Cryptocurrencies exchange, Kraken has recommitted its stance to relaunching it’s crypto derivative services in India.
After the country’s highest court overturned a two-year banking ban for crypto businesses last week. The US-based crypto exchange made an announcement stating it will increase its services in India following the Supreme Court ruling.
??*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
According to the exchange, it’s growth in India was limited by a 2018 ruling issued by the Reserve Bank of India (RBI) that prohibited banks from opening accounts for crypto businesses.
Kraken added that it was thrilled with the RBI ban overturned. And would recommit resources to grow its operations in the region through new features and offerings.
The future is bright for crypto in India
Kraken’s Head of Global Business Development, Sunny Ray said the future is bright for crypto in India, and Kraken, will be present through every phase.
Ray said: “This is an incredibly emotional moment for India. Satoshi found Bitcoin because he understands that central banks are 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.”
Meanwhile, the RBI plans to appeal the Supreme Court ruling on crypto. This is because it is concerned about the risks to the banking industry related to exposure to crypto.
Other exchange entering India crypto space
Since India’s Supreme Court lifted the RBI ban that prevented banks from offering their services to crypto-related firms, several crypto exchanges have been returning to the India crypto space.
Notably, Zebpay crypto exchange recently announced its return to India. It aims to reclaim its number one spot.
OKEx cryptocurrency exchange has also shown interest in claiming relevance in the Indian crypto space. Binance and many other crypto exchanges are also lining up to penetrate the India crypto market.