Cryptocurrency futures and spot trading market Coinstore has announced its foray into the Indian market by launching its web and app platform for Indian users. Indian users can make use of Coinstore's easy-to-understand user interface to trade, buy and sell cryptocurrencies, with easy KYC verification and 24/7 customer support. Coinstore allows users to trade more than 50 popular cryptocurrencies anytime, anywhere from the comfort of their mobile phones, the company said in a statement. The announcement comes at a time when the Indian government is considering banning private cryptocurrencies from the market with few exceptions.
The Singapore-based company has allocated $ 20 million for the India expansion and intends to spend the funds primarily on marketing, talent recruitment, and development of cryptocurrency-related products and services for the Indian market. The startup also has 100 immediate openings to recruit local talent in India for its operations, marketing and customer service division.
"We are really excited to have launched our app in India, with over 20 percent of our active users from India, we decided to start local operations to fully support our Indian users," said Jennifer Lu, Lead Producer and Co-founder of Coinstore. "Coinstore aims to simplify the cryptocurrency adoption process and support a joyful trading experience, whether it's spot or futures," he added.
Coinstore said it plans to expand in India with the setup of a local support office currently underway. The crypto platform will establish offices in Bangalore, Delhi and Mumbai, which will act as its base in India for future expansion.
The crypto exchange said that it will offer a unique copy exchange feature to its Indian users, where users can follow the transactions of other successful traders to make strategic investment moves from trading the future prices of cryptocurrencies. In June of this year, Coinstore successfully launched its iOS and Android apps around the world alongside its web trading platform to great fanfare. With a strong focus on security, Coinstore will soon undergo a rigorous audit by Hacken, a global cybersecurity firm with a focus on blockchain security.
The Coinstore app is now available for download in India on Google Play and Apple Store.
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