India’s cryptocurrency landscape has undergone a remarkable transformation, evolving from regulatory uncertainty to becoming one of the world’s largest crypto adoption markets. Between January and July 2025 alone, Indian users traded nearly three hundred billion dollars in digital assets, representing an eighty percent increase year-on-year. This explosive growth has been powered not just by exchanges where people buy and sell cryptocurrencies, but by a sophisticated infrastructure ecosystem that provides the underlying technology making crypto transactions secure, fast, and compliant with regulations.
When we talk about crypto infrastructure firms, we are referring to companies that build the fundamental technological backbone enabling the crypto economy to function. These are distinct from cryptocurrency exchanges like CoinDCX or WazirX that primarily facilitate trading. Infrastructure companies instead provide services such as custody solutions that securely store digital assets, blockchain networks that process transactions, wallet technology that lets users manage their holdings, developer tools that help build decentralized applications, and compliance systems that ensure regulatory adherence. Think of them as the engineers building roads, bridges, and traffic systems rather than the car dealerships where vehicles are bought and sold.
India’s position as a global crypto powerhouse has created fertile ground for infrastructure innovation. The country now shares the top spot globally for crypto adoption alongside the United States, driven by a young, technically skilled population and robust digital payment systems like UPI. As of 2025, forty-nine crypto exchanges have registered with India’s Financial Intelligence Unit, including forty-five domestic and four offshore platforms. This regulatory clarity, combined with India’s deep talent pool of blockchain developers and engineers, has positioned the country to become not just a major market for cryptocurrency usage but a significant exporter of crypto infrastructure technology to the world.
The regulatory environment has matured considerably, with virtual digital asset service providers now classified as reporting entities under the Prevention of Money Laundering Act. This mandates strict anti-money laundering and know-your-customer compliance, creating demand for infrastructure companies that can automate these processes. Additionally, the requirement for mandatory cybersecurity audits has elevated the importance of security infrastructure providers. While India’s thirty percent tax on crypto gains and one percent tax deducted at source on transactions have dampened some trading activity, they have simultaneously pushed the industry toward more professional, compliance-focused infrastructure that can properly track and report transactions.
1. Polygon: India’s Global Blockchain Infrastructure Giant
Polygon stands as India’s most prominent blockchain infrastructure company and was once celebrated as the country’s only crypto decacorn with a twenty billion dollar valuation during the 2021 boom. Founded in 2017 by three Indians—Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun—Polygon provides secondary scaling solutions for Ethereum, the world’s second-largest blockchain network. The company has raised four hundred fifty-one million dollars across four funding rounds through 2022 from top-tier investors including Mark Cuban, SoftBank, Tiger Global, Sequoia Capital, Accel Partners, and Elevation Capital.
Understanding what Polygon does requires grasping a fundamental problem in blockchain technology. Ethereum, while powerful and widely used, can only process about fifteen transactions per second, far slower than traditional payment networks like Visa which handle thousands per second. This limitation makes Ethereum expensive and slow during periods of high demand. Polygon solves this by creating what’s called a Layer 2 network that sits on top of Ethereum, processing transactions much faster and cheaper while still inheriting Ethereum’s security guarantees.
The company’s infrastructure has achieved remarkable adoption globally. Polygon’s Proof-of-Stake chain has emerged as the leading platform for stablecoin activity with over forty percent market share among major blockchain networks. The platform currently supports more than twelve hundred forty developers building applications on its infrastructure. Polygon has also formed partnerships for significant real-world use cases, including collaborating with Indian Railways through Chaincode Consulting to issue NFT tickets on the Polygon blockchain for the MahaKumbh Mela in January 2025, digitizing the spiritual journey for millions of pilgrims.
The company has faced challenges as well. Polygon’s market capitalization declined nearly seventy-five percent from its peak to approximately two point five three billion dollars by March 2025, reflecting broader crypto market volatility and competition from other Layer 2 solutions. Its native token MATIC has fallen from an all-time high of two point ninety-two dollars in May 2021 to around twenty-four cents by May 2025. Despite these market headwinds, crypto industry observers believe Polygon continues to strengthen its position as a leader in Ethereum scaling solutions, with a forty percent surge in new addresses demonstrating continued network growth.
