Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the Centre is preparing legislation to effectively bar most private cryptocurrencies.
Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai which will act as its base in India for future expansion. “With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market,” said Charles Tan, head, marketing, Coinstore. On why it was launching India despite the pending clampdown on cryptocurrencies, he said: “There have been policy flip-flops but we hope things are going to be positive and we are optimistic the Indian government will come out with a healthy framework for cryptocurrencies.”
Coinstore plans to recruit about 100 employees in India and spend $20 mn for marketing, hiring and development of crypto-related products and services for the Indian market.
