India has emerged as a global leader in the Web3 ecosystem, with more than 1,000 startups and 35 million traders, a report by Hashed Emergent revealed. The country’s share of Blockchain developers rose from 3% in 2018 to 12% in 2021, making it the top among emerging markets. Hashed Emergent’s CEO Tak Lee stated, “India is on a trajectory to become the global leader.”
India secured the top position for on-chain adoption among over 150 countries last year. Krishna Tyagi, Head of Web3 at KPMG in India, highlighted the innovative use cases enabled by blockchains, such as DeFi and self-sovereign identities. The funding for Web3 startups in finance, entertainment, and infrastructure sectors in India has also shown an upward trend.
Lee emphasized the need for positive regulatory developments to fuel further growth in India’s Web3 ecosystem. Despite the evolving regulatory environment, there is still a requirement for more supportive policies to nurture the sector’s potential. India’s rapid ascent in Web3 adoption reflects the country’s commitment to embracing cutting-edge technology and innovation in the digital space.
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