Polygon’s significance extends beyond its technology to represent India’s capability to build globally competitive blockchain infrastructure. The company employs teams across multiple countries and has positioned itself as a truly international organization while maintaining strong Indian roots. Its focus on the developer ecosystem and continuous innovation in blockchain scaling technology positions it to capitalize as the broader crypto market recovers and institutional adoption accelerates.
2. Liminal Custody: Pioneering Digital Asset Security
Liminal Custody represents India’s leading specialized custody infrastructure provider, founded by Mahin Gupta who previously co-founded ZebPay, one of India’s oldest crypto exchanges. Gupta embarked on his crypto journey in 2012 by launching India’s pioneer Bitcoin company, buysellbitco.in, giving him over a decade of experience managing digital asset security. This deep experience led him to identify various vulnerabilities and inefficiencies in managing digital assets at scale, ultimately inspiring the creation of Liminal as an automated, robust, cost-effective solution for enterprises to build secure, efficient, and compliant custody and wallet infrastructure.
Custody in cryptocurrency refers to the safekeeping of digital assets, similar to how banks safeguard cash deposits. However, crypto custody involves managing cryptographic private keys—essentially complex passwords that control access to digital assets. If these keys are lost or stolen, the assets are permanently gone, making custody one of the most critical infrastructure components in the crypto ecosystem. Liminal addresses this challenge by providing both self-custody solutions where clients retain control of their keys and managed custody services tailored to institutional requirements.
Liminal has established partnerships with leading blockchain platforms including Polygon, Tezos, and Avalanche, providing crypto custody solutions to ensure security for projects built on these blockchains. The company operates under the motto “control your keys, control your coins,” empowering entities to safeguard digital assets through self-custody wallets. Liminal has registered with India’s Financial Intelligence Unit and achieved compliance as a digital asset custody provider for Indian institutions, positioning it as one of the few fully regulated custody solutions in the country.
The company gained significant attention in July 2024 when WazirX, one of India’s largest exchanges, suffered a two hundred thirty million dollar hack. WazirX used Liminal’s custody services, leading to a public dispute about responsibility for the breach. Liminal maintained that its infrastructure had not been compromised and that all wallets including WazirX’s remained safe, stating that three of the victim’s machines had been found injecting malicious payloads into transactions, indicating a sophisticated, well-planned, and targeted attack on one specific Gnosis Smart Contract multisig wallet. This incident, while controversial, highlighted the complexity of custody relationships and the importance of proper security protocols across all parties involved in digital asset management.
Liminal’s infrastructure includes operations across multiple jurisdictions with entities in Abu Dhabi, Dubai, Mumbai, and Taiwan. The company offers bespoke service and onboarding experiences with expert-led concierge establishment, recognizing that large institutions require customized custody solutions rather than one-size-fits-all approaches. Liminal provides innovation-oriented solutions designed to add scalability for protocols explicitly, addressing the unique needs of blockchain projects that require secure management of substantial digital asset treasuries.
3. CoinDCX Bharat Custody: Building Indigenous Infrastructure
While CoinDCX is primarily known as India’s largest crypto exchange with over twenty million users, the company launched a significant infrastructure initiative in December 2024 called Bharat Custody. This represents one of the most ambitious attempts to create a fully Indianized crypto custody solution designed specifically for the country’s unique regulatory and market environment. CoinDCX announced Bharat Custody at Unfold 2024, the company’s premier Web3 event, positioning it as a third-party custody service for Indian exchanges and virtual digital asset companies.
The genesis of Bharat Custody reflects lessons learned from major security breaches that have plagued the Indian crypto industry. After WazirX’s two hundred thirty million dollar hack in July 2024 and CoinDCX’s own forty-four point two million dollar breach in July 2025, demand for more secure custody infrastructure surged dramatically. CoinDCX recognized that no localized custody solution existed in the Indian market, creating a critical gap that the industry needed to address collaboratively. The company drew inspiration from the role of National Securities Depository Limited in capital markets, envisioning Bharat Custody as a similar infrastructure institution for the crypto ecosystem.
