BENGALURU: The cryptocurrency market in India is booming with an increase in the number of investors and also with new crypto exchanges entering the market.
This momentum is likely to continue in 2022. Crypto exchanges hope that 2022 will be a big year for them as they are also awaiting an upcoming Bill that regulates the market.
“The Indian crypto industry is waiting for an official statement from the government. We believe that regulatory clarity will help address misconceptions around crypto asset investing and encourage more Indians to start their crypto investing journey,” said Ashish Singhal, Founder and CEO, CoinSwitch Kuber.
CoinSwitch, which turned into a unicorn in 2021, said in 2021, 1.4 crore users spread across 4,000 cities have traded over Rs 1.58 lakh crore in crypto assets through its platform.
Apart from bitcoin, 2021 saw the metaverse revolution. According to a report by Allied Market Research, the global crypto market size was valued at $1.49 billion in 2020 and it will reach $4.94 billion by 2030 at a CAGR of 12.8%.
NFTs to disrupt industry
Many celebrities are joining the Non-fungible Tokens (NFTs) bandwagon, and NFTs are now becoming a buzzword among investors. “2022 will see a rise in native blockchain protocol. Composable blockchain protocols like Ethereum, Algorand, Solana and Cardano will host new upcoming tokens and projects. The new trend of launching enterprise tokens on blockchain will surely pick up in the coming years and this will boost the creator economy forward,” said Sathvik Vishwanath, Co-founder and CEO, Unocoin.
He added though NFTs are at infant stage, both retailers and institutions are taking a big interest in them and this trend will get bigger.
Sumit Gupta, Co-founder and CEO of CoinDCX, also said that NFT will continue to be a prominent topic and will disrupt the gaming, art, and creative industries, among others.
“Nations all around the world are looking at the possibility of launching and examining a pilot program for their national digital currency. There’s a good chance that 2022 will be the year when other countries create their own CBDCs (Central Bank Digital Currency),” he added.
Nitin Sharma, Partner & Global Blockchain Lead, Antler said, “In Web3 and DeFi, there is a new Internet and a new financial system being built - with DAOs (Decentralised autonomous organisation), crypto, NFTs as the building blocks.
The world is now ready for thousands of new founders to leverage this opportunity and create a decentralised Web3 that will take shape within the next 4-5 years.”