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

Must Read

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker...

Can XRP defend its price?

Could XRP defend its price action, and rise back to $0.30? Here is my view on how...

With a 110% increase in crypto wallet adoption rates in 2020 are we set for another Bitcoin boom?

2020 has been a massive year for crypto adoption. In July alone, over 3.5 million crypto wallet app downloads...
- Advertisement -BTCClicks.com Banner
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

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has...

The Kuailian Ecosystem, Bringing Blockchain Technology To The World

10 years have passed since the birth of Bitcoin and the first use of Blockchain, a technology that has not stopped evolving,...