After the Supreme Court Lifts RBI Ban, Kraken Renews Plans To Enter Indian Market
The US-based cryptocurrency exchange Kraken kas plans to expand its Indian market operations on digital asset trading services.
🇮🇳*NEW* Kraken is recommitting to the Indian market following last week’s landmark supreme court ruling.
We’re excited to help Indian clients:
💸Send money home
💰Secure their wealth
💪Achieve financial freedom
Learn more here: https://t.co/FMkVcnm5wN
— Kraken Exchange (@krakenfx) March 9, 2020
The announcement was made public on Monday, right after the Supreme Court of India has ruled against the Reserve Bank of India’s (RBI) ban on banking services involving crypto businesses. Here’s what Sunny Ray, the head of global business development at Kraken, had to say about the events that happened in India as of late:
“This is an incredibly emotional moment for India. 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.”
A Huge Market Opening Up for Kraken
Kraken was already operating in India by offering services such as digital assets spot, futures and derivatives trading. However, the authorities in the country being hostile towards the crypto market has limited the exchange’s development. Now that banking services have been reinstated, Kraken is ready to expand its offerings to traders all over India. Here’s what the exchange’s latest announcement reads exactly:
“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.”
Plans Not Yet Disclosed
Kraken didn’t reveal yet its exact plans for the Indian market, which now has immense potential. Even if the Indian crypto trading has slowed down, Binance still decided to enter the country’s market by buying WazirX, one of the most popular local exchanges that used to offer peer-to-peer (P2P) services to fiat-based trading. With the RBI’s bank lifted, exchanges like WazirX have resumed their centralized spot trading fiat deposit services.
In the meantime, the RBI has plans to appeal the Supreme Court’s ruling on crypto, invoking the reason that the banking sector may be damaged if exposed to the crypto space.