The entry of HashCash into the Indian cryptocurrency market is the latest news in the media. Reports reveal that the well-known blockchain company HashCash Consultants is preparing to enter the Indian market with a conspicuous investment initial $ 10 million, in light of the recent Indian Supreme Court decision.
India to conquer the crypto market
The crypto community of India will remember March 4, 2020 as the date on which the country's Supreme Court lifted the ban on using banking services for crypto trading. Since the RBI ban was imposed in 2018, most Indian cryptocurrency exchanges have disappeared from the scene, moving overseas or closing.
Now, while India is in the process of legalizing cryptocurrency trading, expectations are high for crypto-companies who are looking forward to embarking on a booming business. The good news is that some large foreign crypto-exchanges are just waiting for a step towards this Indian market, which will be a great opportunity for many.
The first foreign exchange to enter the Indian market was that of a Maltese company Binance which served over 1 billion people in the country after acquiring WazirX, the local cryptocurrency exchange. This is also believed to be the key step through which HashCash will enter the Indian crypto market.
The acquisition also allowed the Indian crypto community to buy and sell cryptocurrencies in the local currency, which is the Indian rupee, even before news of the lifting of the ban was published. The Singapore-based crypto company ZPX is also considering starting its operations in India, considering the bright prospects of crypto-trading.
HashCash invests 10 million dollars in India
Global blockchain company HashCash Consultants is ready to pour $ 10 million into the Indian cryptocurrency industry by 2020. HashCash, the United States-based PayBito crypto exchange system holding company, has a tradition of investing in local cryptocurrencies and blockchain worldwide, with the aim of making them a success.
Commenting on the fact of HashCash's entry into the cryptocurrency market in India, CEO (CEO) Raj Chowdhury says that restoring cryptocurrency activities in India will increase its potential globally.
This would, in fact, allow new collaborations and initiatives for the international participants of the sector, which will bring numerous benefits for the cryptocurrency industry and for the Indian economy.
He also states that there could be no better time for this decision as the crypto landscape is still under development in the country. He feels it may be the right time to get the best results keeping in mind the growing trends regarding cryptocurrencies.