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India crypto firms resurface after Supreme Court re-instates crypto trading

India crypto firms

After India’s Supreme Court on Wednesday, removed the ban placed on cryptocurrency by the Central bank, India crypto firms are beginning to come back. Barely 24 hours after the top court made the verdict, firms like Unocoin, CoinDCX, WazirX, and others announced that reappearance.

Unocoin currently has re-launched. The firm has deployed Bitcoin ATM’s and announced it’s coming back into the market. The firm posted on its Twitter page that it is going live with bank accounts deposits and withdrawals by 11:30 AM.

WairX also announced it’s coming back in a blog post, revealing that deposits will be processed as fast as within an hour. They also announced that they would enable instant deposit and withdrawal options as they promise to operate such that clients have an enjoyable experience.

Unocoin, WairX, and other India crypto firms were affected negatively by the crypto ban in the Asian country after several crypto firms’ bank accounts were seized. India crypto firms were sent to other countries to begin operations. Zebpay, for instance, had to move from India to Malta owing to the crypto ban in the country.

Reportedly, India lost around $13 billion worth of the market owing to the ban as the ban hurt the country’s economy until Wednesday when the ban was made illegal.

Other India crypto firms re-launching

Outside WairX and Unocoin, other India crypto firms are also planning to re-launch in the country. CoinCDX, a new crypto firm, announced that it would be integrating banking features to withdrawal and deposits. This will make the first crypto exchange firm in India to add bank account transfers to their list of services.

Zebpay, a big crypto firm in India, already revealed it is coming back after being absent from the market for more than one year.

Other side to the crypto legality rule in India

Following the embargo on the crypto ban, banks, and other financial institutions in the country are now allowed to serve crypto exchanges and provide crypto services to their customers. This is also another factor prompting exchange firms back to India as the ecosystem for crypto in India is looking to grow now.

Featured Image by Pixabay

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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