When the entire world is going gaga over Bitcoins and cryptocurrencies, how can India be left behind? It wouldn't be wrong to call the mining hub of budding industrialists and entrepreneurs.
With so many trends coming in businesses across the world, India won't stay behind either. The newly launched initiatives like Make In India and Digital India have empowered these new startups. Although bitcoins are banned in the country because of their reputation of involvement in illicit activities, SBI has partnered with BankChain and Intel to boost Blockchain solutions.
Top Startups in India
The government is taking steps to launch itself in the Blockchain market, and India's private sector is becoming a part of it. Hence, some of the best cryptocurrency startups in the country to date include
WazirX
WazirX is undoubtedly one of the best cryptocurrency startups in India. This is one of those crypto exchanges that was found in December 2017. As far as crypto trading and exchange platforms are concerned, WazirX has already become a great company. They were the first Indians to bring the native token called the WazirX token. Apart from that, they were the first ones to introduce WazirX P2P, which is a unique auto-matching P2P engine.
Their popularity has grown significantly, and their app has over 200,000 apps downloads, thereby helping in trade around 80 tokens. The token is available across various platforms like Android, desktop, Mac, and iOS.
WazirX has also helped to minimize the gap between traders and investors with their Smart Token Fund, a platform that allows cryptocurrency investors to get in touch with smart traders.
SOMISH
Ish Goel's brainchild, SOMISH, is a technology and product development company operating out of India since 2006. For more than a decade, this company founded in Delhi catered to bring the best automation solutions. However, now the company is focusing on boosting Blockchain technology's importance in India and other parts of the world.
They have a dedicated team to build Blockchain-based solutions. If you are a budding investor and want to bring Blockchain solutions, then Go blocks by SOMISH is an excellent choice. This platform provides a decentralized authority for Ethereum.
CoinDCX
The foundations of CoinDCX were laid in 2018 by two budding entrepreneurs from Mumbai, Sumit Gupta, and Neeraj Khandelwal. The startup enables the purchase of crypto-based financial services and products which are further backed by insurance and security processes. With the help of this platform, investors can easily trade more than 100 coins using INR.
Apart from this, CoinDCX has also introduced the DCX Learn platform to help people gain information about cryptocurrencies and blockchain technology.
EzyRemit
EzyRemit is another popular cryptocurrency startup from Bangalore, India, founded in 2015 by Vishal Kanvaty and Abhijeet Jaiswal. The platform's main aim is to make remittances easy, which is often considered a significant part of Blockchain technology.
EzyRemit can be hailed to be one of its types as it helps to solve all the prominent issues in payments and banking quickly. They offer product demos that you can try before laying your hands on the actual product.
Matic Network
This Bangalore-based startup by Anurag Arjun, Sandeep Bailwal, and Jayanti Kanani has made a mark in the industry quickly.
The startup's main goal is to boost the Ethereum blockchain with Plasma Protocol of Proof of Stake (PoS) based side chains. It helps to quickly resolve Ethereum blockchain transactions' significant issues, which may be a part of the mainstream adoption.
Matic Network helps to offer complete stability across off-chain computations. They also offer easy buildup of decentralized applications with the help of SDK and API.
PrimeChain
In a concise period, PrimeChain has become one of the most successful Indian startups in Blockchain technology. They go by the motto of "building blockchains for a better world."
They have introduced several Blockchain-powered products that contribute to the popularity of the platform. Some of these products include PrimeChain API, PrimeChain LOAN, PrimeChain API, PrimeChain MONEY, and more. Their community of banks is known as BankChain.
Since its inception, PrimeChain provides blockchain solutions to various industries like healthcare, shipping & logistics, capital markets, banking, military, manufacturing, insurance, aviation, and more.
Sofocole Technologies
Headquartered in Noida, Sofocole Technologies is one of the prominent service-providing companies to companies. It was introduced in 2016 by Nidhi Chamria to help clients worldwide.
Sofocole Technologies is further aimed at offering advice regarding private blockchains, smart contract products, wallets, and exchanges.
Ever since its inception, Sofocole has launched a range of products in the market to suit customers' demands. These include the following
SofoChain- Product Chain Financing Solution
SofoInsure- Autonomous Claim Processing Solution
SofoCap- Supply Chain Financing Solution
Nuo
Varun Deshpande, Siddharth Varma, and Ratnesh Ray brought Nuo into the market back in 2018. Nuo is one of the most prominent Decentralised Finance (Defi) applications that effectively enhance lending and borrowing. The platform follows smart contracts to help partner exchanges ensure the better functioning of businesses.
Nuo also launched the digital banking platform in the market known as Juno that follows Nuo's protocols for offering neo banking services. Ever since their inception, Nuo has facilitated around $25M transactions through borrowing and lending.
Zebi
Zebi isn't your regular cryptocurrency platform that was introduced in 2015 at Visakhapatnam, Andhra Pradesh. Although the brainchild of Babu Munagala, Zebi is managed by veterans from IIT, MIT, Oxford, and Stanford.
Zebi aims at launching products that will help to solve the Big Data Problem in India. They provide their services to large and government organizations to resolve security issues. With their Blockchain-based solution, they want to protect the sensitive data of these organizations.
Takeaway
With cryptocurrency taking the front seat on businesses, many entrepreneurs around India are becoming interested.
Over the years, cryptocurrency has caught pace in the country. Many international investors are reaching out to invest in the platform. One can anticipate the cryptocurrency market in India to be huge. With government organizations taking interest in cryptocurrencies, one can estimate that the ban will soon be removed.
Although the future is bright, we are yet to see the possible impact of cryptocurrencies in Indian market.
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