Region:India
Author(s):Mayank Bhasin, Anchal Gupta
Product Code:KR1158
June 2022
104
By Origin of Company (Domestic and International): Domestic Crypto exchange companiesaccounted for the highest market share as compared to the international crypto exchange platforms on the basis of revenue generated in the year FY’22. Attributed to the ease of trading through domestic platforms as compared to foreign companies where for trading direct monetary fund’s cannot be used.
By Type of Transaction (Regular and Peer to Peer): Regular method of transaction for cryptocurrencies accounts for the highest market share as compared to the peer-to-peer transaction in the year FY’22. Regular mode of transaction is more preferred by the traders as they provide anonymity and privacy protection with safe and secure transaction.
By Geographic Region (Northern, Southern, Eastern and Western): Southern and western region dominated the Indian crypto exchange market with a combined share of ~XX% on the basis of revenue contribution in FY’22. Attributed to the high literacy rate in these regions resulting in aware, educated and tech savvy youth driving the crypto market.
By Age Group of Users (Below 20 years, between 20-40 years, between 40-60 years and Above 60 years): Indian who are most likely interested in trading and cryptocurrency market are aged between 20-40 years accounting for highest market share in FY’22. With an easy access to internet, this tech savvy generation has started to take initiatives to have a strong understanding of cryptocurrency market and its benefits.
By Type of Cryptocurrency (Bitcoin, Ethereum, Cardano, Tether, Binance Coin-USD and Polygon): The Bitcoin has maximum dominance in the cryptocurrency market with highest market share & market capitalization in 2021. Owing to the popularity of bitcoin among users and increased participation from women in bitcoin investments drives the dominance of bitcoin in FY’22
is concentrated among 12-15 players. Several crypto exchange startups in India are gaining traction due to the growing appetite for underinvested crypto assets ranging from the most popular Bitcoin and Ethereum to not-so-familiar tokens like dogecoin, ripple, litecoin and more. CoinDCX became thefirst crypto unicorn in Indiavalued at $1.1 Billion in 2021; it has integration with international exchanges such as Huobi, Binance. WazirX is leading crypto exchanges in India in terms of crypto transactions (24 hrs) and weekly visits. Crypto Exchange Platforms in India compete on the basis of user-friendly interface, easy and quick KYC norms, advertisement, wide range of investment options they offer and low transaction fees. One of the major competition parameters is the privacy protection, high liquidity, funding and service diversification such as wallet options, using virtual currencies as mode of payment for buying goods/services instead of fiat currency provided by the crypto exchange platforms to their users. The ease of trading and user-friendly interface of Indian crypto exchange platforms which are built in accordance to the requirement of country resident attributes for the highest market share of domestic exchanges in India as compared to the international exchanges. However, in coming years despite the regulatory uncertainty and the speculated ban on cryptos in general, international crypto exchanges are eyeing a piece of the Indian crypto market, either through independent operations or through acquisitions. In essence, the crypto industry has a lot more potential to flourish across the country if its pain points can be resolved fast, paving the path for a robust, decentralized financial ecosystem. With the crypto exchanges and other companies coming together to lobby for clarity and regulation, India may soon witness the introduction of a new asset class and a decentralized innovation structure powered by crypto.
Indian crypto exchange market is expected to expand at a CAGR of 30% in between FY’22 and FY’27on the basis of revenue generated. It is anticipated that crypto exchange industry will grow at a substantial rate owing to factors such as transparency in financial payment which is expected to propel the growth of the cryptocurrencies market in the coming years. Digital currencies are created using blockchain technology, which allows multiple entities to keep copies of historic transactions, that means it is not controlled by one central source. This blockchain technology makes the transaction process of cryptocurrencies a lot more transparent and secure. In the initial stages of the introduction of this technology in the country, the growth was a lot slower as the customers and the users weren’t aware of it. But in the coming years with the initiatives taken by Indian crypto exchange platforms to create awareness about cryptocurrency in the country residents via courses and sessions will lead to ever-increasing user base. With India on the path of proper crypto regulation in coming years ahead, the market will witness surplus funding from venture capitals and angel investors, with major players giving out services regarding the cryptocurrency. For example, Tata Consultancy services (TCS) launched a product called as Quartz Smart Solution for crypto for the banking institutions who are dealing in cryptocurrencies. The market is poised to gain significant traction from increasing women participation in the crypto world.
