Top 10 Best Crypto Startups in India in 2023
Startups have flourished in India due to its large population and fast-growing economy. Blockchain and cryptocurrency entrepreneurship is growing in India. Many crypto startups have emerged nationwide as digital technology and alternative financial possibilities increase. These businesses are solving financial industry issues and creating profitable business opportunities for investors and entrepreneurs. In this post, We’ll talk about the Top 10 Best Crypto Startups in India in 2023 | Indian Crypto Platforms.
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Crypto is a form of digital or virtual currency that uses cryptography to secure financial transactions. Unlike traditional currencies, which are issued and regulated by a central authority, cryptocurrencies operate in a decentralized system, recording transactions and issuing new units without the need for a central authority. The Payments made with this are processed via a peer-to-peer network, allowing individuals anywhere to send and receive funds without the involvement of banks. Transactions are recorded in a public ledger and stored in digital wallets, existing purely as digital entries in an online database.
Bitcoin was the first cryptocurrency, created in 2009 and it is the most famous cryptocurrency to date. Here we are introducing the top Crypto startups in India.
Here is the list of the Top 10 Best Crypto Startups in India in 2023 | Indian Crypto Platforms
A blockchain platform called Polygon, formerly known as Matic Network, was created to link and improve blockchain networks. Four software developers from Mumbai, Jaynti Kanani, Sandeep Nailwa, Anurag Arjun, and Mihailo Bjelic, founded the company in 2017. By using proof-of-stake consensus to validate chain transactions and relying on Ethereum for security, it seeks to create a multi-chain blockchain system that is compatible with Ethereum. MATIC, the platform’s token, acts as an ERC-20 token and can be combined with other digital assets based on Ethereum.
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In a round-headed by Sequoia Capital India in February 2022, which also included reputable players in the market like Tiger Global and Softbank Vision Fund, Polygon raised $450 million by selling MATIC tokens. Polygon took part in Disney’s 2022 acceleration program in July 2022 in order to advance towards augmented reality, NFTs, and AI.
In 2018, Sumit Ghosh and Biswatma Nayak founded Chingari. They announced in 2021 that they would switch from a regular web platform to a web3 platform, launching their cryptocurrency, the GARI token, and transferring the entire platform to the Solana blockchain network.
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Chingari had a rebranding and revamp in June 2020, growing in popularity. There are already more than 20 languages, including English, Hindi, Bangla, and others, that users of the app can publish movies. The app had 1 million users within 15 days of its rebranding in July 2020, 25 million by the end of that month, and 50 million by February 2021.
With more than 18 million users and more than 500 workers, CoinSwitch is currently the most popular cryptocurrency app in India. By Govind Soni, Vimal Sagar, and Ashish Singhal 2018, it was founded. CoinSwitch initially concentrated on creating a global cryptocurrency trading platform, but once the Supreme Court removed the ban in 2020, it grew to focus solely on the Indian market. As a result, the business has emerged as one of India’s top cryptocurrency exchanges.
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In November 2022, CoinSwitch unveiled the “CoinSwitch Pro” trading platform, which supports several exchanges. With just one login, users of this site can trade cryptocurrencies in Indian Rupees on many exchanges.
In 2017, Neeraj Khandelwal and Sumit Gupta founded CoinDCX. CoinDCX runs DCX Learn, a blockchain and cryptocurrency academy aiming at educating and empowering young people, in addition to its trading platform. The business introduced CoinDCX Go, a straightforward and user-friendly cryptocurrency investment software, in January 2021.
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Many types of traders can transact with the organization because it enables spot, margin, futures, and fiat-to-crypto trading. Trading on the platform is quick and simple thanks to its high liquidity, secure wallet, and trustworthy security. The business only onboarded 50,000 users in 2019. The RBI’s ban on cryptocurrencies was lifted by the Supreme Court in 2020, but CoinDCX was ready with a wide range of goods and services. As a result, they gained over 10 million customers and rose to become one of India’s top cryptocurrency exchanges.
In 2018, Darshan Bhatija and Sanju Sony Kurian established Vauld, a cryptocurrency neobank that uses blockchain technology to offer a customer-centric banking service. The company offers interest rates as high as 12.68% on the cryptocurrencies saved in a user’s wallet, which is far more than what standard fiat banks provide.
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Users can also trade, borrow money, and store their cryptocurrency on the platform. Vauld wants to treat cryptocurrencies as a distinct asset class and provide services that enable the use of blockchain technologies right now.
