According to a report by a broker discovery and comparison platform named BrokerChooser, India tops the table for the number of crypto users in the world, with more than 10.7 crores with no one around having the United States at 2.74 crores and Russia at 1,74 crores.
Not only this, but regarding the percentage of the population using cryptocurrency, India holds the fifth spot proudly with 7.30% and is expected to grow in the coming decade.
India is witnessing trade by crypto in millions per day and primarily by the age group of 25-40.
Looking at the market opportunity and volume, many cryptocurrency projects emerged in India and gained success as well.
Top cryptocurrency projects from India
Let us have a look at the top cryptocurrency projects from India that is dominating the world.
Polygon
Polygon is a protocol and framework for building and connecting Ethereum-Compatible blockchain networks. It was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. This framework merges Ethereum and sovereign blockchains into a multi-chain system close to many available systems like Polkadot, Cosmos, Avalanche, etc. With its complete suite of ETH-scaling solutions with 8 different products, it enables developers to develop scalable user-friendly decentralized apps (dApps) with minimal transaction fees and high-security assurance. Moreover, the polygon token, also known as MATIC, supplies 7.44 billion tokens. It has a market cap of 6.2 Billion USD.
Features
It serves a number of characteristics, responsible for its success:
- Ethereum Compatibility
Ethereum compatibility has been an extensive idea for the project and it does it very well.
- Scalability
It allows developers to scale their dApps very easily.
- Security
It has a team of active validators and other security mechanisms to ensure high security.
- Modularity
Customisation, upgradation and community collaboration make it more popular.
- Developer Experience
No knowledge is needed at the protocol level.
Some Statistics about Polygon
- More than 135 Million unique addresses.
- On average Daily Gas saved is about 140 Million USD.
- 1.8 B transactions in total.
- 100 active validators.
- Over 37000 dApps had used Polydon to scale up.
WazirX
WazirX is a Bitcoin and cryptocurrency trading platform which provides an auto-matching peer-to-peer(P2P) engine. It was founded in 2018 by Nischal Shetty, Sameer Mhatre and Siddharth Menon. The platform was further acquired by Binance in later 2019. In Jan 2020, Binance launched the Wazir WRX token, with a maximum supply of 1 Billion tokens and a market cap of the coin is 87 Million USD. It nurtures a healthy community where it encourages and rewards the community to develop and contribute to WRX. It also benefits its token holders with tempting benefits like discounts on trading fees, WRX trade mining, token airdrop, margin fee and a lot more.
Features
- Security
An amazing team take care of the security and regular audits which make them claim best-in-class security.
- Fast KYC
Keeping in mind, the regulatory norms of the government, KYC is a must need for trading. WazirX provides a fast KYC service.
- Transaction Speed
With a highly scalable infrastructure, it can complete millions of transactions in a few seconds.
- Minimal Design
The eye-pleasing and easy-to-use design sum up a great user experience with a powerful impact.
- Developers
Built and maintained by a team highly motivated and enthusiastic about blockchain.
Some Statistics about WazirX
- WazirX witnessed a trade of over 43 Billion USD in 2021, which is also the highest trading volume in India.
- It has built a user base of 10 Million users by 2021.
- The trade volume has witnessed a growth of 1735% from 2020 to 2021.
CoinDCX
CoinDCX is a popular platform for cryptocurrency trade which was founded in 2018 by Sumit Gupta and Neeraj Khandelwal. According to the reports from 2021, in just three years, the company earned a value of 1.1 Billion USD and make it to the list of unicorns. The company claims to be the first Indian crypto exchange unicorn. It has attracted investors from the very beginning and in just a span of 31 months and 8 rounds of funding, the company reached the “1 Billion Dollar company” mark. Not only this, but it has also invested in many projects related to Blockchain, NFT, FinTech and AI projects over years.
Features
- Easy-to-use
You can download the CoinDCX app, complete your KYC and deposit money to start trading in minutes
- Lower bound
The platform allows you to invest as low as Rs.100. The company claimed to do so because of the risk appetite of the customer.
- Security
Multilayer security, deep encryption and the use of cold wallets made it claim to be having impenetrable security.
- Payment Method
The platform accepts payment methods like IMPS and UPI.
- Support
Live and active customer care service enables smooth conduct and customer satisfaction
Some Statistics about CoinDCX
- It has the trust of more than 1.3 Crore users with it.
- Accumulated Trading Volume exceeds INR 80,000 Crore which is equivalent to 97 Billion USD.
- It trades in more than 200 different coins ranging from Bitcoin to Chiliz.
CoinSwitch
CoinSwitch is an app-based platform, available on Android and iOS, for cryptocurrency trading. It was founded by Ashish Singhal, Vimal Sagar Tiwari and Govind Soni in 2017. Being exclusive to the Indian Market, CoinSwitch has a motive of simplifying crypto trading in a complex country like India. After 4 rounds of funding by leading investors like TigerGlobal, Andreessen Horowitz, coinbase, Sequoia, Ribbit Capital, Paradigm and more, the company has a valuation of 1.91 Billion USD as of Oct 2021.
