Cross-border remittances act as a catalyst in the Indian Crypto Exchange Market - How will it drive the prosperity of digital currency growth in India? Ken Research

The young (20-40 years) demographic primarily forms the largest chunk of the investor base engaging in cryptocurrency transactions.

1. Domestic Crypto Exchange companies capture the major segment of the market accounting for about 70% to 80% in 2021; attributed to growing number of domestic start-ups

Domestic Crypto Exchange Companies accounted for highest market share of around 75% in 2021 attributed to the ease of trading through these platforms as compared to foreign companies where for trading direct monetary funds cannot be used.

Southern and Western region dominated the Indian crypto exchange market with a combined share of ~74% on the basis of revenue contribution in 2021.

Regular method of transaction accounted for the highest market share of ~95% in 2021 because they were more preferred by the traders as they provided anonymity and privacy protection.

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2. Cross-border remittances and decentralized finance will be major traction for investors- Growth Drivers of the Indian Crypto Exchange Market

Cryptocurrency as a cross-border payment medium will make a big difference in the Indian market. Due to great remittance demand, it will drive the prosperity of digital currency growth in India for a long time. Since cross-border transactions traditionally carry high fee using bitcoin or other cryptocurrencies as a cross-border payment medium, Indians can save a large number of remittance fees.

DeFi (Decentralized Finance) has seen an incredible rise over the last year, with there being a $50 Billion market cap and a roughly 80% growth in DeFi at a global level. DeFi also brings in multiple possibilities in the form of improving financial infrastructure, preventing financial fraud, attracting international capital etc. NFTs (Non-Fungible Tokens) have also risen in popularity like DeFi.

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3. Introduction of Central Bank Digital Currency and increasing popularity of NFTs among others is contributing to the visibility of Digital currencies in the Indian Market- Major Trends

Introduction of Central Bank Digital Currency shall lead to a more efficient and a cheaper currency management system, along with the transparency it would bring on a real-time basis, as well as acting as a tool against tax evasion. Also, a would essentially be the same as the paper currency but in a digital format, which means that it would also be sovereign-backed.

Non-Fungible Tokens (NFTs) are becoming an increasingly popular means of movie promotion, with several stars such as Amitabh Bachchan and Salman Khan launching their respective NFT collections. Salman Khan has also become the brand ambassador for Chingari's (A short-video app) NFT Marketplace. Actors Rajnikanth and Kamal Hassan also launched NFT series.

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.