A New Dawn for Crypto in India

The U.S.-based cryptocurrency exchange Kraken is gearing up to ramp up its operations in India, following a recent Supreme Court decision that lifted the banking ban on crypto companies. This pivotal ruling opens doors that had previously been shut tighter than a clam in a sandstorm. Kraken made the announcement on March 9th, hinting at a newfound optimism in a market that has long been seen as a sleeping giant.

Ban Lifted: A Game Changer for Kraken

Kraken’s growth trajectory in India has faced hurdles due to the Reserve Bank of India’s (RBI) restrictions. It’s as if they were trying to run a marathon in quicksand. The exchange noted that despite these challenges, it remains committed to expanding its presence in one of the world’s largest markets, although specific plans remain under wraps.

Sunny Ray’s Words of Hope

Sunny Ray, Kraken’s Head of Global Business Development, couldn’t contain his excitement over the ruling. He stated,

“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.”

It’s not every day you see crypto enthusiasts championing causes with such passion, but Ray knows that this ruling could mean a brighter future for crypto in India.

What’s Next for Kraken?

As Kraken looks forward, they’re promising more updates regarding their plans for the Indian market. This is a crucial commitment, especially given the potential user base of 1.5 billion people. The exchange hinted at further developments, leaving crypto aficionados on the edge of their seats. One thing’s for sure—a flurry of activity can be expected.

The Competitive Landscape: Other Players in India

While Kraken is making headlines with its promised expansion, it’s essential to note that it’s not the only player in town. Binance, the leading crypto exchange, made headlines back in November 2019 by acquiring the local WazirX platform, facilitating buying and selling crypto in Indian Rupees (INR). Competition is heating up, and with other exchanges keen to stake their claim in India, the landscape is becoming increasingly vibrant.

Cointelegraph reached out to Kraken for additional information but has yet to receive a reply. We’ll keep our readers posted with any new developments.