crypto: India’s ultra rich, top firms join crypto bandwagon, industry players give thumbs up

Synopsis

The crypto community, particularly in India, is getting an adrenaline rush with big names joining the crypto and blockchain space. They are seeing it as a good omen for the industry at large, with a hunch of more additions soon.

Earlier this week, IT major Tech Mahindra announced the launch of TechMVerseNew Delhi: India’s ultra rich individuals and top corporates are now joining the crypto bandwagon amid the rising volatility in the global cryptoverse.

According to a Knight Frank report, about 18 per cent of Indian ultra high-net worth-individuals (UHNIs) now own cryptocurrencies or tokens, and 11 per cent have invested in NFTs (non-fungible tokens).

Earlier this week, IT major Tech Mahindra announced the launch of TechMVerse, its Metaverse practice to deliver interactive and immersive experiences in the Metaverse for its customers.
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The crypto community, particularly in India, is getting an adrenaline rush with big names joining the crypto and blockchain space. They are seeing it as a good omen for the industry at large, with a hunch of more additions soon.

They believe that new trends such as Metaverse and Web3 are gaining traction for their ability to connect with people using digital avatars. These technologies have a potential to generate many new opportunities to cater to future needs.

Edul Patel, CEO and Co-founder of Mudrex said that the government’s new policies will encourage more companies to join in building the Metaverse and Web3 space, boosting our Digital India visions.

Web 3.0 intends to host more open, a whole world of opportunities for India. It will be much more immersive and interconnected with virtual experiences.

Companies are taking the lead to aggressively develop their customized suite of solutions centred on the metaverse to grow the next phase of the internet, said WazirX in its note to ETmarkets.com.

The popularity among individuals and developments in NFTs, cryptocurrencies, 3D avatars, Metaverse, Web3, and immersive gaming will soon create multiple opportunities for IT players in the global market, said the market players.

As per the Nasscom report, the scope of CryptoTech in India is expected to grow twice faster and can create more than 8 lakh jobs By 2030.

The recent progressive development from the Indian regulators has boosted confidence and instilled hope in the minds of investors who were sceptical about India’s position on crypto, said WazirX.

“Crypto is primed to take our PM’s Digital India mission forward and contribute to our $5 Trillion economy vision,” it added. “Crypto will overcome the barriers to create more opportunities and access to jobs, investment and capital.”

Market players are bullish over the industry prospects in the year to come. The diversity among digital assets will significantly increase.

2021 was the year that crypto investments went mainstream. Market players said that Web2 enterprises will shift to Web3 ideas to remain relevant, which will be the next big step.

The sector’s growth was certainly eyewatering. According to the Economist magazine, the global value of cryptoassets was $2.4 trillion at the end of 2021, a 12-fold increase since early 2020, the Knight Frank report added.

“The new big tech companies such as TCS, Tech Mahindra, Infosys have already started to provide metaverse services driving digital growth in India,” Patel from Mudrex said.

He added that businesses and financial institutions will become familiar with these assets’ new opportunities, taking digitalisation to the next level.

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Updated: 03/04/2022 — 07:00