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Tag: blockchain

  • Blockchain Startups In India

    The banking sector has modernized and tried to deal with all types of hindrances in transactions, leakages and ease of process utilising internet. Digital payments have almost ended the sluggish and orthodox process of physical transactions. It just takes few minutes to do the payments using credit/debit cards Or Net banking. Even the business dinosaurs – Google and Amazon have also launched their digital payment platforms as Google Pay (G-Pay) and Amazon Pay respectively. Paytm and UPI have also gained popularity in the last few years. But this doesn’t mean that no further amendments or changes aren’t needed! Banks or Third Parties still charge some pennies while online transaction and bank frauds are on exponential rise. Not even a single bank in this world can guarantee of 100% security of customer data and money. Half of the adults around the world doesn’t have access to financial services because the financial institutions are too far away or too expensive to use. All the banks have very strict rules which must be followed as they don’t show mercy under any conditions. The 2008 financial crisis where several banks failed teaches us that there is no such thing as a trusted third party. They failed because of mismanagement, greed or they can be involved in illegal bank activities. Therefore, to solve this problem, blockchain was coined by Satoshi Nakamoto. The era of digital currency evolved and is now the future of banking system. So, let us see the complete story on the topic- Blockchain Start-ups In India.

    RentalCoins
    Signzy
    LaLa World
    CoinGeto
    Unocoin
    CoinSwitch
    Coinsecure
    ZebPay
    uTrade
    StreamSource

    Bitcoin and Blockchain

    Bitcoin is a type of digital currency that operates independently from a central bank. There are many different blockchains- public and private. They allow anyone to send value anywhere in the world where the blockchain file can be accessed. Think of each chain as an online database stored in a distributed, peer-to-peer fashion. The storage devices for the database are not all connected to common processor and each block – ordered records – has a timestamp and a link to a previous block. The Blockchain is an Internet-based, distributed, public database where transactions can only be added once they are validated through complex mathematics that prove authenticity of the data. It is a public ledger of all the transactions that have ever been executed.

    Also Read: Cryptocurrency and Blockchain: How can it change India?

    Blockchain Start-ups in India

    Blockchain

    Here is a list of the 10 most exciting blockchain startups. they are:-

    1. RentalCoins

    Founded  : 2017
    Location  : Bangalore (India)
    Total Funding : USD 8M

    RentalCoins 1.0 is a private cryptocurrency of the Drivezy, that is a decentralized car rental platform. The tokens are used to create a fleet of collaboratively-owned vehicles accessible to customers. Also offers an app that provides updates on operational vehicles, vehicle blocks and maintenance schedule and information about activity, location, and revenue of the vehicle.

    2. Signzy

    Founded  : 2015
    Location  : Bangalore (India)
    Total Funding : USD 4M
    Investors  : Stellaris Venture Partners, Kalaari Capital, Rajan Anandan and 17 Other Investors

    Signzy is a digital contract platform which enables digital drafting and signing of legal contracts. Customers need to upload their contract in PDF/DOC format or choose a standard contract format. Signzy verifies the signature and identity of the user and also stores the contracting history on the cloud for future reference. Claims to guarantee non-repudiation of contracts through their biometric user authentication system and block chain based digital trail. The company is running pilots on blockchain technology in the areas of security for financial service companies and of smart contracts on financial assets.

    Also Read: How UPI impacted FinTech Industry?

    3. LaLa World

    Founded  : 2016
    Location  : Delhi (India)
    Total Funding : USD 2M

    LaLa World provides a financial ecosystem targeting the underbanked and migrant population. Provides 5 major products: LaLa Transfer for P2P remittance, LaLa Bill Pay for global bill payments, LaLa Lends for P2P lending, LaLa Card for payments at PoS, and LaLa Kit that contains a mobile phone with pre-loaded LALA Wallet, LALA Insurance, LALA Card, Partners’ products etc.

    4. CoinGeto

    Founded  : 2015
    Location  : Delhi (India)
    Total Funding : USD 2M
    Investors  : Impanix Capital

    CointGeto is a cryptocurrency exchange platform. Users can buy, sell and exchange cryptocurrencies on the platform. Accepts payments via credit card, debit card, UPI payments and bank transfers. The platform supports Bitcoin, Ethereum and GETO tokens.

