On one hand there is a discussion that the Indian government is going to ban the trading of cryptocurrencies, while on the other hand Singapore-Best Virtual Currency Exchange has started its operations in India.
Coinstore recently launched its web and application platforms. Coinstore is preparing to have more than 100 employees in India. The company has come up with a plan to spend around $20 million on marketing, hiring and development of crypto related products and services in the Indian market.
On one hand there is a discussion that the Indian government is going to ban the trading of cryptocurrencies, while on the other hand Singapore-Best Virtual Currency Exchange has started its operations in India.
The name of this exchange is Coinstore. Coinstore recently launched its web and application platform and the company plans to open some branches in Bengaluru, New Delhi and Mumbai.
Also Read - Indian Govt to Ban all the Private Cryptocurrency, After the Announcement, the Crypto Market fall by 20%
According to a report by Reuters, Charles Tan, marketing head of Coinstore, says that almost a third of the users visiting his app are from India. So in such a situation, the company thought it right to expand in the Indian market.
When asked how sure his company is about its launch in India, when there is talk of banning cryptocurrencies in India, he said that the policy can be a bit up-and-down, but the company expects that Things will be positive. Charles Tan said that he expects the Indian government to present a healthy framework for cryptocurrencies.
Will keep 100 employees in India, will spend $ 20 million:
Tan said that Coinstore is preparing to have more than 100 employees in India. The company has come up with a plan to spend around $20 million on marketing, hiring and development of crypto related products and services in the Indian market.
Let us tell you that Coinstore has become the second global exchange to enter the Indian market in recent months. Earlier in September, an exchange named CrossTower had set up its local unit in India.
15-20 Million Crypto Traders in India:
It cannot be ignored that there is immense potential for investment and returns in cryptocurrencies. Bitcoin, the world's largest cryptocurrency, has more than doubled in the last 1 year, due to which the trend of Indian investors has turned towards crypto.
The crypto industry estimates that the number of people investing in cryptocurrencies in India can range from 15 million to 20 million. These people may also have holdings of around 400 billion rupees of crypto. Apart from India, Coinstore also plans to expand to Japan, Korea, Indonesia and Vietnam.