The Indian cryptocurrency landscape witnessed significant traction in 2024 as investors increasingly gravitated toward mainstream virtual digital assets (VDAs) such as Bitcoin, Ethereum, Dogecoin, and Shiba Inu. According to year-end reports by crypto platforms CoinDCX and CoinSwitch, these assets dominated investment portfolios, with non-fungible tokens (NFTs) and stablecoins also gaining a share of attention.
CoinDCX, one of India’s leading crypto exchange platforms, revealed that 14.6% of its total investments in 2024 were allocated to Bitcoin. Similarly, CoinSwitch reported that Bitcoin accounted for 7% of its investments, reflecting the growing popularity of the premier cryptocurrency.
A standout event in December was Bitcoin’s remarkable surge past the $100,000 mark, which further energized Indian investors to engage with domestic crypto exchanges.
Rise of Women Investors in Crypto
The year saw a significant rise in female participation in cryptocurrency investments. CoinDCX reported a year-on-year user base growth of 14.3%, climbing to 16 million investors in 2024, up from 14 million in 2023. Of this total, 15% were women investors, with women high-net-worth individuals (HNIs) contributing to 20% of the platform’s female participation.
CoinSwitch also witnessed an uptick in female investors, with 11% of its over 20 million users being women.
Adoption Extends Beyond Metros
While major cities like New Delhi, Mumbai, Bengaluru, Pune, and Kolkata remained dominant hubs for cryptocurrency adoption, smaller cities and towns also emerged as strong contributors. Locations such as Lucknow, Botad (Gujarat), Jaipur, Guwahati, Ludhiana, and Nagpur made their mark in the top ten cities adopting cryptocurrency in 2024.
Proof of Reserves Highlight Transparency
Transparency remained a critical focus for crypto firms, with combined proof of reserves (PoR) exceeding ₹8,600 crore across major platforms. PoR audits, which verify a platform’s liquidity and ensure users can withdraw funds when needed, became a cornerstone of trust in the ecosystem.
WazirX Faces Major Cyber Breach
Amid the growth story, challenges persisted. WazirX, a homegrown crypto exchange, suffered a cyberattack in 2024, losing nearly 45% of its crypto assets. The breach raised questions about security protocols within the industry.
Three months post-breach, Ashish Singhal, CEO and co-founder of CoinSwitch, alleged that WazirX transferred over $73 million worth of cryptocurrency to exchanges such as Bybit and KuCoin.
Currently, Zettai, the parent company of WazirX, has filed an application with the Singapore High Court to convene a creditors’ meeting. The meeting aims to propose a scheme of arrangement for recovering lost funds, subject to court approval.
As 2024 closes, the Indian crypto sector continues to navigate its share of challenges while basking in the momentum of a rapidly growing user base and unprecedented Bitcoin milestones.
