While blockchain technology is developing fast around the world, and there are not many Indian startups working in distributed ledgers. The main reason behind the fact is that there has been regulatory clarity on the use of public blockchain networks in India for years. According to analysts, a proper regulatory framework can promote innovative blockchain startups.
Nevertheless, in this article, we bring to you some of the leading blockchain startups in India, based on the impact and unique work they have done in the new age crypto economy. The following startups work across different domains including financial services, cryptocurrency exchange, neo-banking, decentralized finance (DeFi) applications and smart contracts. Please note that the startups appear in alphabetical order.
CoinDCX was launched in April 2018 by Neeraj Khandelwal and Sumit Gupt in Mumbai. The startup provides users with single-point access to a diverse suite of crypto-based financial products and services that are backed by security processes and insurance. Its proprietary aggregation model offers the highest liquidity from leading global crypto exchanges. Within a few years, this crypto exchange has become India’s most prominent startup in the field of blockchain. Users can buy and sell more than 100 coins instantly with INR. Also, the platform’s other product is Lend, which is a credit facility to help users earn interests on cryptocurrencies. For security, the platform has deployed MultiSig Cold wallets for the safety of the funds DeFi token listings.
Apart from this, the startup has also introduced DCX Learn, a platform for people through which they can gain knowledge about cryptocurrency and blockchain technology. CoinDCX introduced its new product recently, allowing its users to stake cryptocurrencies. An alternative to proof-of-work consensus mechanism or mining is a blockchain consensus mechanism which functions by having users hold coins or tokens in a blockchain wallet for rewards. CoinDCX raised 5.5 million investment so far from leading venture capital firms such as Polychain Capital, Coinbase Ventures, Bain Capital Ventures and HDR Group.
Hyderabad-based Instadapp is one of the most prominent decentralized finance platforms on Ethereum. InstaDapp aims to drive interoperability between various DeFi blockchain protocols for ease of app development, allowing developers of all stripes to start leveraging the full potential of Decentralized Finance.
Instadapp provides users and developers with a single point of integration to access all the Defi protocols. This is done using smart contract accounts owned by users to manage and optimize their funds across any number of protocols. The platform eliminates the process it takes to launch a decentralized application by removing the need to learn solidity or go through the tedious process of endless debugging and allows users to innovate and execute rapidly. The startup raised $2.4 million in a seed round of funding by Pantera Capita, Naval Ravikant and Coinbase Ventures.
Dr Praphul Chandra, a professor at Insofe institute, started KoineArth in 2017 to work at the crossing of blockchains, AI and Mechanism Design to answer some of the most pressing challenges. KoineArth provides its customers with a data pipeline & machine learning algorithms to analyse blockchain-enabled interactions.
KoineArth’s Nash platform presents solution frameworks that can be customised to produce a broad assortment of real-world blockchain solutions using a configurable state machine for digital assets. Nash implements a library of incentive mechanisms which facilitate token-based economics to be embedded in blockchain applications. These incentive mechanisms can manage asset access and ownership in a game theory setting.
Further, KoineArth’s marketsN is a collaboration platform which is blockchain & AI-based, and a cloud-hosted solution. Using the solution, a business can bring together all the suppliers for getting the real picture in real-time. Unlike traditional AI software, marketsN operates on data not only within an organisation (from ERP) but also with live real-time data from suppliers. This allows intelligence at the level of the entire supply chain instantly. marketsN acts as a sole source of truth for all members of a group and insights derived from mining marketsN groups are therefore implicitly more trustable. marketsN’s built-in marketbot utilizes ML algorithms for mining insights from blockchain data. KoineArth raised an undisclosed amount from Inventus Capital.
4| Matic Network
Matic Network is a Bengaluru-based startup founded by Jayanti Kanani, Sandeep Nailwal and Anurag Arjun. It was launched with a public Token Sale which took place in April 2019, and the team raised $5,600,000.
Matic aims to bring massive scale to Ethereum blockchain using an adapted version of Plasma protocol with Proof of Stake (PoS) based side chains. This will solve the issue of slow Ethereum block confirmations and high transaction fees, needed for mainstream adoption.
Matic achieves scale by utilising side chains for off-chain computation while ensuring asset security using the Plasma framework and a decentralised network of Proof-of-Stake (PoS) validators. The system assures transactional speed using PoS checkpoints which are pushed to the Ethereum mainchain. This enables a single Matic sidechain to achieve up to 65k transactions/second on a single Matic block compared to only 20TPS on Ethereum. Matic provides SDKs and APIs for fast and easy development of decentralised applications.
Nuo Network powers lending and borrowing by applying smart contracts which are open-source. The great thing is that the firm does not take custody of tokens and is only done through a peer to peer marketplace for lenders and borrowers. Nuo Network uses partner exchanges (Kyber Network and Uniswap Exchange) for making a trade through smart contracts.
Nuo Network is a decentralised finance (DeFi) application that implements a platform uniting lenders and borrowers by employing smart contracts. Created on top of the Ethereum protocol, Nuo is financed by ConsenSys Ventures and has a cumulative value of $10.7 million currently locked in smart contracts. While Nuo was one of the first movers in the DeFi protocol space, it has faced considerable competition from other players who are aiming to compete on crypto lending using smart contracts.
Varun Deshpande, Ratnesh Ray and Siddharth Verma rolled out Nuo protocol in 2018. The firm also launched a new digital banking platform called Juno, which is built on top of Ethereum and relies on the Nuo protocol for neo banking services. The startup’s flagship will enable users to hold the dollar-pegged USDC stablecoin and earn a 5.5 percent annual interest rate.
Nuo is a decentralised debt marketplace that connects lenders and borrowers from around the world using smart contracts. The company has offices in Mumbai and Singapore. Its product has facilitated $25M in transactions for lending and borrowing. Users utilise it from around the world with most users from the US, China and Japan.
Our list ends with WazirX, one of the leading cryptocurrency exchanges in India which was founded by Nischal Shetty in December 2017. As far as crypto exchanges and trading platforms go, WaziX has distinguished itself from others. For example, it was the first Indian exchange to introduce a native token called the WazirX token (WRX), which played a conducive role in accelerating user growth and community engagement on the platform.
The platform innovated and started WazirX P2P, a unique auto-matching P2P engine soon after the RBI enforced a banking ban on crypto exchanges. WazirX has more than 200,000 app downloads, with almost 80 tokens trading on its markets. It is accessible on various platforms such as Android, iOS, Mac and desktop clients.
The platform also launched Smart Token Fund (STF) – a community-driven initiative where cryptocurrency enthusiasts can find smart traders, and let them grow their cryptocurrency portfolio on WazirX. Recently WazirX was acquired by Binance, the world’s largest cryptocurrency exchange and blockchain ecosystem in terms of total volume traded, with users from over 180 countries. With this, WazirX became the first blockchain firm to have joined its trading operations with one of the leading cryptocurrency exchanges in the world.
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