    5. Unocoin

    Founded  : 2013
    Location  : Bangalore (India)
    Total Funding : USD 2M
    Investors  : Blume Ventures, ah! Ventures, Mumbai Angels and 10 Other Investors

    Unocoin enables users to buy bitcoins by paying INR from any online bank, or through NEFT/RTGS. Uses can buy/sell a maximum of 2 bitcoins per day. It also holds bitcoin campaigns which connect large buyers and sellers of bitcoin in India. Seed round was led by Barry Silbert’s Bitcoin Opportunity Fund. Partnered with BTCJam to offer P2P lending services in India.

    Also Read: 20 Best Fintech Startups in India

    6. CoinSwitch

    Founded  : 2017
    Location  : Bangalore (India)
    Total Funding : USD 2M
    Investors  : Sequoia Capital

    CoinSwitch is an online cryptocurrency exchange. Users can enter the amount and currency to be exchanged, and coinswitch provides options for the best prices. Users can choose among the option, convert the currency, and track the progress. As of Jan’18, supports 100+ cryptocurrencies including bitcoin, litecoin, ethereum, ripple, and self among others.  

    7. Coinsecure

    Founded  : 2014
    Location  : Delhi (India)
    Total Funding : USD 1M

    Coinsecure is an India based Bitcoin exchange and trading platform. It charges a fee of 0.3% per transaction and uses a hybrid wallet solution to store funds in cold storage with a small percentage of funds in the hot wallet for immediate withdrawals. Partnered with OKLink, Hong Kong based company to enable remittances to India.  

    8. ZebPay

    Founded  : 2014
    Location  : Ahmedabad (India)
    Total Funding : USD 1M
    Investors  : Claris Capital

    Zebpay is a mobile Bitcoin wallet app. Users can buy and sell bitcoins using their local currency from the Zebpay app. They can also use their bitcoins to encash them via eVouchers like e-commerce vouchers, airtime and gift cards. Plans to charge its partners a referral commission. Also has plans to charge a fee to merchants using Zebpay to accept bitcoins for premium merchant features. Part of Zeb Ventures private limited registered in Singapore and has its main operation and development office in Ahmedabad, India. Launched in India in March, 2015. Arjun Handa, chief managing director of Claris Life Sciences and Amit Jindal, managing director of Jindal Worldwide, invested around $450K and $150K respectively. Nagendra Chaudhary, chairman at Jaipur-based Triangle Engineering invested $150K among other investors in series A round of funding. As of July 2016, the company has 65K+ users.

    9. uTrade

    Founded  : 2011
    Location  : Chandigarh (India)
    Total Funding : USD 1M
    Investors  : Nitin Jindal, Aiysha Ahmed, Mohit Agarwal and 17 Other Investors

    Financial technology solutions company providing various products including multi-asset trading platform, algorithms and analytics. Offers muTrade, a high frequency trading platform that is delivered along with various automated algorithms; provides detailed portfolio and trading analytics. Products enable investors to analyse latest and historical market and social media information to make smart trading decisions. Has raised $1M till date and has clients in India, Singapore and Dubai and has identified clients in Indonesia, Turkey and Africa. In June 2016, the company launched uClear, a blockchain driven solution that will enable real time clearing and settlement of contracts across the cash and derivatives segments of the financial markets. The first stage of adoption will be led by the Over-the-Counter (OTC) segments without existing central clearing infrastructure such as foreign exchange (FX) and the fixed income securities markets.

    10. StreamSource

    Founded  : 2018
    Location  : Gurgaon (India)
    Total Funding : USD 1M

    StreamSource is a decentralized personal loans marketplace, based on Quorum blockchain. Lenders and debt buyers can initiate & settle transactions that include buying & selling of credit approved leads and loan transactions. Lenders upload their credit models on secure blockchain node and can provide other partners access to their decision model. The platform allows to bid, buy & sell leads to other partner lenders.

  • Recent Trends Fueling Investment in the Indian Market

    India is fast becoming a home for startups. With several initiatives that were undertaken by the Government to strengthen the economic state of the country, startups have witnessed a growth in mobility, food tech, gaming, and many other fields. The Confluence of social as well as technological factors has deeply impacted the investment scenario in the country. With the private sector underutilized, investments in the Indian market have increased.

