After a long phase of uncertainty, the Indian crypto industry is experiencing a renewed surge of confidence. Startups such as CoinSwitch, CoinDCX, and WazirX are seeing a remarkable revival in user activity and trading volumes, driven by Bitcoin’s record-breaking rally, a friendlier regulatory climate, and increasing institutional participation from global financial giants.
For many founders, the conversation has shifted from mere survival to aggressive scaling. Ashish Singha, co-founder of CoinSwitch, noted that the first half of FY24 was marked by caution as traders remained wary of the volatility from the previous year. However, as the months progressed, the momentum shifted sharply. Between January and December 2024, CoinSwitch saw user registrations rise 2.5 times and trading volumes increase 6.5 times. The company now expects to achieve profitability at scale, buoyed by what Singha describes as a more structured and reliable ecosystem compared to a year ago.
The turning point for the market came in mid-July when Bitcoin surged past the 1,21,000 dollar mark for the first time, breaking all previous records. Ether, the second-largest cryptocurrency, also climbed to a five-month high above 3,048 dollars. According to Sumit Gupta, co-founder of CoinDCX, this rally is being fuelled by a combination of factors from Donald Trump’s pro-crypto political stance to the entry of heavyweight institutions such as BlackRock into the market. CoinDCX’s broader group operations, which include BitOasis in the UAE and Bahrain and the Okto platform, recorded annualised revenues of 1,179 crore rupees alongside transaction volumes of 13.7 lakh crore rupees. In the first half of FY25 alone, the group logged 23,497 crore rupees in spot trading volumes, up 37 percent year-on-year, with over 19 million registered users and more than 200,000 active crypto SIPs a staggering 1,071 percent rise.
WazirX, another major player, is equally optimistic despite having faced challenges such as a cyber attack in 2024. A company spokesperson said the present cycle resembles the build-up phases of earlier bull runs, such as 2016 or 2020, suggesting that an even larger market surge may be on the horizon. The platform is currently in the final stages of restructuring and is preparing for the next hyper-bull cycle.
Internationally, regulatory clarity is improving. Jurisdictions like the UAE, Hong Kong, and Singapore have strengthened crypto frameworks, while Europe’s MiCA regulation took effect at the end of 2024. In the United States, the recently passed GENIUS Act has established the first federal rules for payment stablecoins. In India, policy discussions have moved from debating whether to regulate crypto to focusing on the mechanics of regulation, with established norms for anti-money laundering, KYC compliance, advertising standards, and taxation.
Investor sentiment is also on the rise, but with a more discerning approach that prioritises trust, compliance, and sustainable innovation. According to the India Web3 Landscape Report 2024 by Hashed Emergent, Web3 startups in India raised 564 million dollars in 2024, marking a 109 percent increase over the previous year. Milan Sharma, founder of 35North Ventures, observed that the speculative frenzy of earlier years has given way to a more grounded optimism where investors are still supportive of crypto but prefer to back businesses with clear fundamentals and practical use cases.
The industry’s growth is now extending well beyond exchanges into areas such as blockchain infrastructure, tokenisation of real-world assets, stablecoins, decentralised AI-integrated platforms, and developer tools. Strategic expansions, like CoinDCX’s acquisition of BitOasis, are opening doors in more regulation-friendly markets, resulting in noticeable jumps in trading activity, transaction volumes, and revenue.
The renewed energy in the sector suggests that Indian crypto startups are entering a transformative phase, powered by global market momentum, clearer regulations, and maturing investor confidence. The challenge now will be to balance innovation with responsible scaling in a sector that continues to evolve at a rapid pace.
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