Hassan Maishera
Cryptocurrency exchanges in India are taking advantage of the current decline in trading activities to expand their services and launch new products. They believe the current market condition is an opportunity to expand their services and reach more people.
Indian exchanges are taking advantage of the market condition
Crypto exchanges in India are doing the most they can during this bearish cycle. The prices of Bitcoin and other cryptocurrencies are down by 40% or more from their all-time highs. This has resulted in lower trading volumes on most exchanges.
However, exchanges in India haven't allowed that to dampen their spirit. Instead, they are using this period to expand their services and boost their security. In an interview with Business Insider, Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, said, "Bear market brings in an opportunity for us to further strengthen security and work on building educational initiatives to bring more awareness around crypto as an asset class. Volatility is just a part of the market building. We are hopeful that the market will see a steady recovery."
The crypto trading platforms in India had to deal with a lot earlier this year. The regulatory uncertainty in India and overwhelming trading volumes meant that they had to work hard to ensure everything runs smoothly. However, the regulatory pressure has eased, and trading volumes are low. Thus, allowing them to boost the security of their platforms and launch new products to attract more users.
Despite that, Indian crypto exchanges still desire to work within a regulatory framework. Sumit Gupta, the CEO & Co-Founder of CoinDCX, said, "Of course, with a strong and clear regulatory framework in place, the entire crypto industry would benefit from the measures and help propel the next growth phase of crypto adoption in our country."
The cryptocurrency market has been in a bearish trend for the past few weeks, with Bitcoin still struggling below the $35k mark.