    The 21st century is all about Technologies like augmented reality and IoT, the new addition to the family being Blockchain Technology. This technology is not only limited to the creation of Bitcoin but has other applications too, which has raised a hype on the market.  If explored its full potential, this technology can bring about revolutionary changes in various segments.

    Investment Trend in India

    Over 22 major languages are written in 13 different scripts and over 19, 500 dialects, that’s India, a culturally and linguistically diverse nation. These numbers clearly indicate a massive opportunity in the Indian market for vernacular interface and content. It aims at accommodating non-English speaking users with internet access and a medium to pitch in their ideas. People are making investments in different industries that are trending in the startup world. Let’s take a look at the industries that are trending and are becoming hot zone for investments.

    ESports
    Social Commerce
    Live Streaming
    Fintech
    Direct-to-Consumer
    Blockchain Technology

    ESports

    Esports has exploded with popularity and is one of the fastest-growing industries in the world. Esports and gaming took off with the release of Xbox in early 2000, even though the concept of video games had been there since the 1970s. Realizing the potential in this segment, developers pitched in this virtual world. By the year 2024, the global revenue of this industry is set to reach $1.08 billion

    Social Commerce

    Through social commerce, a user can browse and compare products on social networking sites, say Facebook, and then make the purchase on Facebook itself rather than going to the company’s website to make the purchase. Currently, there are three social media sites that own the social commerce space: Facebook, Twitter and Pinterest. It is revolutionizing the face of online shopping and moulding e-commerce to give the customer a more social experience involving friends, family and peers.

    Live Streaming

    By providing real-time content, live streaming is a new way to attract and engage users by enabling them to connect instantly. The viewers can also communicate with each other on this platform. It gives the product or the service immediate feedback. This is a powerful marketing tool that the users find interactive and more engaging.

    Fintech

    With global giants zeroing on this space, financial technology is on the roll due to several reasons. With vast discrepancies in the country’s banking system, growing smartphone ownership, increasing access to the internet, a booming e-commerce market, and availability of a large talent pool with knowledge of both technology and financial services.

    Direct-to-Consumer

    Direct-to-consumer brands are transforming conventional and established marketing solutions by causing a fundamental change in the relationship of the brand with the consumers. Global suppliers are accessible now and consumers are willing to experiment with new brands that they discover online. Consumers are quite discerning in the quality of items they purchase, this is exactly what the DTC offers, a risk-free online shopping experience.

    Blockchain Technology

    Blockchain Tech has attracted the attention of people and has extreme potential to go big in the future. Apart from cryptocurrencies like Bitcoins, it has many other potentials in the field of healthcare, insurance, artist royalties, voting and welfare benefits. NFTs are also peeking its head through this technology and people are taking an interest in them.

    Conclusion

    The startup ecosystem in India is growing every day, people are finding this enigmatic and are keeping their interest in these fields. It is quite natural that investors are going to follow the trends as they give hints about which market is in for the long run. Investors create their strategies according to them and invest in those fields.

    FAQs

    What is Blockchain Technology?

    Blockchain Technology is a public ledger that exists across the network and is decentralized in nature and it can be distributed digitally.

    What is a Market trend?

    A market trend is the moving of the market in a particular direction and it can be identified by price action.

    Esports is quite popular in India, the gaming industry has rapidly grown over the years.

  • LogYcode – Digitizing and automating the Logistics and Supply Chain

    Logistics and supply chain management are the most important attributes for manufacturing and servicing industries. For any business in the ecosystem, an optimized logistical chain is a must. With the vision to create a platform or a marketplace and a central grid which will facilitate the trade stakeholders’ single window digital solutions expediting seamless supply chain movement, Dr. Ambrish Kumar launched LogYcode in 2018.

    LogYcode aims to digitize and automate the logistics and supply chain industry.