Bharat Custody is designed with several key principles. First, it will be fully managed and hosted in India, addressing sovereignty concerns and ensuring data remains within national boundaries. Second, it features independent governance entirely separate from CoinDCX’s exchange operations, with a dedicated governing board overseeing custody operations. This separation ensures the custody service prioritizes customer protection above any single exchange’s interests. Third, the infrastructure will be available to the entire industry, supporting all crypto exchanges and virtual digital asset companies, not just CoinDCX.
The company has committed fifty crore rupees toward research and development for Bharat Custody, with plans to launch the solution in phases throughout the first half of 2025. According to co-founder Sumit Gupta, the physical infrastructure will be geographically distributed across India with multiple operational spots for redundancy and security. The custody solution will incorporate encryption, advanced infrastructure security, and artificial intelligence-driven fraud detection to protect assets. By creating what Gupta describes as working like a dual-key bank locker where both user and platform authorization is needed to access assets, Bharat Custody aims to establish new security standards for the Indian crypto market.
CoinDCX has also pioneered decentralized custody technology, launching the world’s first such feature in October 2024. This innovation allows the exchange’s fifteen million users to maintain control over their digital assets without moving funds off the platform. Users receive a blockchain wallet that stores funds outside the exchange’s infrastructure, significantly reducing exposure to hacking risks. The system eliminates the need for seed phrases and complex private key management, instead using two-factor authentication and multi-party computation. This decentralized custody feature aligns fully with Indian regulations while enabling users to explore decentralized finance safely. The initiative has positioned CoinDCX not just as an exchange but as an infrastructure innovator pushing the boundaries of custody technology.
4. Mudrex: Intelligent Investment Infrastructure
Mudrex has established itself as a leading crypto investment platform that combines exchange functionality with sophisticated infrastructure for automated trading and portfolio management. Co-founded by Edul Patel, who brings extensive experience in crypto asset management, Mudrex has distinguished itself through a focus on making crypto investment accessible while maintaining robust security and compliance standards. The platform serves over one million registered users and has positioned itself as one of the few Indian exchanges enabling crypto withdrawals, maintaining this capability for over three and a half years while many competitors restricted this functionality due to regulatory concerns.
What sets Mudrex apart as an infrastructure provider is its development of automated trading tools and artificial intelligence-powered investment strategies. The platform allows users to create or subscribe to trading algorithms that execute automatically based on market conditions, democratizing access to sophisticated trading strategies previously available only to institutional investors. Mudrex’s chief product officer and co-founder Alankar Saxena has been vocal about the importance of infrastructure quality in the Indian crypto ecosystem, particularly in the wake of major security breaches.
Mudrex temporarily paused crypto withdrawals on January 11, 2025, until January 28, 2025, as part of an upgrade to the platform’s compliance framework aimed at preventing misuse by bad actors. This proactive approach to compliance infrastructure represents the company’s commitment to building sustainable, regulation-compliant systems. According to CEO Edul Patel, the company operates under the principle that user funds are of prime importance and should never be risked, a philosophy developed through five years of navigating various market ups and downs.
The platform has invested heavily in security architecture through advanced multi-layered protections complemented by enhanced know-your-customer and anti-money laundering frameworks ensuring a fully compliant and trustworthy environment for users. Mudrex has also prioritized education as a core component of its infrastructure, conducting workshops, creating explainers, and running platform-led initiatives aimed at helping users understand Bitcoin as an asset class and develop long-term investor mindsets. This educational infrastructure addresses a critical gap in India’s crypto ecosystem where many users lack the knowledge to safely navigate digital asset markets.
Looking toward 2026, Mudrex anticipates opportunities to expand adoption, introduce innovative solutions, and strengthen the infrastructure supporting the next generation of crypto investors. The company has been particularly active in providing thought leadership on regulatory developments, with Patel frequently commenting on how policy changes affect the Indian crypto market. A recent survey by Mudrex found that ninety-three percent of Indian users favor comprehensive regulation while eighty-four percent believe the existing tax structure is unreasonably punishing, highlighting the platform’s role in channeling user sentiment to policymakers.
