TL; DR Breakdown
- Coinstore wants to set up offices in India
- The crypto exchange has picked three locations
- India continues clampdown on its crypto sector
Over the last few years, controversies have been springing up concerning digital assets and what they stand for in the financial sector. Although a majority of the traders want to make profits, others are using them for things more than trading. Many countries worldwide have banned digital assets due to some associated risks, while others still regulate them without a headway. India is one of the countries in this pool as the country has not been able to regulate the assets firmly. But despite this uncertainty, Coinstore has announced that its next location to set up three branches will be the country.
Coinstore picks three locations
According to the report, Coinstore announced that it has set up a $20 million fund that will be used to achieve its aim. Talking about the location for the offices, the Singapore-based crypto exchange touted Delhi, Mumbai, and Bangalore as possible locations. This announcement came off the back of an earlier announcement that traders in India are now open to spot and futures trading, which is available on the exchange’s mobile app.
This will open a new opportunity for traders to make profits despite the regulatory turmoil currently occurring across the country. However, any trader who wants to leverage this must first complete a mandatory KYC verification before being allowed. Coinstore also announced that Indian traders would first be opened to about 50 digital assets before adding others as time goes.
India continues clampdown on its crypto sector
Giving a review of its services and what it aims to achieve in India, co-fonder of the exchange, Jennifer Lu, said Coinstore aims to provide simplified crypto services, which will help further adoption of the assets. In her statement, she mentioned that the Indian traders make up about 20% of its clients, and it is a dream to bring the services right to their doorstep.
In addition to setting up offices in the country, Jennifer Lu also said that the firm already has plans to set up customer support centers in 100 strategic locations across the country. She also mentioned that the $20 million funds would allow them to hire experts and redefine the services they intend to provide for the crypto community in the country.
Digital assets are currently facing an uncertain future in India, going by a recent Parliament announcement. As per the announcement, the parliament is proposing a new bill that will eliminate private crypto from the country. Also, the bill will include the development of the countries central bank-backed digital currency. Although the terms of the bill have not been explained, it has caused a rush among traders. Going by records, traders are on a selling spree across the country, with WazirX seeing the highest sales of digital assets. Reacting to the massive sell, the price of Bitcoin declined, losing about 14% of its value on the crypto exchange.