Cryptocurrency can drive growth in the Indian fintech industry with DeFi platforms

The Indian fintech industry is expected to hit US$84 billion in 2025 with a CAGR of 22%. The fintech industry has started thriving in India since the global digital transformation and the 'Digital India' scheme by the Government of India. It is well-known that there is a rise in cryptocurrency investment or exchange in the fintech sector of India. Investors, as well as fintech companies, are highly interested in the cryptocurrency market for the growth of the Indian fintech industry efficiently and effectively in the tech-driven future. Let's explore the importance of cryptocurrency in the growth of the Indian fintech industry.

The rising demand for multiple cryptocurrencies such as Bitcoin, Dogecoin, Ethereum, and hundreds of others has created a major impact on the economy of any country. Being a developing country, India is now focused on the cryptocurrency market and multiple investors, business people, companies, banks, and other financial institutions have started taking a huge interest in popular cryptocurrencies. A government policy on cryptocurrency holds the potential of ample growth in the Indian fintech industry through more job opportunities, utilizing tech talents, improving financial infrastructures, eliminating scams and frauds, and many more. It tends to increase the revenue and motivate to become one of the global powerhouses across the world.

India can solve multiple financial concerns and issues with the implementation of a decentralized financial platform while accepting cryptocurrencies as a legal payment method. The introduction of the use of popular cryptocurrencies in the cryptocurrency market can make the monetary policy of India stronger and better than the existing one. Bitcoin holds the potential to reduce much burden on regulators such as control over fraudulent activities.  The fintech industry of India has given rise to multiple different fintech companies and start-ups that have successfully raised around US$1 million or billions of dollars from different fundraising events such as Series A, Series B, Series D, and many more from lucrative investors.

The outbreak of the coronavirus pandemic has created a massive loss in the Indian economy. The bull markets of cryptocurrencies can provide sufficient opportunities to earn income from the cryptocurrency market in these unprecedented times. India has a large customer base and transactional volumes that are appropriate for the contributions of cryptocurrency in the growth of the Indian fintech industry.