- The largest crypto exchanges are investing in India despite regulatory uncertainty.
- Experts said that millions of Indians continue to bet on cryptocurrencies.
Despite rumors about India banning crypto, the largest crypto exchanges are investing in India.
In 2018, India’s crypto exchange, CoinDCX, secured funding from crypto exchange platforms BitMEX and Coinbase. In 2019, the largest crypto exchange Binance acquired the Indian crypto trading platform WazirX.
Even with unfriendly policies with the crypto space in India, some experts think such investments are likely to continue coming to India.
One of the experts, Harish BV, the co-founder of Indian Bitcoin processor Unocoin, said,
“There is an increasing trend of foreign cryptocurrency exchanges investing in Indian cryptocurrency exchanges. It’s because India has a population of 1.39 billion that is predominantly young which is seen as tech-savvy and more adaptable to crypto saving.”
Further, he said the median age of Indians is between 28 and 29 years. So, they are into investing in crypto.
The experts also think that despite the changes surrounding cryptos, there is a vast growth potential for India’s crypto market. They said that millions continue to bet on cryptos. Besides, they believe that there is a vast market for the crypto space in the country to exploit.