Exchange of cryptocurrencies in Singapore Coinstore launches in India amid government considers banning private currency
The $120-million capital set aside for India expansion by Coinstore will be used to market, recruit, and develop crypto-related products and services for the Indian market.
With 100 current positions in India for customer support, marketing, and operations, Coinstore is also searching for local talent. (Photo courtesy of Coinstore.com)
Coinstore, a Singapore-based crypto future trading platform exchange has entered the Indian market as the government aims to outlaw all private cryptocurrencies through a new crypto bill, which is expected to be submitted in the Winter Session, which began Monday. With the introduction of its web and app platform for Indian users on Monday, the business declared its entry into the Indian crypto market.
Users can “trade, buy and sell cryptocurrencies, with easy KYC verification and 24/7 customer support,” Coinstore said in a statement. About 50 cryptocurrencies are available for trading on the exchange. The launch is significant because India accounts for more than 20% of Coinstore’s active users.
“With over 20 percent of our active users from India, we decided to start local operations to fully support our Indian users,, Coinstore. The setting up of a local support office is currently underway in the country. The company will have offices in Delhi, Mumbai, and Bengaluru “that will act as its base in India for future expansion.”
said Jennifer Lu, Head Product and Co-Founder
With 100 immediate openings in India for customer support, marketing, and operations, Coinstore is also searching for local talent. The business also stated that its $120-million India growth fund will be used for marketing, hiring, and developing cryptocurrency-related products and services for the Indian market.
Users will have access to a copy trading function that will allow them to follow the trades of other successful traders to make smart investment decisions based on trading future cryptocurrency values. Coinstore released its iOS and Android apps, as well as its web trading platform, in June of this year. The company said it would soon undergo a “rigorous audit by Hacken, a global cybersecurity firm with a focus on blockchain security.”