CoinStore, a Singapore-based crypto exchange, is of the opinion that India will soon be a big player in the global crypto market. In recent years, the crypto market in India has grown from strength to strength. Even though there are fears of regulation among investors, many experts believe that the Government of India will take a neutral stance towards cryptos.
For a long time, the Narendra Modi-led BJP government had been staunch in its opposition towards cryptocurrencies. However, during the Indian Parliament’s winter session, the bill was withdrawn, as the government said that more time was needed to draft a bill that was aligned to the dynamic nature of cryptocurrencies.
CoinStore’s Head of Marketing Charles Tan said that the entry of India into the global crypto market came as a result of the lack of investment options users were facing in traditional finance. Data from CoinStore also suggests that the global participation of women in cryptocurrencies has increased. The CoinStore data also reflected the fact that investor interest in the crypto market came mostly from those who are under the age of 25 years.
Additionally, Tan said that CoinStore hopes to have over 2 million users by mid-2022. He also hinted at the expansion of the company’s regional offices and teams. The CoinStore team, when it first started to run operations, consisted of a mere 10 members. However, since then, the company has expanded and it’s now home to more than 70 employees. CoinStore has a variety of departments such as technology, marketing, and operations.