Crypto derivatives exchange Delta Exchange has announced funding from blockchain investor CoinFund, to provide strategic resources for both parties in their focus to expand in India.
New York-based firm CoinFund looks forward to implementing its first venture investment in India following the recent lifting of the Reserve Bank of India’s ban on banks serving crypto-related firms.
Alex Felix, managing partner of CoinFund, said:
“The crypto market opportunity in India is big! The combination of the Supreme Court’s decision to invalidate RBI’s ban on crypto, increasing local interest, and Bitcoin’s momentum have primed the market for imminent explosive growth.”
“India is a hotbed for innovation and there hasn’t been a domestic sandbox for crypto innovation until the supreme court invalidated the RBI ban earlier this year..It has always been a country with a rich history of talent contribution to blockchain despite there not being as much activity domestically. Now it is time for India itself to take off.”
Pankaj Balani, co-founder and CEO of Delta Exchange, says that India is a “huge untapped” market, not only for crypto spot markets but also for the crypto derivatives segment.
According to Balani, one of the biggest hurdles in the Indian market, is that the national crypto markets face “a lack of players offering a reliable fiat to crypto bridge” on the spot side:
“This is partly because many banks are still reluctant to offer banking services to crypto companies. Things are changing rapidly though given the growing demand from customers and with the positive news flow such as JPM opening banking services to Coinbase and Gemini.”
Source: Cointelegraph | Image: Unsplash
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