India Web3 Boom: India Blockchain Week Highlights The Country’s Growing Web3 Potential
According to a report on India’s Web3 landscape, the country is well-positioned to lead Web3 innovations thanks to a vast startup network backed by international funding and local adoption. According to a Hashed Emergent analysis presented on December 4 at the India Blockchain Week conference, India is currently home to more than 1,000 Web3 businesses in the infrastructure, entertainment, and finance sectors.
Nearly 12% of all cryptocurrency developers globally reside in India as of 2024, making it the country with the second-largest development base behind the US. According to the report, by 2027, India will surpass all other countries in this category. The startup ecosystem is also supported by a sizable Web3 founder base.
Global Funds and Blockchain Efforts Drive India’s Web3 Growth
All told, India’s Web3 startups have raised more than $3 billion in funding since 2020. An 82% increase over the previous year, the ecosystem received $462 million in investments in the first nine months of 2024. Initially discouraging people from investing in cryptocurrency, India’s tax system for cryptocurrencies experienced a recovery in 2024 across centralized exchanges, driven by new growth hubs and rising categories.
This surge was led by global Web3 funds, accelerators and ecosystem efforts by leading blockchains,
the report
According to data gathered by cryptocurrency exchange CoinDCX, blue-chip cryptocurrencies make up about 45% of retail portfolios in India, making them the mainstay of the majority of investing schemes. Millennials and Gen Z were the main drivers of the five-fold increase in memecoin trade volume. According to a prediction made by the gaming network Lysto, Web3 gaming would emerge as a major contributor to India’s gaming sector, which is expected to reach $9.2 billion over the next five years due to higher average income per user.
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