CrossTower Research: Embracing Web3 Could Be a $1.1 Trillion Opportunity - Aliens: AI Crypto News & Markets Updates

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CrossTower Research: Embracing Web3 Could Be a $1.1 Trillion Opportunity

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Blockworks

Tue, Dec 07, 2021

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With crypto legislation finalized in India, CrossTower Research is bullish on its potential in-country CrossTower believes that Web3 will be as consequential to the global economy as the birth of the internet, and young, tech-savvy India is poised to capitalize on it India is poised to capture $1.1 trillion in economic value as its young, tech-savvy population embraces the Web3 era now that legislation around crypto in-country has finalized.

“Many believe this digital-world, paradigm-shift to Web 3.0 will be as consequential as the birth of the internet.” The report cites a study from the National Association of Software and Services Companies (NASSCOM) which found that the digital asset industry in India could add $184 billion of economic value by 2030 and that the industry could employ several hundred thousand people in India over the same period.

“We believe the bulk of this $1.1 trillion in economic growth for India over these 11 years would be derived from ancillary digital asset-related businesses that have yet to be invented.” CrossTower believes that Web3 will touch nearly all sectors of India’s economy including supply chain, tokenization of real estate, digital identity, and financial services.

“As India looks to the future, embracing digital asset technologies and applications stands to not only drive economic gains, but also ensure India stays on the forefront of the transition from cash to digital currencies.” The report from CrossTower was sponsored by the US-India Strategic Partnership Forum

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