Kraken, digital assets spot and derivatives exchange, made a commitment to India expansion after one week of overturning a two-year banking ban on cryptocurrency firms by the country’s supreme court.
The San Francisco-based exchange committed to the potentially massive market, which in April 2018 saw its crypto industry suppressed by the order of the central bank preventing banks from providing services to firms such as exchanges, Kraken announced in a blog post.
India Market is a Great Earning Opportunity for Crypto Firms
India is considered one of the greatest earning opportunities for companies that can now quickly establish themselves in the near vacuum left by the ban. Due to the banking restrictions, several exchanges were forced to close and others eked out living on crypto-to-crypto trading or other means.
In its post, Kraken said it was “thrilled” to see the Reserve Bank of India’s ban overturned, and would “recommit resources to grow its service in the region through new features and offerings.” Among those was a hint that it may target the massive remittance market in India, with Kraken keen to help Indians save and “send value” to friends and family overseas.
We’ll have to wait until later in the year for more precise information on its plans, Kraken wrote.
While the court ruling was exciting news for crypto space, however, the nation’s regulatory situation is still not rosy. Reportedly, the central bank has said it will return to fight the supreme court ruling, though that may be a long shot. More worryingly, the country’s government has for years been mulling the regulation of cryptocurrency, with some reports suggesting an outright ban.
Even if it’s untrue, the crypto and blockchain industry in India cannot thrive fully and find the investment it needs until the situation is clear.
Local exchanges this month said the nation has a strong appetite for cryptocurrencies and derivatives. Some international crypto companies such as Binance and OKEx had already made moves before the supreme court ruling to satisfy that hunger, announcing local services through acquisitions or partnerships.
Also now Kraken has shown that he is keen not to miss his potentially lucrative market slice.