Alankar Saxena, Edul Patel, Prince Arora, Rohit Goyal, and Snehil Buxy established Mudrex in April 2018 with the goal of automating smart bitcoin investment.
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Mudrex has evolved into a full-fledged crypto investment platform from its origins as a no-code platform for building crypto trading algorithm bots. The business offers its customers the chance to invest in cutting-edge crypto trading algorithms and private crypto portfolios built by experienced traders and investors for the purpose of generating long-term profit.
Prateek Dwivedi, Pratik Gauri, and Vilma Mattilda founded 5ire in 2021, a blockchain ecosystem of the fifth generation with an emphasis on sustainability. It consists of 5ireLabs, its research and development center, 5ire VC, its venture financing arm, and 5ire Chain, the first sustainable blockchain in the world.
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In order to reward businesses and organizations for their degree of sustainability, the company uses a novel consensus method dubbed “Sustainable Proof of Stake” (SPoS), which combines the advantages of Proof of Stake with the Sustainable Development Goals of the United Nations. 5ire bought a stake in Network Capital in September 2022. In addition, the business received $100 million in Series A capital from U.K. conglomerate Sram and Mram in July.
The $EZ token is utilized by the EasyFi Network, a Layer 2 DeFi lending mechanism for digital assets, to carry out its operations. EasyFi Network, established in 2020 by Ankitt Gaur, is a platform on which developers can create lending-related DApps. The business now provides overcollateralized loans, which let customers use another cryptocurrency asset as collateral to get loans. EasyFi Network introduced MetaFi in 2022, allowing loans for assets in the metaverse.
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The business’s goal is to enable the effective allocation of cash to realistic use cases. The design of all EasyFi’s current and upcoming products is in line with this concept.
Founded in 2021 by Amitej Gajjala, Dheeraj Borra, and Sidhartha Doddipalli, Stader Labs is a staking platform. To make it simple for users to find and take part in staking solutions, it runs on a non-custodial, smart contract-based system.
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In a funding round headed by Three Arrows Capital in 2022, Stader Labs raised $12.5 million, giving the company a $450 million valuation. By offering a convenient and secure alternative for users to maximize their staking returns without having to manage the dangers and complications of manual delegation, Stader Labs aims to simplify the staking process.
Ahmed Al-Balaghi, Aniket Jindal, and Sachin Tomar founded Biconomy in 2019. Via its tools, the company wants to make Web3 technology simpler for developers. Hyphen, the company’s flagship product, enables immediate cross-chain transactions for DApps, and its plug-and-play solution removes the intricacies of blockchain interactions, enabling easy and seamless usage between DApps and end users.
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The business runs a gas-efficient, non-custodial network that facilitates meta-transactions across various chains. To make it simple for non-crypto users to use dApps without having to learn about wallets, cryptocurrencies, and transaction fees, the firm is currently developing an SDK and dashboard that makes use of meta-transactions.
Finally, technological innovation, legal reforms, and investor demand for alternate asset classes are driving India’s crypto startup ecosystem. The industry is young and suffers regulatory uncertainties, but it has huge growth and innovation potential. India is poised to become a blockchain and crypto innovation hotspot because to its strong startup culture, talented tech workforce, and large consumer base. Innovative solutions and disruptive business models will change the financial environment in India and beyond as the industry matures.
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Indian crypto businesses have grown rapidly and attracted funding. Crypto is also cautiously allowed by the Indian government. The country’s crypto startup ecosystem has grown due to crypto’s popularity and favorable demographics.
But, regulatory issues remain, and how countries will adopt cryptocurrency is unknown. Yet, investors and entrepreneurs perceive India as a viable market for crypto-related firms.
Frequently asked questions (FAQs)
Which are the Top 10 Best Crypto Startups in India in 2023 | Indian Crypto Platforms?
Polygon, Chingari, CoinSwitch, CoinDCX, Vauld, Mudrex, 5ire, EasyFi Network, Stader Labs, & Biconomy are the Top 10 Best Crypto Startups in India in 2023 | Indian Crypto Platforms.
What is a crypto startup in India in 2023?
A cryptocurrency startup is a business that uses cryptocurrencies and blockchain technology to offer cutting-edge financial solutions.
Why are crypto startups gaining traction in India?
The expansion of the cryptocurrency startup ecosystem in India is being driven by the rising adoption of digital technology and the rising interest in alternative investment possibilities.
What is the future outlook for the Indian crypto startup ecosystem?
As more firms are formed and legal clarity increases, the Indian crypto startup ecosystem is primed for substantial growth and innovation in the upcoming years.