Industry insiders told a leading agency that global digital currency exchanges are looking into setting up shop in India, following in the footsteps of market leader Binance.
According to four people who asked not to be identified because they were not authorised to comment on private discussions, Kraken, Bitfinex, and KuCoin, all based in the United States, are actively studying the industry, which analysts believe would only grow if given full rein.
Based on their traffic, liquidity, and the dependability of their claimed trade volumes, all three exchanges are among the top ten in the world, according to data portal CoinMarketCap.
Cryptocurrencies, according to supporters, would be the most cost-effective way for Indians living overseas to send money home.
Despite the uncertainty over what India will do, some digital currency exchangers plainly believe it is better to get in now than to miss out.
Cryptocurrency Exchanges in India
Binance purchased WazirX, an Indian cryptocurrency business that allows users to purchase and sell cryptocurrencies with rupees through the Binance Fiat Gateway, in 2019.
Coinbase, a cryptocurrency exchange based in the United States, has revealed plans to open a back-office in India.
CoinDCX, a cryptocurrency exchange situated in Mumbai, is one of the most popular choices among Indian crypto investors.
CoinSwitch began as a global cryptocurrency aggregator in 2017, and in June 2020, it established CoinSwitch Kuber, an Indian cryptocurrency exchange.
UnoCoin is one of India's first cryptocurrency exchanges. The exchange, which was founded in 2013, now has over 1.2 million users.