- Kraken’s growth in India was stunted by the ban on cryptocurrencies by the Reserve Bank of India (RBI).
- The Exchange believes that there’s a lot of potential concerning the Indian market.
Kraken, a US-based crypto exchange, is planning to expand its operations to the Indian market following the country’s Supreme Court ruling to lift the crypto ban. According to Kraken, its growth in India was stunted by the Reserve Bank of India’s (RBI) ban on cryptocurrencies. The Exchange did not disclose any further details about this expansion plan.
Regarding the decision of the apex court, Sunny Ray, Head of Global Business Development at Kraken, said:
This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.
Kraken noted that there’s a lot of potential concerning the Indian market and that they’re hoping to announce more updates shortly.