Regardless of the uncertainty regulation-wise recorded in India at the moment, Sing-based crypto exchange Coinstore has reportedly dedicated $20 million for three new office establishments locally.
Specifically, Coinstore reportedly disclosed details regarding the introduction of its web and app platform, available across Bangalore, Delhi, and Mumbai, supporting spot and futures trading, allowing India-based investors to gain access to a new crypto investment measure.
The platform reportedly makes it mandatory for Know Your Customer protocols be verified, prior to enabling users to buy and sell more than 50 cryptocurrencies.
Coinstore head of marketing Charles Tan reportedly boasted an optimistic attitude towards the growth of a positive crypto regulatory framework in the nation.
“Strict KYC process, security requirement for exchanges, as well as gradual regulation of certain cryptocurrencies naturally protects the Indian users and would clarify the legality of certain cryptocurrencies.”
At the moment, Coinstore has reportedly finalized the registration for more than 60,000 users from India, with expectations to achieve an uplift of 10x–20x growth in the region in the near future.
As suggested by insights from the exchange, Tan further stated that “an average Singaporean user tends to buy and hodl for long-term gains, while the Indian Coinstore users have shown to be enterprising traders and view trading crypto as a way to yield profits.”
Coinstore – in its remarks related to establishing offices in India – has reportedly disclosed details regarding 100 instant local openings for customer support, marketing and operations division.
“The $20-million fund allocated for the India expansion will be utilized mainly for marketing, hiring talent, and development of crypto-related products and services for the Indian market.”
