After the Supreme Court lifted the banking ban on cryptocurrencies, companies have begun expanding operations into the Indian market while others are investing in the country’s crypto ecosystem.
Global bitcoin exchange Kraken announced this week 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.
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 up its offerings for Indian users. Its CEO recently launched a roadshow to prepare Indian crypto enthusiasts for the next bull run. Other companies that have expressed interest in the Indian market include Kucoin and Paxful.
Global software company Hashcash Consultants, for example, announced on Monday that it has plans to invest $10 million in the recently revived Indian crypto industry in 2020. The company operates U.S.-based crypto exchange Paybito and crypto payment processor Billbitcoins. According to its website, Hashcash has a presence in 26 countries and more than 100 enterprises use its products, such as for retail remittances, corporate payments, trade finance and payment processing.
According to an analysis conducted by marketing and analytics firm Semrush, the leading domains by web traffic were Billdesk, Paytm, and NSE India. Most visitors were between the ages of 25 and 34. Overall, 36% of the searches were made by women. The most searched cryptocurrencies were bitcoin, ignis, ethereum, nano, and XRP, the publication conveyed. The Indian states with the most search interest in investing were Delhi, Haryana, and Karnataka. The states with the largest number of searches for buying bitcoin were Haryana, Delhi, West Bengal, Karnataka, and Kerala.
“With over 1 billion population, the Indian market is a sleeping giant,” says Wazirx CEO Nischal Shetty.