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Mapping Out India’s Blockchain Ecosystem

India's Blockchain Ecosystem global coin research

In a recent Flippening Podcast hosted by nomics CEO Clay Collins, GCR Founder and CEO Joyce Yang addressed the top trends around Asia cryptocurrency and blockchain in 2020. India, in particular, has been a standout as the awakening elephant in the room in the last year.

India’s Blockchain Ecosystem is a Burgeoning Trend

As summarized by Joyce in her interview “I see India, Singapore, the trading market & the lending market being driving forces in Asia and pushing the industry along. Asia has one of the most robust hubs for crypto and blockchain.”

For example, here are some rising trends in India:

  • There have been a flurry of exchange and crypto activities in India until 2 years ago when central bank decided to stop offering banking services to crypto businesses
  • Nevertheless, there is a  strong appetite for cryptocurrencies and derivatives in the nation
  • Just in the past month, the Supreme Court of India has ruled against a decision imposed by the country’s central bank 
  • And now things are being turned around at a rapid pace
  • OKex, Binance and Kraken are all accelerating and moving into the country
    • Binance already made acquisition with WazirX last year; now have set up a $50 million fund to reinvigorate growth in blockchain startups
    • OKEx now partnered with Mumbai-based CoinDCX 

To learn more about the the interview, checkout Joyce’s presentation below and listen to the podcast here.

OKEx Take on the Blockchain Ecosystem

Recently, the OKEx team has also shared with us some of their findings on India’s Blockchain Ecosystem. As an active player in the country with their recent partnership with CoinDCX, we highlight here some of their take on the ecosystem.

For one, the team sees multiple driving forces speed up the development of cryptocurrency in India, specificially:

1) India’s large remittance demand promotes the use of cryptocurrency

India's Blockchain Ecosystem global coin research
India's Blockchain Ecosystem global coin research

2) Cryptocurrency as a means for converting Rupee to more stable fiat currencies

India's Blockchain Ecosystem global coin research

3) Loosen government policy help to promote cryptocurrency market development in India. Since March 4, 2020, the Supreme Court of India has struck off the Reserve Bank of India’s (RBI) banking ban against cryptocurrency. After the policy was loosened, the increase in trading volume was not only reflected in local exchanges, but also the global major exchanges. In fact, many existing exchanges have reconnected bank deposits, some closed exchanges are restarting, and some new exchanges are going to open.

For example, OKEX revealed that they will launch a P2P trading platform in India soon, and Indian users will be able to buy Bitcoin、USDT and other cryptocurrencies with Indian Rupee via multiple payment channels.

Mapping Out India’s Blockchain Ecosystem

At present, the Indian cryptocurrency ecosystem is still under development and is gradually improving in terms of exchanges, media and foundation.

India's Blockchain Ecosystem global coin research

In addition to the well known exchanges such as bitbns, CoinDCX and Zebpay, there are many other exchanges in India as well.

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