Indian corporates join crypto bandwagon amid Russian invasion

March 8, 20200

By Priyanka Shetty

Crypto price crash sparked by Russia – Ukraine has not deterred Indian investors as many rich individuals and corporates are ready to join the crypto bandwagon according to the Economic Times.

Here’s what we know:

  • According to a Knight Frank report, about 18 percent of Indian ultra high-net worth-individuals (UHNIs) now own cryptocurrencies or tokens, and 11 percent have invested in NFTs (non-fungible tokens). Recently, Tech Mahindra, a tech company has announced the launch of TechMVerse, which is a practice to deliver interactive and immersive experiences in the virtual 3D world.
  • The crypto community is thrilled with the news of big names joining the crypto and blockchain space and considering it to be a positive way ahead for crypto in India. They believe that trends such as Metaverse and Web3 have a potential to generate many new opportunities to cater to future needs.
  • Edul Patel, CEO and Co-founder of Mudrex said that the government’s new policies will encourage more companies to join in building the Metaverse and Web3 space, boosting their Digital India visions. Wazir X said that the recent progressive development from the Indian regulators has boosted confidence and instilled hope in the minds of investors who were skeptical about India‚Äôs position on crypto.
  • As per the Nasscom report, the scope of CryptoTech in India is expected to create more than 8 lakh jobs By 2030. According to the Economist magazine, the global value of cryptoassets was $2.4 trillion at the end of 2021, a 12-fold increase since early 2020.
  • Market players are positive that developments in NFTs, cryptocurrencies, 3D avatars, Metaverse, Web3, and immersive gaming will soon create multiple opportunities for IT players in the global market.

 


About the author

Priyanka Shetty is a freelancer writer based in Bengaluru.

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