The past 12 months have been great for the crypto and blockchain industry with newer coins, platform upgrades, new products like the non-fungible token (NFTs) and GamyFi that have seen an explosion.
New investors have entered the market hoping for higher returns. Individuals, institutions and businesses are investing in technology. Meanwhile, the evolving regulatory conversations and dialogues across geographies are keenly watched out for.
The segment continues to trend on top in search engines as the crypto price moves catch the retail fancy. With an estimated 15 million users and $6.5 billion worth of market size, India has the second-highest crypto adoption rate in the world.
In an interview with Manisha Gupta, Charles Hoskinson, CEO & Founder of IOHK said, "This has been a very good year in general for cryptocurrencies. We have seen enormous growth in adoption and valuations, it is a perfect citing but at the same time it's perhaps a bit irrational the exuberance we have seen in these markets,” he said.
So, IOHK is very focused on using utility and building and growing the mission of the firm, which is to improve the systems of the world for everyone everywhere, he said.
“We announced, for example, this year the Ethiopia deal and we gained 5 million users with Ministry of Education and we have more deals coming. In general, crypto adoption has been pretty phenomenal. This year, there are an additional 50 million users worldwide in the entire cryptocurrency ecosystem and a lot of consumerisation of that especially amongst verticals that were unanticipated. For example, NFTs have been an incredible growth area and that brought a lot of musicians and not-so-usual suspects into the cryptocurrency space," Hoskinson said.
Speaking about the Indian market, Nischal Shetty, Founder & CEO of WazirX said, “while we started off slow as a nation into crypto, it is definitely picking up speed now. The level of understanding that people in India have in crypto, has been increasing. There have been a lot of efforts by startups in the crypto space to educate people and to get them to understand and have a deeper understanding of crypto.”
He said that between 2017 and 2020, a majority of people were looking at cryptocurrency as a speculative investment option but now many people understand the reasons why they are investing in crypto, what are the different kinds of tokens etc.
“Earlier, it was just Bitcoin which was crypto to everyone and they did not understand anything else but today a lot of investors understand that there are thousands of cryptos out there and each has specific use cases. So there has been a rapid growth in the understanding about cryptocurrencies in the people who are investing," he explained.
Watch the video for more.