With the rapid rise of the digital economy in India, emerging technologies are getting so deeply ingrained in industry value chains that it is difficult to recall an era when they did not exist. Blockchain technology, widely known as the backbone of the iconic cryptocurrency Bitcoin, is one such new-age technology that can transform multiple industries and make processes more democratic, secure, transparent and efficient.
According to a recent study by Inc42 Plus, titled Indian Crypto Exchange, Mobile App Performance Report 2021, India is home to more than 300 blockchain startups.
The report also states that around 72% of the total funding raised by blockchain startups during 2014-2021 came to the cryptocurrency sub-segment.
Rise In Cryptocurrency Adoption In India
With the growing popularity of cryptocurrencies across the country, India stands second in terms of crypto adoption worldwide (just behind Vietnam), according to Global Crypto Adoption Index, 2021. The rise in crypto adoption has also made it the investors’ favorite, and it is the most funded blockchain subsector till now.
How Crypto Exchanges Stack Up Against Each Other
Inc42 partnered with AppTweak to understand how various crypto exchange apps have performed in 2021 in terms of downloads, app power and more. Here are a few takeaways:
CoinSwitch Kuber Is The Rising Star Of Crypto Apps In India
Bengaluru-based startup CoinSwitch Kuber is arguably the first cryptocurrency exchange to resort to mainstream advertising to grow its user base despite the uncertainty over crypto’s future. The company claims to have 90 Lakh users in India and 60% of the market share, with nearly 90% of its revenue coming from the domestic market.
CoinSwitch Kuber Is The Most Powerful Crypto App In India
According to AppTweak, app power is a key performance indicator (KPI) for assessing the overall performance of an app in the Google Play store. It considers various factors such as an app’s competitiveness by category and the app store region overall.
To know more about the performance of crypto exchanges, the emerging trends of blockchain technology in India and the policies impacting the country’s blockchain ecosystem, download the full report here