Features
- Low trading limit
It allows you to begin your crypto journey with the amount you buy in a cup of coffee.
- Always on
The platform is available 24/7 for buying, selling and withdrawing. It has a sleepless policy.
- Support Team
The customer support team is available 24/7 for resolving problems and confusion of the customers at any hour.
Some Statistics about CoinSwitch
- More than 18 Million verified users.
- A total volume of more than INR 50,000 Crore has been traded.
- It supports more than 90 cryptocurrencies to trade with.
InstaDapp
InstaDapp is a full-featured platform for users as well as developers to leverage the full potential of Decentralised Finance(DeFi). The protocol(DSL) acts as the middleware that integrates various DeFi protocols into a single smart contract layer. The company was founded by Sowmay Jain and Samyak Jain in 2018. It has received funding of 12.4 Million USD since Jun 2021. Pantera Capital, IDEO CoLab, Blockchain Coinvestors and Coinbase are some of its leading investors.
Features
- Account Extensions and Upgradability
The new extensions are upgraded, maintained and managed by the InstaDapp governance team.
- 100 % Trustless
The system is trustless and the platform ensures high security for your data.
- Community
It has a vibrant community consisting of highly enthusiastic users and developers from across the globe.
- Easy-to-go
The platform is developer friendly and provides detailed documentation for its use.
Some Statistics about InstaDapp
- It has locked a volume of more than 1.7 Billion USD.
- It supports numerous cryptocurrencies.
- InstaDapp has a market cap of 68.72 Million USD.
Frontier
Frontier is a Crypto and DeFi, NFT wallet where one can trade in more than 4000 crypto assets. It is a place to explore web3 from a single place. It was launched by Ravindra Kumar in April 2019. Also, Frontier is a cross-chain DeFi aggregation layer. The company is focusing on the challenges and complexity of employing crypto in DeFi. The users are allowed to trade the crypto assets direct with credit and debit cards. It facilitates users to connect other wallets and manage them from a single interface. NFT enthusiasts can send, store, receive and track NFTs easily using Frontier.
Features
- Gasless Transactions
It aims to minimize the gas cost for transactions done from the Frontier app.
- Frontier Incentivization Protocol
The app rewards the active users with FRONT tokens on basis of their engagement.
- Interoperability
One can connect other wallets and trade from a single screen
Some Statistics about Frontier
- The native coin FRONT got a market cap of ₹ 1.9 Billion.
- FRONT has a circulating supply of 100 Million tokens
- FRONT has an average daily trade volume of 3 Million USD.
Nord Finance
Nord Finance is a Decentralised Finanance Ecosystem made to make DeFi investment easy by collaborating the traditional finance and Decentralised Finance. Built on Ethereum Network, the company was founded by Jignesh Vasoya in 2020. It has raised about $ 1.3 Million in its seed round. It is a boon to generate wealth through blockchain technology.
Features
- Smart Fund Management
The smart dedicated protocols help to receive the highest yields for your stable coins.
- Cross Chain Swaps
The multi-chain protocol enables automated coin switching.
- Zero Cost Transactions
The gas fee is absorbed by the smart contract and leaves no upfront network fee for deposits.
Some Statistics about Nord Finance
- The market cap of the token(NORD) is 1.4 Million USD.
- It has a maximum market supply of 10 million tokens.
- If max supply would be circulated, its market cap would reach 2.1 Million USD.
DRIFE
Drife is a blockchain-based mobility platform aiming for the decentralization of the ride-hailing ecosystem. This implements a cab system where 100% of all fees go back to the driver. It has an auction system enabled by blockchain, allowing its drivers and users to control their rides. The company use the blockchain to enable trustless smart contracts to automate process effortlessly. The company was founded by Firdosh Sheikh in 2018.
Features
- Transparency and Equitability
Using trustless smart contracts, the process involves no external driving forces and hence ensures transparency and Equitability
- Governance
The platform is governed by Decentralized Autonomous Organization(DAO).
- Tokenized Economy
The native token (DRF) is used to gamify loyalty, rewards and loyalty and major tokens are used for macro and micropayment transfer on the chain itself.
Some Statistics about DRIFE
- The native token, DRF, has a market cap of ₹150.2 Million.
- With a total supply of 1.5 Billion tokens, DRF has a circulating supply of 847 Million tokens.
- The average daily transaction volume is about ₹ 13.9 Million.
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Hello, I am Aryan. I am passionate about writing about topics ranging from cryptocurrency and blockchain to modern developing technologies such as ML, AI, IoT, etc. Also, the collaboration of Finance and Technology attracts me.