India has become increasingly attractive to new crypto businesses and investors from all over the world now that the supreme court has lifted the banking ban. Some companies are expanding operations into the Indian market while others are investing in the country’s crypto ecosystem.
Businesses Expanding Into India
After the supreme court quashed the banking ban imposed by the central bank, the Reserve Bank of India (RBI), a number of companies worldwide have expressed their interest in the Indian crypto sector.
Global bitcoin exchange Kraken announced on Monday its recommitment to the Indian market. The San Francisco-based company, with offices in several countries, explained that its growth in India had been limited by the RBI’s 2018 circular which prohibited banks from opening accounts for crypto exchanges. Kraken has “long served the Indian market with a full suite of exchange products, including spot, derivatives and futures, all complete with best-in-class security and execution,” the team noted, elaborating:
Armed with the ability to expand our offering, Kraken is excited to recommit resources to grow its service in the region through new features and offerings.
Kraken is not the only international crypto company committed to growing its operations in India. Even before the banking ban was lifted, Binance had been focusing on growing its services in the country. The company acquired local crypto exchange Wazirx in November last year. U.K.-based crypto banking platform Cashaa began supporting INR for Indian users in October last year and has since been ramping
