US-based crypto exchange, Kraken, announced its intention to grow its operation in the Indian market following the recent ruling of the country’s Supreme Court to lift the ban against banks doing business with crypto companies.
Kraken growth in India was until recently hampered by the Reserve Bank of India (RBI) ban. However, the company do not give further details on the plans for this large market.
Sunny Ray, Head of Global Business Development at Kraken, commented:
Sunny Ray
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.
The exchange also stated that they see a bright future for the Indian market and they hope to give more updates on this new commitment with users of the second-most populous country in the world.
Binance also made a move on the Indian crypto market back in November 2019 as the firm acquired local crypto exchange WazirX, allowing users to buy and sell crypto with Indian rupees (INR).
Reserve Bank of India (RBI) had shared its intentions to appeal the Supreme Court ruling, claiming that cryptocurrency trading poses a risk to the banking system. The court did not find sufficient evidence that the assertion was true.
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