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Bithumb to Set up Shop in India

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Highlights:

  • Bithumb, South Korea’s biggest cryptocurrency exchange, plans to open
    shop in India
  • Bithumb seems to be taking the crypto ban proposal in India very lightly
  • India could give severe backlash to Bithumb or Bithumb could break the
    social stigma and allow cryptocurrency growth

Founded in 2014, Bithumb is the most influential digital asset exchange in South Korea. Javier
Sim, co-founder and managing director of Bithumb, said that
the company is planning to expand into the Indian cryptocurrency market through
local partnerships and by funding cryptocurrency startups in the region. The
exchange currently has over 10 million registered traders with the cumulative
transaction volume exceeding 1 trillion USD till date.

“We are open to
talking to regulators, working with them to be a regulated exchange. We are a
strong brand from Korea and do not involve ourselves in unregulated or illegal
trade.”

The firm is
planning to expand its services to India by partnering with local crypto
exchanges, funding local blockchain startups and working on new industry
initiatives, local media outlet The Economic Times reports Oct. 3.

Is India Really
a Good Place to Start?

The South Korean
company is the largest Bitcoin exchange globally at the moment. This comes as a
breather for Indian cryptocurrency platforms such as Zebpay, WazirX and
Unocoin, who have been demanding regulations for crypto-to-crypto exchange,
instead of a blanket ban.

In April last
year, RBI had issued a statement barring all cryptocurrency-related
services. The central bank said that it will not deal with or provide any
service to the businesses that deal with cryptocurrencies such as Bitcoin. RBI
also added that the regulated business which already provides such services
shall exit the relationship within the next three months.

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It remains to be
seen what the reaction from the regulators in India will be. Will they consider
Bithumb’s proposal or will they push innovation away fearing competition.

The post Bithumb to Set up Shop in India appeared first on Cryptoverze.