After Coinbase and CrossTower, Singapore’s Coinstore is now entering India despite fears of a ban on crypto

• Singapore-based Coinstore has announced plans to enter the Indian market.
• Its competitor CrossTower had also entered India in September.
• Coinbase is setting up its offices in the country and has been on a wave of aggressive hiring since July.

Despite rumors of a
possible banSingapore-based cryptocurrency exchange Coinstore has decided to enter India. It has launched the web and mobile versions of its platforms in the country, and plans to open a branch in Bangalore, New Delhi and Mumbai, according to a
Reuters' report.

Coinstore's entry into India follows in the footsteps of other global crypto giants such as
Coinbase and
CrossTower seeking to capitalize on the large investor base in the country, which the industry estimates between 15 and 20 million. "With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market," Charles Tan, Coinstore's chief marketing officer, told Reuters. He also said that the company plans to hire 100 employees in India and spend around $ 20 million for marketing, recruiting and business development in the country.

The Indian government is expected to present its
cryptocurrency invoice in the Winter Session of the Lok Sabha, which began today. The government has included the bill on the session's agenda as one that seeks to "ban private cryptocurrencies" in the country. While experts are of the opinion that a ban would not be the right move for India, the announcement led to
panic sale in the Indian crypto markets.

“India has enormous potential to become a world leader in this technology. If India closes the avenues for cryptocurrencies, it will be isolated like Nigeria. Being a country that prioritizes digital technology, this innovative technology needs the framework that India provides to expand, ”said Vikas Ahuja, CEO of CrossTower India CEO, told Business Insider.

Competition galore

India's crypto market has grown exponentially over the last year. According to cryptocurrency exchange WazirX founder Nishcal Shetty, the country
has around 20 million cryptocurrency users It is the largest exchange in the country in terms of trading volumes.

The country has also produced two billion dollars worth of cryptocurrencies, 'unicorns', CoinDCX and Coinswitch Kuber, which announced their new milestones in recent months. Coinswitch Kuber is also the first Indian company to receive funding from Silicon Valley-based venture capital firm Andreesen Horowitz.

While CoinSwitch and CoinDCX have investments from global crypto giant Coinbase, WazirX is owned by Binance. Coinstore will also have to deal with smaller exchanges such as Giottus Cryptocurrency and many more. Seychelles-based OKEx also entered India earlier this year, while Singapore-based CrossTower entered the country in September.

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Privacy Coins, Centralized Cryptocurrencies, or Being Currencies: India Has Yet to Explain What 'Private' Cryptocurrency Means

Experts fear a 'ban' on cryptocurrencies in India will only drive investors to the gray market