5. ZebPay: Veteran Infrastructure Provider
ZebPay stands as one of India’s oldest and most established crypto platforms, founded in 2014 by Sandeep Goenka, Mahin Gupta, and Saurabh Agrawal. The platform has grown to serve more than six million registered users and supports over two hundred cryptocurrencies. What distinguishes ZebPay is its particular strength in tier-two and tier-three cities, where the platform has built significant reach beyond metropolitan areas. This geographic expansion required developing infrastructure capable of serving users with varying levels of technical sophistication and internet connectivity.
ZebPay’s infrastructure emphasizes security, with the platform reporting that it stores ninety-eight percent of assets in air-gapped wallets using its proprietary Omnitrixx system. Air-gapped wallets are completely isolated from internet connections, making them virtually impossible to hack remotely. This conservative approach to custody, while sometimes frustrating users seeking instant liquidity, has helped ZebPay avoid the major breaches that have plagued competitors. The platform mandates know-your-customer compliance for full access, building infrastructure that seamlessly integrates identity verification with trading functionality.
The company’s evolution reflects broader infrastructure maturation in India’s crypto ecosystem. In 2020, ZebPay paid an undisclosed penalty to the Indian government for what it described as an accounting error discovered during regulatory investigations. Rather than retreating from compliance challenges, ZebPay used this experience to strengthen its regulatory infrastructure, ultimately achieving full registration with the Financial Intelligence Unit. This compliance-first approach has positioned ZebPay as a trusted platform among users prioritizing security and regulatory adherence.
ZebPay has developed user interface infrastructure specifically designed for accessibility, offering an intuitive mobile app featuring advanced charting tools, real-time price alerts, and portfolio tracking capabilities. The customer support team provides assistance in multiple Indian languages around the clock, recognizing that effective infrastructure must accommodate India’s linguistic diversity. This localization effort extends to payment infrastructure, with the platform supporting various Indian payment methods and offering competitive pricing on fiat deposits.
According to Raj Karkara, ZebPay’s Chief Operating Officer, what stands out about India’s crypto surge in 2025 is the widening adoption beyond major cities, with increased engagement from tier-two, tier-three, and tier-four regions. Karkara noted that strengthening of compliance frameworks including stricter know-your-customer and anti-money laundering standards along with expanded reporting requirements has enhanced trust and aligned the domestic ecosystem closer to global norms. He emphasized that India’s product and developer landscape has gained notable momentum, with Indian startups and developers making strong marks in decentralized finance, gaming, infrastructure protocols, and global blockchain projects.
6. 5ire: Sustainable Blockchain Infrastructure
5ire represents a newer entrant to India’s blockchain infrastructure landscape, founded in 2021 with an ambitious mission to use technology for building a better and more sustainable world. The company is developing 5ireChain, a specialized blockchain supporting smart contracts while prioritizing eco-friendly and sustainable practices. What distinguishes 5ire from traditional blockchain infrastructure is its focus on creating what it calls a for-benefit economy where technology explicitly serves people and the planet rather than purely profit maximization.
The company’s infrastructure aligns with the United Nations Sustainable Development Goals, integrating environmental and social considerations directly into the blockchain protocol level. This represents a fundamentally different approach from blockchains like Bitcoin or even Ethereum that prioritize decentralization and security without explicit sustainability mandates. 5ireChain’s architecture incorporates mechanisms incentivizing network participants to engage in sustainable practices, creating a blockchain infrastructure where doing good and achieving economic success are structurally aligned.
5ire’s approach resonates particularly well in India, where there is growing awareness of environmental challenges and desire for technology serving broader social purposes. The company has positioned itself to capitalize on increasing institutional and government interest in blockchain applications that demonstrably contribute to sustainable development. As corporates and governments seek blockchain solutions for supply chain transparency, carbon credit tracking, and social impact verification, 5ire’s infrastructure offers purpose-built capabilities rather than forcing sustainability applications onto general-purpose blockchains.