    LogYcode Highlights

    Startup Name LogYcode
    Headquarter Delhi NCR
    Sector Logistics and Supply Chain
    Founders Dr Ambrish Kumar
    Founded 2018
    Parent Organization LogYcode Tech Solutions Pvt Ltd
    Website logycode.com

    LogYcode Details

    LogYcode – About and How it works
    LogYcode – Target Market Size
    LogYcode – Founders and Team
    LogYcode – How did it start?
    LogYcode – Name, Tagline, and Logo
    LogYcode – Startup Launch
    LogYcode – Business Model and Revenue Model
    LogYcode – Startup Challenges
    LogYcode – Advisors and Mentors
    LogYcode – Growth
    LogYcode – Awards and Recognition
    LogYcode – Future Plans

    LogYcode – About and How it works

    The web and mobile application ‘LogYcode’ is an e-cloud based platform that can be accessed from anywhere, anytime and using any device that is connected to the internet. The portal facilitates and encompasses almost all prerequisites and mandates of the freight forwarding cycle. It provides the most cost-effective match between freight forwarders, exporters, importers on one hand and air freight carriers on the other. It enables precisely instant and spot price comparison between the preferred carriers for any origin-destination pair based on the customers’ query input and consequently places booking with the opted carrier.

    LogYcode provides an outright digital and integrated experience of the whole freight forwarding process as an alternative to the scattered transaction gateways that a freight forwarder usually goes through. The wide experience states that cost efficiency is directly proportional to the digital integration of processes, which leads to lesser head costs, visibility of the most competitive pricing options, disentangled paperless documentation, archiving of data in e-clouds, reduction in turnaround time, and so on. By syncing all real-time air cargo data into one cloud platform, the customers ought to get what they want: speedy and reliable deliveries, exceptional transparency, and an overall hassle-free logistics experience.

    Furthermore, LogYcode is an online software with multiple user access and does not require any installation or troubleshoot hassles. The customers are given the convenience of both web and Mobile App versions which are synced and equipped with all features. LogYcode offers the only Mobile App service in India offering unique features like real-time Air Freight live rate comparisons, booking of cargo through App, preparation and management of Airway Bills which is a one of a kind experience that freight forwarding professional could not have imagined even till a few months back.

    The customer is given the convenience of preparing Master and House Airway Bills, Manifests within the portal. E-transmission of FWB and FHL data is capacitated which permits end to end real-time tracking of shipments. Finally, the invoices can be retrieved from the portal after the execution of the shipment. The customer can refer to air freight published tariffs and surcharges of all carriers from pan-India locations. With the use of Machine Learning, Artificial Intelligence, Internet of Things and the latest technologies, bring about utmost transparency and visibility to the customer and the parties involved in the supply chain thereby embracing blockchain technology.

    LogYcode’s business model can be stated as an amalgamation of technology with logistics, using state-of-the-art technology to develop a logistics e-marketplace wherein a freight forwarder, shipper, exporter, importer can shop and ship their cargo and avail supply chain services like transportation, warehousing, customs brokerage and so on, experiencing seamless transactions with utmost transparency and visibility. In a nutshell, LogYcode provides cost-effective, efficient and quick means to improve the quality of work.

    Also Read: Cryptocurrency and Blockchain: How can it change India?

    LogYcode – Target Market Size

    The Logistics industry is dynamically evolving as the fastest growing industry globally. The Indian logistics sector is currently at a worth of $160 billion which is expected to reach $250 billion in the next 5 years at a CAGR of 10.5%. The global market size of the logistics industry is $ 4730 billion.

    The coming decade is ought to be a revolution for logistics and supply chain in terms of technological advancement. Technological innovations like Robotics augmented reality, vision picking has already been implemented in warehousing, RFID (Radio Frequency Identification) and shipment tracking systems help in virtually trailing the shipments,

    Machine Learning and Artificial Intelligence leading to predictive and prescriptive analysis beneficial for identifying and targeting prospective and highly profitable business opportunities, production optimization and improving operational coherence. As customers are now addicted and obsessive about pocket services, mobile apps and single dashboards are making way to replace elongated manual procedures. This is the era when consumers cannot wait and so trade cannot wait, so we also witness drones, airships, and hyperloop coming into existence.

