Singaporean crypto exchange Coinstore has allocated a $20 million fund to start its operation in India, the exchange hopes to set up three new offices in Bangalore, Delhi, and Mumbai.
Coinstore has announced the debut of its web and app platforms in India for spot and futures trading, providing Indian investors with a new crypto investment option. Before allowing users to buy and sell over 50 cryptocurrencies, the platform requires a Know Your Customer certification.
#Coinstore is very excited to be bringing our services to our users in India!
Thank you so much for your unwavering support towards Coinstore, as we continue to expand our services!
▶️https://t.co/I08SlB4iBK
🌏https://t.co/PqYgSafgF8 #BTC #ETH #DOGE #crypto #exchanges https://t.co/Ae29cTBSpi
— Coinstore (@coinstore_en) November 29, 2021
Jennifer Lu, the co-founder of Coinstore, stated, “Coinstore’s mission is to ease crypto adoption and trading experience.”
“We are truly excited to have launched our app in India, with over 20% of our active users from India, we decided to start local operations to fully support our Indian users.”
Coinstore has announced 100 urgent local jobs for customer support, marketing, and operations divisions, in addition to its plans to create offices in India. Lu claims that:
“The $20 million fund allocated for India expansion will be utilized mainly for marketing, hiring talent, and development of crypto-related products & services for the Indian market.”
The Indian parliament said that 26 new laws would be introduced in the Winter Session, including a crypto bill that attempts to outlaw private cryptocurrencies while creating an official digital currency.
The statement caused a temporary panic selling phase on the WazirX crypto market, despite the bill’s failure to define the term “private.” The price of Bitcoin (BTC) on the exchange plunged 14.8% in two hours as a result of the big sell-off.