The platform supports smart contracts, enabling developers to build decentralized applications with built-in sustainability considerations. This infrastructure has attracted attention from enterprises exploring blockchain for environmental, social, and governance initiatives. While 5ire is still in relatively early stages compared to established infrastructure providers like Polygon, its focus on a rapidly growing market segment and alignment with global sustainability trends positions it well for long-term growth. The company’s success will depend on whether it can deliver on the technical promise of its infrastructure while maintaining the sustainability commitments that differentiate it in an increasingly crowded blockchain landscape.
7. Biconomy: Web3 User Experience Infrastructure
Biconomy has carved out a specialized niche as a Web3 infrastructure company focused specifically on improving user experience for blockchain applications. Founded in 2019, Biconomy builds tools helping developers create user-friendly decentralized applications by removing technical barriers that have historically made blockchain technology difficult for mainstream users to adopt. The company addresses fundamental infrastructure challenges such as gas fees, wallet setup complexity, and transaction signing processes that confuse users accustomed to traditional web applications.
Understanding Biconomy’s role requires recognizing a critical problem in blockchain adoption. When users interact with decentralized applications, they typically must manage cryptocurrency wallets, hold tokens to pay transaction fees, and sign transactions through unfamiliar interfaces. These friction points create abandonment rates often exceeding ninety percent for new users attempting to use blockchain applications. Biconomy’s infrastructure abstracts away this complexity, enabling developers to sponsor gas fees for users, simplify wallet connections, and streamline transaction flows.
The company’s infrastructure includes software development kits and application programming interfaces that developers integrate into their decentralized applications. These tools handle the complex blockchain interactions behind the scenes while presenting users with familiar web experiences similar to traditional applications. Biconomy supports multiple blockchain networks, providing cross-chain infrastructure that works regardless of which specific blockchain an application uses. This chain-agnostic approach has made Biconomy popular among developers building applications serving users across different blockchain ecosystems.
Biconomy’s focus on user experience infrastructure addresses one of the most significant barriers to mainstream crypto adoption. Despite India’s position as a global leader in crypto adoption by user count, actual usage remains concentrated among technically sophisticated early adopters comfortable navigating blockchain complexity. For cryptocurrency to achieve truly mass-market penetration reaching hundreds of millions of Indians rather than tens of millions, infrastructure providers like Biconomy that eliminate technical barriers will be essential. The company’s success in making Web3 applications as easy to use as Web2 applications will largely determine whether blockchain technology remains a niche phenomenon or becomes truly mainstream infrastructure.
8. Development Infrastructure: Blockchain App Factory
9. INORU
India’s crypto infrastructure ecosystem includes numerous blockchain development companies providing the technical expertise and tools necessary for businesses to implement blockchain solutions. Two prominent examples are Blockchain App Factory and INORU, both offering comprehensive development infrastructure for decentralized finance, security token offerings, cryptocurrency creation, NFTs, tokenization, wallets, smart contracts, gaming, and other blockchain applications.
These companies function as infrastructure providers by creating reusable components, frameworks, and platforms that accelerate blockchain development. Rather than every business building blockchain capabilities from scratch, development infrastructure companies provide tested, secure building blocks that can be customized for specific use cases. This approach dramatically reduces the time and cost required to launch blockchain projects while improving security through battle-tested code used across multiple implementations.
Blockchain App Factory has positioned itself as a pioneer in real-world asset digitization, working on projects to tokenize real estate, commodities, and other physical assets on blockchain infrastructure. This represents one of the most promising applications of blockchain technology, potentially bringing trillions of dollars worth of illiquid assets into digital form where they can be more easily traded, borrowed against, and used as collateral. The infrastructure required for real-world asset tokenization is complex, involving not just blockchain technology but also legal frameworks, custody solutions, and integration with traditional financial systems.
INORU similarly focuses on providing development infrastructure across multiple blockchain use cases. These companies have established themselves as trusted partners for businesses exploring blockchain implementation, offering not just technical development but also strategic consulting on how blockchain can solve specific business problems. As India’s blockchain market is projected to reach fifty-three point one eight billion dollars by 2030, development infrastructure providers play a crucial role in enabling businesses across industries to participate in this growth.
