Indian Startups in Blockchain Technology
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.
However, in recent years, there has been a rise in some of the leading blockchain startups based out of India, and their unique role in the crypto-economy. The following startups work across different domains including exchanges, and DeFi platforms, smart contracts and layer 2 scaling solutions.
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.
It is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. This enables a single Matic sidechain to achieve up to 65k transactions/second on a single Matic block compared to only 20TPS on Ethereum.
Varun Deshpande, Ratnesh Ray and Siddharth Verma rolled out Nuo Network in 2018, which is a decentralised finance (DeFi) application that implements a platform uniting lenders and borrowers by employing smart contracts. Nuo Network uses partner exchanges for making tradew through smart contracts. Nuo was one of the first movers in the DeFi protocol space from India.
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 product enables users to hold the dollar-pegged USDC stablecoin and earn a 5.5 percent annual interest rate. The company has offices in Mumbai and Singapore. Its product has facilitated $25M in transactions for lending and borrowing.
CoinDCX was launched in April 2018 by Neeraj Khandelwal and Sumit Gupta 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. Users can buy and sell more than 100 coins instantly with INR.
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.
Dr Praphul Chandra, professor at Insofe institute, started KoineArth in 2017 to work at the crossing of blockchains, AI and Mechanism Design. Today, 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 usecases 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 cloud hosted blockchain and AI based product. Using the solution, a business can bring together all the suppliers for getting a real time picture.