as Huobi, Binance. WazirX is leading crypto exchanges in India in terms of crypto transactions (24 hrs) and weekly visits. Crypto Exchange Platforms in India compete on the basis of user-friendly interface, easy and quick KYC norms, advertisement, wide range of investment options they offer and low transaction fees. One of the major competition parameters is the privacy protection, high liquidity, funding and service diversification such as wallet options, using virtual currencies as mode of payment for buying goods/services instead of fiat currency provided by the crypto exchange platforms to their users. The ease of trading and user-friendly interface of Indian crypto exchange platforms which are built in accordance to the requirement of country resident attributes for the highest market share of domestic exchanges in India as compared to the international exchanges. With the crypto exchanges and other companies coming together to lobby for clarity and regulation, India may soon witness the introduction of a new asset class and a decentralized innovation structure powered by crypto.
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
- 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
Request for Sample Report @
https://kenresearch.com/sample-report.php?Frmdetails=NTc0NDIz
Time Period Captured in the Report:
- Historical Period: FY’18-FY’22
- Forecast Period: FY’22-FY’27F
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 below link:
Indian Crypto Market Issues and Challenges
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