June 19, 2024
Blockchain boom in India: 450 Web3 startups, .5 billion investment in 2 years


September 19, 2023 4:22 pm | read 2 minutes

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Blockchain technology is rapidly gaining popularity in emerging economies as a means of establishing trust-based systems. India stands as an example, with both local and state governments launching various initiatives to adopt blockchain. The technology is being used for services such as data management and issuance of verifiable certificates.

Also read: India to launch self-reliant web browser with crypto features, reducing foreign dependency

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What happened: Notably, India has witnessed a rapid influx of various global Web3 players. According to the 2022 NASSCOM Indian Web3 Landscape Analysis Report, the country currently boasts over 450 Web3 startups, and has received investments of over $1.5 billion between 2021 and 2022. The report further states that 11% of the global Web3 talent is located here. India ranks third globally.

The Indian market is booming with developers and startup communities active in the blockchain sector. Airchains is a Web3 startup focused on middleware software-as-a-service (SaaS) platforms. Co-Founder and CEO, Ankur Rakhi Sinha spoke to CoinTelegraph and indicated that both enterprises and institutions are impressed by the benefits of blockchain. About 56% of Indian businesses show inclination towards adopting blockchain technology.

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Providing an example, Sinha highlighted a recent collaboration with the New Town Kolkata Development Authority, where they used NFTs to officially update property ownership records during sale or transfer. Additionally, organizations such as the National Payments Corporation of India and the Unified Payments Interface are exploring and testing the potential of blockchain technology. Additionally, public sector banks are looking to experiment with blockchain.

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India ranks second in crypto transactions

A new report from Chainalysis, reported by The Block, shows that India has become the world’s second-largest crypto market based on raw transaction volume. Despite the difficult regulatory and tax environment, total volume from July 2022 to June 2023 was approximately $269 billion.

Although India ranks above countries like the UK, Turkey and Russia, the US is the world’s largest crypto market, with Central and Southern Asia and Oceania accounting for 20% of the world’s cryptocurrency market.

Currently, India taxes cryptocurrencies at higher rates than most countries, with a 30% cut on profits and a 1% tax on all transactions. Uneven application of transaction tax is likely to pose a threat to domestic exchanges.

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Now read: Bitcoin climbs Mt. Gox Rumors; Trading Firm Expects Drop to $22K Soon

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