United

2024

Starknet

Higher

India dynamic startup ecosystem, backed by significant global investment and local adoption, is cementing its position as a leader in the Web3 revolution. A <a href="https://cointelegraph.com/news/india-web3-startup-ecosystem-2024" rel="noopener noreferrer nofollow">report</a> released during the India Blockchain Week conference on December 4 reveals that India is home to over 1,000 Web3 startups spanning finance, infrastructure, and entertainment.
According to the study by Hashed Emergent, India accounts for nearly 12% of the world’s crypto developers, making it the second-largest developer base after the United States. By 2027, it is projected to take the top spot, fueled by a growing pool of Web3 founders and an influx of investment. Since 2020, Indian Web3 startups have raised over $3 billion, with $462 million secured in just the first nine months of 2024—a staggering 82% growth year-over-year.
<h2 id="span-style-font-weight-400-rising-investments-and-evolving-trends-span">Rising Investments and Evolving Trends</h2>
This investment surge has been driven by global Web3 funds, accelerator programs, and contributions from major blockchain ecosystems. Much of the funding has been funneled into Web3 infrastructure, underscoring its critical role in the broader ecosystem. Despite initial hesitation caused by <a href="https://thecoinrise.com/indian-investors-wants-revision-in-crypto-taxes-survey/" rel="noopener noreferrer nofollow">India’s stringent crypto tax policies</a>, 2024 has witnessed a revival in crypto trading on centralized exchanges, propelled by emerging markets and new investment categories.
Data from CoinDCX highlights the dominance of blue-chip cryptocurrencies, comprising approximately 45% of retail investor portfolios. Meanwhile, trading volumes for memecoins have skyrocketed, driven primarily by Millennials and Gen Z investors.
Web3 gaming is another area experiencing exponential growth. Industry network Lysto predicts that India’s gaming market will reach $9.2 billion within five years, with Web3 gaming contributing significantly. Higher average revenue per user in this sector underscores the promise of blockchain-powered gaming platforms.
<h2 id="span-style-font-weight-400-regulatory-challenges-span">Regulatory Challenges</h2>
India’s Web3 landscape is bolstered by several government-backed initiatives targeting land registries, digital certification, and supply chain management. Contributions from leading blockchain protocols like Ethereum, Polygon, Solana, and Starknet further enhance innovation and adoption.
However, regulatory hurdles remain a major challenge. The government’s pro-blockchain but anti-crypto stance, coupled with <a href="https://thecoinrise.com/no-change-in-indias-crypto-taxation-despite-industry-push-for-reforms/" rel="noopener noreferrer nofollow">inequitable tax policies and lingering political skepticism</a>, has the potential to stifle innovation. Despite these obstacles, India continues to lead in crypto adoption globally, with strong onchain activity outpacing countries like the U.S., U.K., and China.
India’s unique combination of technical talent, global partnerships, and government-backed initiatives positions it to shape the future of Web3, but overcoming regulatory barriers will be key to unlocking its full potential.
The post <a href="https://thecoinrise.com/india-emerges-as-a-global-hub-for-web3-innovation-report/" rel="noopener noreferrer nofollow">India Emerges as a Global Hub for Web3 Innovation: Report</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

India Emerges as a Global Hub for Web3 Innovation: Report

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