Cryptocurrency companies in India continue to grow and launch products in the midst of news of a government bill being proposed by the finance ministry for inter-ministerial consultations that could outlaw virtual currency. The crypto market has been gaining steam since March when the Supreme Court ( SC) lifted India’s controversial prohibition on digital currency trading in the country from the Reserve Bank.
- Not only businesses are expanding in India, but several firms also intend to inject money into the Indian crypto-ecosystem. E.g. Hashcash Consultants. The firm runs Paybito and crypto-payment platform Billbitcoins, based on U.S. crypto exchange. Hashcash has a footprint in 26 countries and more than 100 businesses use its goods, such as retail remittances, corporate payments, commercial finance and payment processing, according to its website.
- According to an evaluation by marketing and Analytics Company, India has become one of the ten most prominent places to set up a business. Over the past four years, the firm has researched 606 fintech companies in India and analyzed relevant Google search results. The top Internet traffic domains were Billdesk, Paytm, and NSE India. Most of the tourists were aged between 25 and 34 years. Overall, women made 36 per cent of the searches. The cryptocurrencies that were most looked for were bitcoin, ignis, ethereum, nano, and XRP. Delhi, Haryana and Karnataka were the Indian states with the most search interest in making investments. The conditions with the highest number of bitcoin buying searches were Haryana, Delhi, Karnataka, West Bengal and Kerala.
- Global decentralized cryptocurrency exchange Binance Group has set up a blockchain technology fund for India, worth $50 million (Rs 370 crore). The fund is expecting to spend upwards of $100,000 per start-up, called Blockchain for India. This aims to give India’s entrepreneurial group direct access to the global blockchain ecosystem of Finan, and will also invest up to $ 5 million in projects using Binance Coin, Binance USD and WRX coins.
India has become progressively attractive to potential crypto companies and investors from around the world, now that the banking ban has been lifted by the supreme court. Many companies extend operations into the Indian market while others invest in the crypto-ecosystem of the nation.