The value these companies provide extends beyond pure technical development to include knowledge transfer and capability building. Many Indian businesses lack in-house blockchain expertise, making development infrastructure companies essential partners for initial blockchain implementations. By working with clients across diverse industries including finance, agriculture, supply chain, and governance, these firms accumulate deep expertise in how blockchain can be applied practically rather than just theoretically, creating a virtuous cycle where each project strengthens their infrastructure offerings for future clients.
10. Cross-Border Payment Infrastructure: Ripple and Fireblocks
While not exclusively Indian companies, Ripple and Fireblocks have established significant infrastructure presence in India focused on cross-border payment solutions and institutional digital asset management. These companies address critical infrastructure needs for a country with substantial cross-border remittance flows and growing institutional interest in digital assets.
Ripple’s infrastructure enables near-instant cross-border payments at a fraction of traditional banking costs by using blockchain technology to settle transactions. For India, which receives well over one hundred billion dollars in remittances annually, efficient cross-border payment infrastructure is economically significant. Ripple’s technology allows money to move between countries in seconds rather than days, with transparent fees and real-time tracking. The company has worked to ensure its infrastructure complies with regulations in both sending and receiving countries, addressing a major challenge in cross-border payments where different jurisdictions have varying compliance requirements.
Fireblocks provides institutional-grade infrastructure for storing, transferring, and issuing digital assets, targeting banks, exchanges, and financial institutions rather than retail users. The company’s infrastructure includes secure multi-party computation wallets, insurance covering digital assets, and integration with traditional financial systems. For Indian financial institutions exploring digital asset offerings, Fireblocks provides battle-tested infrastructure reducing the need to build custody and security systems from scratch.
These international infrastructure providers complement rather than compete with Indian companies, often partnering with local firms to deliver comprehensive solutions. Ripple’s presence in India helps Indian companies access global payment networks while Fireblocks enables Indian institutions to safely enter digital asset markets. As India’s financial system increasingly integrates with global markets and digital assets become mainstream investment vehicles, infrastructure enabling secure, compliant cross-border digital asset movement will only grow in importance.
The Infrastructure Evolution Ahead
India’s crypto infrastructure landscape stands at an inflection point as the market matures from early-stage speculation toward institutionalization and mainstream adoption. Several trends will shape infrastructure development through 2026 and beyond. First, regulatory clarity will drive infrastructure standardization as companies align systems with clear compliance requirements rather than navigating ambiguous rules. The Financial Intelligence Unit registration process and mandatory cybersecurity audits are already pushing infrastructure providers toward higher security and compliance standards.
Second, consolidation is likely as smaller infrastructure providers struggle to meet rising regulatory and security requirements. Industry experts predict that five to ten fintech companies may merge or exit the market as infrastructure becomes more capital-intensive and compliance-heavy. This consolidation will likely benefit larger, well-funded infrastructure providers while creating opportunities for specialized companies serving specific niches.
Third, integration with traditional financial infrastructure will accelerate. The Reserve Bank of India’s participation in Project Nexus linking ASEAN and Indian payment systems aims to create a multilateral payment network by 2026, creating opportunities for crypto infrastructure providers to bridge traditional and digital finance. Bilateral agreements with countries like Singapore and the United Arab Emirates further UPI’s global integration, potentially enabling crypto infrastructure providers to leverage these existing payment rails.
Fourth, artificial intelligence integration will transform crypto infrastructure across compliance, security, fraud detection, and user experience. The global artificial intelligence in fintech market is projected to grow from fourteen point one three billion dollars in 2024 to seventeen point seventy-nine billion dollars in 2025, with crypto infrastructure companies increasingly incorporating AI for predictive analytics, cost optimization, and automated compliance.
India’s crypto infrastructure firms are building the foundational technology that will enable the next generation of digital asset adoption. From Polygon’s global blockchain infrastructure to Liminal’s custody solutions, from CoinDCX’s Bharat Custody initiative to Biconomy’s user experience tools, these companies collectively create the ecosystem allowing millions of Indians to safely and compliantly participate in the digital asset economy. As regulatory frameworks mature and institutional adoption accelerates, the infrastructure providers establishing strong positions today will likely emerge as the critical enablers of India’s digital asset future.