    Also Read: List of Top Logistics Startups in India

    LogYcode – Founders and Team

    Dr. Ambrish Kumar is the founder and CEO of LogYcode Tech Solutions Pvt Ltd. He holds the acumen of 12 years of experience in stalwart diverse combinations in the domains of Logistics, Freight Forwarding, CFS, Operation, Supply Chain Management, Warehousing & Evaluating New Project Movements. He has held senior management pedestals of different reputed organizations like APM Terminals India Pvt. Ltd., Eastern Cargo Carriers India Pvt. Ltd and his penultimate tenure were with S.A. Consultants and Forwarders Pvt Ltd, one of the largest logistics company of North India, in the capacity of COO before venturing into establishing LogYcode.

    He has an affluent academic background, having obtained PHD. in Economics, with his thesis on ‘Industrial Policy and Industrial Growth’. Also, his qualifications include M. A. in Economics and an MBA in International Trade. Furthermore, he is a motivational speaker, trainer and an active orator in various educational institutions.

    Mr. Vikas Kharbanda, the co-founder of the company has also been highly instrumental in taking the concept and implementation promptly. He is a professional with over 19 years of experience in various functional areas including Sales, Customer Support, Operations, Marketing and Business Unit leadership roles in various organizations like APM Terminals, Hind Terminals, INTTRA and Kuehne Nagel.

    Mr. Ashish Asaf, the founding member of LogYcode, has remained the Vice-Chairman of S. A. Consultants and Forwarders Pvt Ltd which is one of the largest neutral wholesale freight forwarding companies of India. The logistics fraternity harbors an inevitable relationship with him and sees him as a youth icon because of his supreme success. Ashish Asaf also holds the fame of the ‘Face of the Future’ title and award honored by India Cargo Awards, the most esteemed and renowned award in the Indian Freight Forwarding camaraderie. He is also consulted by various Government trade bodies for advice on the contemporary logistics ecosystem.

    LogYcode – How did it start?

    Along with a perceptive inclination towards technology, artificial intelligence, and human development, the impetus to establish LogYcode is attributed to three major factors. Primarily, the increasing logistics and supply chain cost compels for integration and digitalization of the processes offering single-window solutions. Another major aspect is attributed to improving Government policies and initiatives to bolster the logistics industry and multiply global trade opportunities and investments. The e-commerce industry is overhauling the conventional logistics industry. It offers absolute customer experience like effortless booking of consignments, smooth transaction gateways, transparent tracking, accurate delivery predictions.

    The enormous logistics industry is yet to adapt to the technological advancement and the need of the hour. The initial people are the veterans of the industry and the Vikas, perceived coining of the idea and its execution as a revolution in the logistics market and straightaway planned to join hands to make it a success. The development started for an ERP system for M/s S.A. Consultants and Forwarders Pvt Ltd which is one of the largest neutral freight forwarding companies of India.

    Soon after, the development of a prototype model portal for the customers of SA Group was carried out which was highly innovative addressing the ground realities and pain points of the customers/ clients of the company digitally. The then MD of the SA Group also found the LogYcode portal working successfully for his customers and also increasing revenue for his company with phenomenal turnaround times.

    Tagline of LogYcode is – “Logically coding your future”

    LogYcode, the first half of the name refers to Logistics and logic. The whole idea and the venture is to decode the entangled logistics processes into a simple 5 steps/ clicks process. The code also symbolizes digitization. Hence digitization of the logistics sector logically, thereby leading to a bright future for the customers and the industry.

    LogYcode – Startup Launch

    LogYcode is comparatively a very new startup in the Logistics arena. The idea of LogYcode was conceptualized in November 2017 and the company was incorporated in March 2018. The portal was started serving the B2B model for the freight forwarders of the air freight forwarding sector. The air freight forwarding sector is still working on an orthodox model with multiple windows, time-consuming workflows, scattered gateways, unorganized entities, and low-margin profitability due to sheer competition.

    LogYcode’s initial target consumers happened to be the direct customers of its client M/s SA Group whom the portal was provided without charging any premium. The clients found the portal easy to use, with a seamless user interface and a one-stop solution for most of their work process. The clients started accepting the portal as it was complimentary and served a great deal of their routine work thereby saving time, increasing work efficiency and highly cost-effective. Since then, the journey has been a very enthralling affair. Within just a short span of 8 months, LogYcode recorded approximately 964 users across India.

    LogYcode – Business Model and Revenue Model

    LogYcode has planned customized models based on customer requirements. LogYcode has both customer and vendor portals. There are multiple subscription options and pricing structures based on criteria like Volume of business, Per transaction, per user, and so on. Also, LogYcode software works in the SaaS model as well as per the working requirements of the client.

