India emerges as global leader in Web3 adoption: Report

A recent report has revealed that India is spearheading the adoption of Web3 technologies worldwide, boasting over 1,000 startups and a staggering 35 million traders. The findings, released by Hashed Emergent, a prominent Web3 venture capital firm, highlight India's substantial growth in the Blockchain sphere. Notably, India's share of Blockchain developers globally surged from 3% in 2018 to an impressive 12% last year, positioning the country as a frontrunner among emerging markets.

Tak Lee, CEO and Managing Partner of Hashed Emergent, emphasized India's remarkable progress in Web3 adoption, asserting that the nation is on a trajectory to lead the global arena. However, Lee also stressed the need for further positive regulatory developments to sustain this growth momentum.

Last year, India secured the top spot for on-chain adoption, surpassing over 150 countries. Krishna Tyagi, Head of Web3 at KPMG in India, attributed this success to the transformative potential of Blockchains, enabling innovative use cases such as DeFi, tokenization of real-world assets, self-sovereign identities, and track-and-trace functionalities.

The report also highlights a surge in funding for Indian startups operating in various Web3 subsectors, including finance, entertainment, and infrastructure. This influx of capital underscores the growing confidence in India's burgeoning Web3 ecosystem and its potential to drive substantial economic and technological advancements.

The Global Unicorn Summit 2024 in partnership with Zee Business is a ground-breaking gathering designed to catalyse the next generation of billion-dollar companies. Driven by a vision to accelerate India's start-up landscape, Global Unicorn Summit 2024 in partnership with Zee Business will bring together founders, investors, mentors, and industry leaders for immersive workshops, strategic networking, and keynote presentations by renowned global figures. To register, visit globalunicornsummit.com.