Despite India’s unpredictable stance on cryptocurrency, Singapore-based crypto exchange Coinstore has committed a $20 million fund to open three new offices in the Indian cities of Bangalore, Delhi and Mumbai.
Coinstore has announced the launch of its web and app platform in India for spot and futures trading, opening up a new avenue of cryptocurrency investments for Indian investors. The platform requires KYC verification before users can buy and sell more than 50 cryptocurrencies.
Referring to Coinstore’s goal of facilitating the adoption and trading of cryptocurrencies, co-founder Jennifer Low said:
“We are really excited to launch our app in India, as more than 20% of our active users are from India, we have decided to start local operations to fully support our Indian users.”
In addition to the plan to open offices in India, Coinstore also announced 100 immediate local openings for customer support, marketing and operations. According to Lou:
“The $20 million fund for India expansion will be used primarily for marketing, hiring talent, and developing crypto-related products and services for the Indian market.”
On the topic: Cryptocurrency prices drop in India after the announcement of the crypto bill
India’s parliament has announced that it will introduce 26 new bills in the winter session, including a crypto bill that aims to ban private cryptocurrencies when creating an official digital currency.
While the bill has yet to clarify the meaning of the word “private,” the announcement triggered a temporary phase of panic selling on crypto exchange WazirX. As a result of the massive sale, the price of Bitcoin (BTC) fell by 14.8% on the exchange within two hours.