    Also Read: 5 Types of Business Models Fruitful for High-Income

    LogYcode – Startup Challenges

    The Logistics industry still inadequately strives on an orthodox approach of working, whereas the closest counterparts, the passenger air travel industry, is now majorly based on e-booking platforms and smooth paperless transactions. The customers are accustomed to using emails and phone calls for inquiries and paper-based transactions that spur an initial reluctance to a technological transformation or any kind of change.

    LogYcode – Advisors and Mentors

    The founder Dr. Ambrish Kumar is a mentor and leader of LogYcode and a great visionary who has a clear vision of the future of not just the industry and its stakeholders but how to integrate the various stakeholders of other industries as well.

    LogYcode – Growth

    The recognition and acceptance of LogYcode as a unique revolutionary innovation by the customers just within a span of 8-10 months itself is the biggest achievement. As per March 2020, it has close to 1600 users/ consumers on-board across India and globally. While its control tower happens to be in Delhi NCR, though it has other counterparts across India. As the LogYcode platform creates an e-marketplace where the logistics service seeker from any part of the world can access it anytime from any device connected to the internet.

    LogYcode has received overwhelming penetration and recognition amongst the customers after the implementation endeavors. It has largely carried out training and demonstrations to its customers on a pan-India basis. The customers understand the dire need for automation of processes, accuracy, transparency, visibility thereby reducing turnaround time and following best practices. The sheer conception of saving time, cost and manpower and rather using these elements for more productive endeavors is accepted by the customers phenomenally.

    LogYcode – Awards and Recognition

    • In July 2019, LogYcode became a certified member of IAMAI (Internet and Mobile Association of India).
    • Again in July 2019, LogYcode Tech Solutions Pvt Ltd was recognized as a startup by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry, Government of India, aligning with the #startupindia initiative.
    • In August 2019, LogYcode was recognized and awarded as the “E-Commerce Startup of the Year 2019” at the 10th All India Maritime and Logistics Awards 2019 (MALA 2019).
    • In Nov 2019, LogYcode became a certified member of NASSCOM and NAP (neutral AIR PARTNER) Association.
    • LogYcode was awarded Certificate of excellence in the category “Vibrant Startup of the Year 2019” by Startup City Magazine
    • The startup also happened to be recommended among the contenders in the pipeline for the digital logistics services for Indian Ports Association (IPA).

    LogYcode – Future Plans

    LogYcode plans to expand outside India on a large scale in a coming couple of years as the team understands that there is a sheer requirement of digitization of the logistics sector globally which is still not at par with the other industries. Hence they plan to create a huge network in the supply chain integrating all stakeholders for smooth movement of trade.

    Also, the team is working to use advanced technologies like Machine learning, AI, IoT to ensure stark visibility and transparency in the movement of goods much needed for achieving high standards of service levels with minimal risk involved.

  • Cryptocurrency and Blockchain: How can it change India?

    The world is evolving at an expeditious speed, so is the world of money and business. The up to the minute development is money in the form of cryptocurrency. A cryptocurrency is a form of digital or virtual currency created to work as a medium of exchange. Cryptography is used to carry out and verify transactions. The creation of new units of a particular cryptocurrency is also controlled. Collectively, cryptocurrencies are finite entries in a database that no one can modify unless specific conditions are fulfilled.

    Introduction
    Market Size and Overview
    Scope of Cryptocurrency
    Growth and Future of Cryptocurrency in India
    Conclusion

    Introduction

    Blockchain is irrefutably an inspired invention – originated from a person or group of people known by the alias, Satoshi Nakamoto. In the easiest way, blockchain can be understood as a time-stamped series of inflexible records of data that is managed by a cluster of computers rather than any single entity, every single block of data is secured and bound to each other using cryptographic principles. This forms a blockchain.

    Market Size and Overview

    Bitcoin holds the paramount supremacy in the cryptocurrency market with around 45% of market share & a massive market capitalization of $142.2 Billions  (Rs  9.25  Trillion).  Altcoins, is the term used for other cryptocurrencies which includes other 1550 currencies that are traded.

