Coinstore, the Singaporean crypto exchange, has allocated a $20-million fund to set up three new offices in the Indian cities of Bangalore, Delhi, and Mumbai.
It has been reported that Coinstore announced to launch its web and app platform in India for spot and futures trading, opening up a new crypto investment avenue for Indian investors. The platform mandates Know Your Customer verification before allowing users to purchase and sell over 50 cryptocurrencies.
Charles Tan, the Head of Marketing of Coinstore, expressed optimism regarding the development of a positive crypto regulatory framework in India.
“Strict KYC process, security requirement for exchanges, as well as gradual regulation of certain cryptocurrencies naturally protects the Indian users and would clarify the legality of certain cryptocurrencies.”
The report said that Coinstore has registered over 60,000 users from India and expects up to 10x–20x growth in the region in the near future.
Jennifer Lu, the co-founder of Coinstore, said:
“We are truly excited to have launched our app in India. With over 20% of our active users from India, we decided to start local operations to fully support our Indian users.”
Likewise, based on the exchange’s data, Tan also pointed out that “an average Singaporean user tends to buy and hodl for long-term gains, while the Indian Coinstore users have shown to be enterprising traders and view trading crypto as a way to yield profits.” Coinstore has also announced 100 immediate local openings for customer support, marketing and operations division.
“The $20-million fund allocated for the India expansion will be utilized mainly for marketing, hiring talent, and development of crypto-related products and services for the Indian market.”
Thus, the Indian parliament announced it would introduce 26 new bills in the Winter Session, which include a crypto bill that aims to ban private cryptocurrencies while creating an official digital currency.