Kraken, a United States-based crypto exchange, is planning to expand its operations to the Indian market with its digital asset trading services.
Announced on Monday, this decision came after the recent verdict of India’s highest court against the harsh decision of the country’s central bank to ban banking services for crypto businesses.
“This is an incredibly emotional moment for India,” Sunny Ray, Kraken head of global business development, said. “Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”
Opening up of a massive market
Kraken was operating in India and offered a range of services, including spot, derivatives, and futures trading with digital assets.
However, the hostility towards the crypto market by the Indian authorities limited the exchange’s growth in the market.
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As the banking services are resumed, Kraken is set to expand its offering to the Indian traders.
“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,” the announcement stated.
The exchange, however, did not disclose its exact plans for the market with such a huge potential.
Despite the slowing Indian crypto trading, Binance entered the market last year with the acquisition of WazirX, a popular local exchange, that offered peer-to-peer services to continue fiat-based trading. Now, many exchanges, including WazirX, resumed fiat deposit services for their centralized spot trading services.
Meanwhile, the Reserve Bank of India (RBI) is planning to appeal against the Supreme Court’s decision on crypto as it worries about risks to the banking sector with exposure to crypto.