As per the NASSCOM report, India is now home to more than 450 Web3 startups, which have raised around $1.3 billion in funding.
Although Crypto is not fully acknowledged by the Indian government and there are policy uncertainties but the sector is booming in terms of jobs, still, India now accounts for 11 percent of the world’s crypto and Web3 talent.
Although more than 60 percent of India’s crypto startups are registered outside the country perhaps because of regulatory uncertainties,
but India has witnessed a more than 100 percent jump in crypto and blockchain-related jobs.
Most of these startups are building in the decentralized finance (Defi), NFT, and metaverse space, and employ about 75,000
According to NASSCOM the global crypto user base is poised to surge from its current 320 million to 1 billion by 2030. Globally, blockchain and crypto companies raised a whopping $30.5 billion in venture capital in 2021, amidst the crypto boom, according to the study.
In India, because of “The lack of policy clarity around Virtual Digital Assets (VDAs), leading to a lack of confidence in founders and innovators, thereby forcing them to move their base to other countries, is not only taking the market away but also the critical talent and expertise needed in this area,” NASSCOM explained.