Indian Crypto Exchange Market
By Origin of Company
By Type of Transaction
By Geographic Region
By Age Group of Users
By Type of Cryptocurrency
Non-Indian Exchanges
2.1. Overview and Genesis of Indian Crypto Exchange Market
2.2. Market Potential of Indian Crypto Exchange Market
2.3. Ecosystem of Major Entities in Cryptocurrency Exchange Market
2.4. Value Chain Analysis of Centralized Exchanges
2.5. Value Chain Analysis of Decentralized Exchanges
2.6. Business Models of Major Indian Crypto Exchange
3.1. Indian Crypto Exchange Market Size on the basis of Revenue and Total Transaction Value, FY’18-FY’22
4.1. By Origin of Company (Domestic and International)
4.2. By Type of Transaction (Regular and Peer to Peer)
4.3. By Geographic Region (Northern, Southern, Eastern and Western)
4.4. By Age Group of Users (Below 20 years, Between 20-40 years, Between 40-60 years and Above 60 years)
4.5. By Type of Cryptocurrency (Bitcoin, Ethereum, Cardano, Tether, Binance Coin-USD and Polygon)
5.1. Target Addressable Market, Service Addressable Market and Service Obtainable Market in Indian Crypto Exchange Industry
5.2. Domestic Consumer Demographics: Age group, Gender and Occupational Domains
5.3. Consumer Perception: User-Interface, Customer Experience and Delighters
5.4. Preference for P2P Vs Regular Transaction model for Cryptocurrencies in India
5.5. Trends and Developments in the End User Preferences in the last 5 years
6.1. Trends and Developments
6.2. Growth Drivers of the Indian Crypto Exchange Market
6.3. Issues and Challenges
6.4. Role of Government in the Indian Crypto Exchange Market
6.5. Regulations and Tax Implications in the Indian Crypto Exchange Market
6.6. SWOT Analysis
6.7. Impact of Covid-19 on the Indian Crypto Exchange Market
6.8. Start-Ups (Split by Year of Formation) across Indian Crypto Exchange Market and Other Ecosystem Players
6.9. Segmentation of Funding rounds by – Seed Stage, Early Stage, Growth Stage,2019-2021
6.10. Segmentation of funding, by type of institutional investors – VC & PE Funds and Angel Investors,2019-2021
6.11. Segmentation of Funding by Origin of Funding Source, Entry of International Exchanges,2019-2021
6.12. Investment Analysis of the Indian Crypto Exchange Market, Mergers and Acquisitions in the last 3 years within the Indian Crypto Exchange Market
7.1. Cross comparison of major players in the Indian Crypto Exchange Market (Unocoin, Zebpay, BuyUcoin, WazirX, CoinSwitch Kuber, Bitbns, Giottus, CoinDCX) on the basis of Year of Establishment, Number of Employees, Revenue Generated, Number of Registered users, Country of Origin)
7.2. Company Profile of WazirX (Company Snapshot, About the Exchange, Revenue model, Fee structure, Key Features, Strength, Recent Developments and Key Takeaways)
7.3. Company Profile of CoinDCX (Company Snapshot, About the Exchange, Revenue model, Fee structure, Key Features, Strength, Weakness, Recent Developments and Key Takeaways)
7.4. Company Profile of CoinSwitch Kuber (Company Snapshot, About the Exchange, Revenue model, Fee structure, Key Features, Strength, Weakness, Recent Developments and Key Takeaways)
7.5. Company Profile of Zebpay (Company Snapshot, About the Exchange, Revenue model, Fee structure, Key Features, Strength, Weakness, Recent Developments and Key Takeaways)
7.6. Company Profile of Unocoin (Company Snapshot, About the Exchange, Revenue model, Fee structure, Key Features, Strength, Weakness, Recent Developments and Key Takeaways)
7.7. Company Profile of BitBns (Company Snapshot, About the Exchange, Revenue model, Fee structure, Key Features, Strength, Weakness, Recent Developments and Key Takeaways)
7.8. Company Profile of BuyUcoin (Company Snapshot, About the Exchange, Revenue model, Fee structure, Key Features, Strength, Weakness, Recent Developments and Key Takeaways)
7.9. Company Profile of Giottus (Company Snapshot, About the Exchange, Revenue model, Fee structure, Key Features, Strength, Weakness, Recent Developments and Key Takeaways)
8.1. Future Outlook & Projections for Indian Crypto Exchange Market Size on the basis of Revenue and Total Transaction Value, FY’22-FY27E
9.1. By Origin of Company (Domestic and International)
9.2. By Type of Transaction (Regular and Peer to Peer)
9.3. By Geographic Region (Northern, Southern, Eastern and Western)
9.4. By Age Group of Users (Below 20 years, Between 20-40 years, Between 40-60 years and Above 60 years)
9.5. By Type of Cryptocurrency (Bitcoin, Ethereum, Cardano, Tether, Binance Coin-USD and Polygon)
12.1. Market Definitions and Assumptions
12.2. Abbreviations
12.3. Market Sizing Approach
12.4. Consolidated Research Approach
12.5. Understanding Market Potential through In-Depth Industry Interviews
12.6. Primary Research Approach
12.7. Correlation Matrix
12.8. Limitations and Future Conclusion
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