One more Crypto exchange "CoinStore" Enters India
India has been in the news in the crypto space for quite some time because of ongoing regulation discussions and the involvement of the government. At some point, it has become one of the country where user onboarding is high and even their amount of investment is growing significantly. Even leading exchanges like Binance, coinbase, Huobi, etc are already providing crypto services but this list is increasing slowly. Recently one of the foreign crypto exchanges Cross tower started its operation in Indian and now another crypto exchange Coin store entered in Indian crypto market. So what does it mean? Do they think that India is all set for crypto regulation and will be able to run its operation smoothly? I think that as of now its difficult to answer this question because from the govt side there is no clear and official circular.
Coinstore in Singapore-based cryptocurrency trading exchnage and now their expansion to India surely shows that these exchanges are setting the potential in the Indian market and want to be part of this growing ecosystem. Even coinbase and finance have the same view that India can be one of the leading countries that can bring a huge number of people investing in crypto.
Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai which will act as its base in India for future expansion.
As per one of the surveys, more than 100 million people in India own a crypt,o and its approx 7.% o the Indian population. The average age of these users is 24 years which means younger are loving to be part of crypto and when the young generation is adopting crypto then its a positive sign that things are going in the right direction. Crypto is a revolution bulnt of highly advanced technology known as the blockchain.
Exchanges are taking risks despite the current regulatory situation in India that means somewhere they see the regulation as a possibility else these companies invest a big amount for the setup and they would never invest if they don't see the potential opportunity.
This year 2021 has got 3 international exchanges in India and out of these coinbase is the biggest one. It simply means that Indians are going to have a great set of crypto services and offering by these exchanges and there will be lots of competition which is good for users as they will be given better and competitive services to retain with them.
I also see this as a positive move because this way more Indians will join the crypto space and in the next few years, I expect to have the percentage in double-digit which will own the crypto. Having more people onboarded to crypto means more funds which will lead to a bigger global crypto community.
Thank you so much
Posted Using LeoFinance Beta
