India is one of the countries that has been considered one of the bigger marketplaces for the world. Companies from many industries eye for the Indian market to have a better market share and crypto is not an exception.
Talking about crypto expansion in India, there are many Indian cryptocurrency exchanges are there which are getting millions of users every month but is still international exchanges are interested to on-board Indian users on their platform. Are you in leading exchanges have come forward to acquire some Indian exchanges and wazirx is one of the biggest examples. Exchnage like coinbase has also invested in CoinDCX and now even coinbase is planning to enter in Indian crypto space.
According to a recent report, Kraken from the US, British Virgin Islands-based Bitfinex, and Seychelles-based KuCoin are actively scouting the Indian market, and some are even close to acquiring Indian startups to begin operations in the country.
The Indian crypto market has been growing significantly and this is something that is bringing attention by many other leading exchanges to the Indian market. Coinbase has already started hiring for India and they had posted job requirements in linked-in sometimes back. Kraken, Bitfinex, and Kucoin could be the next entry here that will make things a little competitive for exchanges here but very good for users since there will be more innovation on the place which will benefit users to get better services.
January to May month has been so good for Indian exchanges as they have onboarded more users than they had last year and probably its because of the bull run. Now market in a bearish trend and the bitcoin price has fallen down but I still think that it will not affect much in new people onboarding.
Indian exchanges are improving their services and also expanding their offering but new entries in the space will warm up the competition and hopefully, some more innovative services and features will be available. Although few exchanges like Binance and OKEX are already providing crypto services through peer to peer and lending however no international exchange entered to offer crypto buy with fiat.
If these exchanges enter in India and follow the govt guidelines then probably they will have the option to provide crypto services using fiat and users will get more options to go for.