    India’s crawl into the cryptocurrency market coincided with 2017’s massive spike in prices, when 1 Bitcoin became worth $20,000 in valuation. The immense popularity and massive movement, caught the attention of the Reserve Bank of India (RBI) and the government, leading to an official warning in December 2017, with the then Finance Minister Arun Jaitley confirming that the government did not see Bitcoin, or any other cryptocurrency, as legal tender.

    Soon after the dazzling start, came the downfall. From a whooping 15,000 units per day towards the end of 2017, cryptocurrency trade in India lost almost 90% hitting a mere 1,500 units as of March 2018.

    The individual values of such currencies also perished. Bitcoin, the most famous virtual currency, rose from $1,000 a unit at the start of 2017 to over $20,000 by the year end ripped off back to below $8,000.

    Also Read: Recent Trends Fueling Investment in the Indian Market

    The investor sector took the hardest hit. The top e-currency exchanges of India who were shaking hands with around 2,00,000 and 3,00,000 investors a month; came down to around 50,000 maximum.

    But, to everyone’s wonder, Bitcoin made a profit over 44% in value nearly 16 months RBI banned virtual currencies.In July, 2018, Bitcoin was at $6,541.79 which rose upto $9,450.68 in October 2019, securing a rise of 44.47% during the period.

    Scope of Cryptocurrency

    Even after the initial slowdown in India, cryptocurrency is now back in the ring. Demonetization strengthened people’s faith  in virtual currency

    The cryptocurrency market is estimated to rise upto USD 1.40 billion by the year 2024, at a CAGR of 6.18% during the forecast duration. It has become a new favourite of  entrepreneurs, SMEs, start-ups, are taking an interest in cryptocurrency due to its revolutionary concept to counter transactional conformity.Owing to factors like safety and reliability, the scheme attracts extensive venture funding, partnerships , collaborations, and amongst cryptocurrency solutions providers to provide end-to-end solutions.

    The Indian market has about1548 cryptocurrencies which are currently functional in the market as an alternative to Bitcoin.

    For a country like India, where everything is weighed on a scale of monetary worth, the only way to beat cash is to make a currency that is more worth than cash.

    Other than that, native companies know more about the Indian consumer mindset than anyone else. The only way crypto economy can be established, is letting the population step into game, with a crypto exchange and a wallet. This would prove to be humongous difference for the blockchain community.

    Also Read: What is algorithmic trading?

    Growth and Future of Cryptocurrency in India

    India underwent a relationship of sorts with blockchain. On the one hand, the Indian government has shown tremendous inclination towards blockchain technology, initiating government-sponsored blockchain projects in nearly half the Indian states.

    At the same time, the government has displayed amounts of indecision towards cryptocurrency, it wanted to control its growth by enabling measures for the same.
    As per recent reports, the adoption of bitcoin might see a significant boost in 2020. According to research company Arcane Research, Bitcoin trading volumes have increased more than 100% in just a week’s time.

    In the report given on the 9th of January, the company states that the 7-day average for Bitcoin rocketed upto 126% in 2020’s first week. $1.5 billion were traded just on the 8th of January.This is a huge development, considering that only $192 million was traded on Jan 1.

    The governments and the central banks might be more affectionate to digital currencies, taking the demand to a new zenith. The cryptocurrency market alters everyday, with new currencies in the game proving to be more profitable than the existing. According to crypto traders, Bitcoin would climb to a new peak of $20,000 in early 2020.

    Conclusion

    Despite India’s curious stance, there is a ray of cautious optimism towards the cryptocurrency domain. Positive regulations by the government  seems to be gathering significant momentum, and most experts are convinced that India won’t be saying goodbye to cryptocurrencies anytime soon.

    India is undergoing an economic slowdown, and cryptocurrency can effectively help. The blockchain domain has seen a tremendous rise in the number of jobs, other than jobs it can help in attracting new foreign venture capital investments into Indian startups, evidently, the total amount of funds raised globally in ICOs in 2019 is over $346 million. It can also offer the opportunity to bank the massive 300M+ unbanked people in India.

    It can be assumed that cryptocurrency is here to shine, so as a developing nation rather than taking a step back we might as well consider a progressive approach to a sector that is nascent, growing multitudes and has transformational potential.