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Kraken to expand its services in India after the Supreme Court overruled RBI's crypto ban

Image by Kraken

Tue, 10 Mar 2020, 10:13 am UTC

Crypto exchange Kraken is committed to expanding its services in India after the Supreme Court overrule the Reserve Bank of India’s (RBI) crypto ban.

In a blog, Kraken announced that it has long served the Indian market with a full suite of exchange products including spot, derivatives, and futures. It also offered best-in-class security and execution. However, a 2018 ruling by the RBI banning banks from opening accounts for crypto businesses limited its growth.

Kraken is delighted for the Supreme Court’s decision to support cryptocurrency. Due to this, the company is committed to expanding its services in the Indian market.

“Armed with the ability to expand our offering, Kraken is excited to recommit resources to grow its service in the region through new features and offerings,” the entry in its blog read.

The Kraken team also promised to bring more updates as the year unfolds. “The future is bright for crypto in India, and at Kraken, we’re going to be there every step of the way,” the post read.

Sunny Ray, Kraken Head of Global Business Development, also deemed the Supreme Court’s decision in favor of cryptocurrency as an “emotional moment” for India. He was one of those who fought to make crypto accessible for the masses.

“This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto,” Ray said.

Ajit Tripathi, an entrepreneur and crypto co-host and columnist at CoinDesk was delighted with the Supreme Court’s ruling. However, he also warned the crypto enthusiasts that it is still too early to celebrate because it has just won the first battle and not the war. He reminded everyone that RBI, the Securities and Exchange Board of India (SEBI), and the central government still need to create a favorable and sustainable environment for crypto to accelerate its innovation while protecting the consumers.

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