At a time when India’s leadership is seeking to impose curbs on most of the private cryptocurrencies, Singapore-based digital exchange Coinstore’s latest venture into the country is reflective of the growing adoption among the netizens in the digital asset industry. According to the blog post, the crypto exchange has set up its web and application platform and is planning to open branches in Delhi, Mumbai, and Bangalore that will serve as a foundation for expansion in the future.
Citing the latest development, Charles Tan, head of the marketing division at Coinstore stated,
With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market. There have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies.
In addition to that, Tan revealed that the crypto exchange is planning to hire roughly 100 individuals in India and would allocate $20 million for advertising, recruiting, and development of crypto-related products and services exclusively for the domestic market. Apart from India, Coinstore is also planning to expand into countries such as Japan, Korea, Indonesia, and Vietnam, as per the marketing Exec.
Interestingly, Coinstore is the second foreign exchange to gain entry in the subcontinent in recent months, after CrossTower, a US-based trading platform launched its operations in the country back in last September this year.
Latest buzz in India’s crypto environment
India’s first crypto unicorn, CoinDCX, is considering to launch an initial public offering [IPO] after the country’s regulation permits it, as per the trading platform’s co-founder, Neeraj Khandelwal. In an interview held with Bloomberg, Khandelwal revealed that sale of the share would mirror US largest Crypto exchange, Coinbase Global Inc.’s listing on Nasdaq on April this year.
CoinDCX latest announcement comes at a crucial time in the Indian crypto landscape as the administration plans to introduce a bill to regulate cryptocurrencies. With respect to the Reserve Bank of India [RBI] stance on imposing ban to all private cryptoassets while it works on creating a digital currency. The government’s recent publication of banning most private crypto assets has too dampened the hopes for a friendlier approach.