India's Crypto Economy
India's Crypto Economy is a brand-new weekly newsletter (delivered every Thursday) from Inc42 to help you decode the rapidly growing crypto economy and its implications on business, work and life. We launched this newsletter on the 4th anniversary of our weekly series “Crypto This Week” which completed 190 editions in May, 2021.
According to a recent ResearchAndMarkets report, the global blockchain devices market is expected to grow at a compound annual growth rate (CAGR) of 48.7% to reach $23.5 Bn by 2030, from $0.3 Bn in 2019. The growth is said to be fuelled by corporate users in banking, financial services, and insurance (BFSI) sector and government offices are increasingly adopting digital tokens.
Speaking to Inc42, Sathvik Vishwanath, cofounder and CEO of Unocoin, said that since the trading restrictions have been lifted, Indian companies have started allowing instant deposit platform, where people can now buy Bitcoins, without any hassles. India contributes to 17% of the world’s population, but if you have seen the volume of trades happening in the cryptocurrency in India, it is not even close to 1% of the world, added Vishwanath.
In other words, the growth has been very slow as there had been no activities, plus the regulations were only lifted in March 2020, and now due to Covid-19 it is taking some more time. “To be in line with the rest of the world, India will take at least one or two years,” he added.
In another report, the global Crypto ATM market was projected to grow at a compound annual growth rate (CAGR) of 46.60% to reach $183.779 Mn by 2024, from $18.513 Mn in 2018. However, given the unprecedented time caused because of Covid-19, the market is expected to plummet in the coming years.
Talking about Unocoin Crypto ATM, Vishwanath said that it is not going to happen in India anytime soon, as the maintenance of the kiosk puts an overhead cost and is expensive. “It is absolutely unviable today. I would recommend users to use cryptocurrency exchange platforms instead,” said Vishwanath.
The price of Bitcoin (BTC) at the time of writing was $8,802.69, with a market cap of $161 Bn, compared to last week (April 26, 2020) which stood at $7,604, with a market cap of $139 Bn.
Ethereum (ETH), on the other hand, was priced at $213, with a market cap of $23 Bn at the time of writing, compared to last week (April 26, 2020), where the price of the cryptocurrency was $195.20, with a market cap of $21 Bn.
Cryptocurrency News Of The Week:
CoinDCX To List New Cryptocurrency ‘CRO’ On Its Exchange Platform
Mumbai-based cryptocurrency exchange aggregator CoinDCX recently announced that it will be listing its cryptocurrency CRO token on its exchange platform. The token will be traded in two pairs CRO/BTC and CRO/INR. Earlier this month, the crypto aggregator listed MCO token, which marked the entry of Hong Kong-based Crypto.com’s official entrance into the Inndian market.
Sumit Gupta, cofounder and CEO of CoinDCX, in a press statement, said that at a time when the crypto market is witnessing unprecedented growth in the use of cryptocurrencies in India, there is a need to provide users with an extensive range of crypto-based financial services that can ensure the faster, simpler and uninterrupted flow of capital.
Jaipur-based Flitpay Is Back With Crypto Exchange Platform
Crypto exchange platform Flitpay, which was inactive after RBI’s directives, is back now and up and running with a brand new FLT token. The crypto exchange platform will allow users to trade popular digital assets such as Bitcoin, Ripple, Ethereum among others.
CEO Akash Bansal said that the new version of the cryptocurrency trading platform is in phase 1, where they are rewarding new users with FLT token for KYC approved signups and referral programme. “These FLT tokens are their own exchange token which will definitely hold a handsome value in the future,” he added.
Binance Charity Partners With NGO To Tackle Covid-19 Pandemic
A blockchain-powered donation platform, Binance Charity in partnership with Puerto Rico-based Integro Foundation will be providing urgent relief, working with vetted local non-profit organisations and other sectors to deploy resources efficiently, with fully accountable donations.
Under Binance Charity’s Crypto Against Covid campaign, the duo will be donating over $1 Mn to support Covid-19 relief efforts in the Caribbean region. The funds will be going towards providing PPE medical supplies to hospitals, the medical community and first responders in the region.