India Getting Ready for New Crypto Offerings Following SC Lifting the Ban

Must Read

Ethereum Blockchain: Current news and prediction round the future

 Ethereum is more sheltered than you may think, but by means of a decentralized app or exchange that hasn't...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to...

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory....
- Advertisement -
Earn Free Bitcoin

As we reported, India’s Supreme Court has lifted the ban imposed by the Reserve Bank of India on the banks and financial institutions that prevented them from offering their services to individuals and businesses dealing in cryptos.

But as SC lifts ban, the country might see new crypto offerings as a number of startups start working on innovative products for consumers.

Cryptocurrency exchange Wazir, which partners with Binance is already working on new offerings. Mumbai-based WazirX is reportedly talking to fintech players to integrate the wallets with other platforms to drive transactions.

The exchange has enabled users to deposit and withdraw in fiat currency to buy and sell crypto through its platform following the SC’s order.

US-based crypto exchange Kraken has also announced an expansion of its offering in the country which has been limited due to RBI’s 2018 ruling.

“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,” said Kraken Head of Global Business Development Sunny Ray, who founded the first regulated crypto exchange in India, Unocoin.

According to local media sources, crypto companies like Bank of Hodlers are also working on new additions that include enabling UPI transactions for cryptos in the next few months.

“To start with, we are integrating with RazorPay and Cashfree this week, which will be our payment gateway. After that, we will start focusing and enabling peer-to-peer transactions,” said Darshan Bathija, co-founder of Bengaluru-based Bank of Hodlers.

With the banking ban lifted, these crypto companies can innovate around these offerings and work with banks that were ready to integrate with their products two years back.

“One is working on a wallet-based system which will enable users to transact on crypto in e-commerce sites. Another one is looking at enabling people to use the idle processing power of their mobile phones in exchange for earning crypto,” said Akshay Aggarwal, CEO of Blocumen Studios, an enabler of the cryptocurrency ecosystem.

- Advertisement -
- Advertisement -

Latest News

Bitpanda raises $170M in funding round

Austria-based cryptocurrency firm Bitpanda has closed a $170 million funding round to further the firm's international growth.
- Advertisement -Earn Free Bitcoin

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...

DigiShares Releases Industry Report on Real Estate Tokenization

DigiShares, a white label security token issuance solutions provider, has released a detailed report outlining the state of the global...

Gen2 Technologies (MNIZ) To Hold Quarterly Update

SPARKS, Nev., March 29, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) wishes to inform its loyal shareholders that it...

Digital Securities & Tokenization Summit Announced for May 2021

Press Release 24 March 2021 DigiShares, the end-to-end white-label platform for...