Singapore-based Coinstore Crypto Exchange has recently approved $20 million to open three new offices in the Indian market, likely to be in cities like Bangalore, Delhi, and Mumbai despite the recent unpredictable moves on cryptocurrencies regulations within the country.
Furthermore, Coinstore has announced the launch of its web and app platform in India for spot and futures trading, and thus opening a new crypto investment platform for Indian investors. The platform complies with Know Your Customer(KYC) before allowing customers to buy and sell from a range of over 50 cryptocurrencies.
While discussing further Charles Tan Coinstore’s Head of Marketing expressed his optimism about the development of a positive crypto control framework in India and said:
“Strict KYC procedures, security requirements for exchanges, as well as systematic regulation of certain cryptocurrencies naturally protect Indian consumers and clarify the legitimacy of certain cryptocurrencies.”
As of now, Coinstore has 60,000 registered customers in India and the firm further expects 10x – 20x growth in the region in the near future.
To this Co-founder Jennifer Lou said:
“We are happy to launch our app in India. As we have over 20% of our active customers from India, we decided to launch local operations to fully support our Indian customers”.
While analyzing the exchange data, Tan points out that “the average Singaporean consumer buys and holds for long-term profits, but Indian coinstore customers are entrepreneurs who consider trading crypto to be profitable”.
Coinstore has also announced 100 instant local openings for customer support, marketing and operations divisions, appreciating plans to set up offices in India.
To this according to lu:
“The $ 20 million allocated for India’s expansion will be used primarily for marketing, talent recruitment and development of crypto-related products and services in the Indian market.”
The Parliament of India has announced that it will introduce 26 new bills in the winter session, including the Crypto Bill, aimed at banning private cryptocurrencies while creating the official digital currency by the central authority.
Although the bill does not yet specify the meaning of the word “private”, the statement caused temporary panic over the WazirX crypto conversion platform. Resulting in Bitcoin (BTC) falling 14.8% on the exchange in two hours.