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Crypto Space in India Swings with Investments and Clear Stands

Overview: The Reserve Bank of India clarified its stand on cryptocurrencies and allowed the banks to deal with their activities. On the other hand, Coinbase entered the Indian Crypto market by investing in the funding round of CoinDCX exchange

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No Problem Rendering Services to Crypto Companies – RBI

After the historic judgment from the supreme court of India, there were no clear guidelines with respect to the cryptocurrencies in India. Additionally, many exchanges also requested RBI to provide clarity on the treatment of cryptocurrencies in the country but received no response. 

Now RBI has blown the dark clouds to some extent by replying to the RTI filed by the Co-founder of UnoCoin B.V.Harish. Also, Harish had filed an RTI on April 25, 2020. He questioned whether the RBI has prohibited banks to provide accounts to cryptocurrency exchanges or traders.

The RBI replied to the RTI on May 22, 2020, clarifying that ‘as on date, no such prohibition exists’.

Commenting on the response received by the RBI, B.V.Harish said,

“Bankers have been saying that they need new RBI circulars mentioning that there are no more restrictions for them to provide bank accounts for crypto businesses. Also, we have received a positive response from the RBI.”

CoinDCX receives $2.5 Million in Funding Round

Yet another delighted moment for the crypto followers in India. CoinDCX successfully raised $2.5 Million (app INR18.92 cr) strategic investment led by Polychain Capital. Additionally, Coinbase also entered the Indian Crypto market by participating in the funding round. Recently CoinDCX had raised $3 Million in series A Funding. 

The founder of Polychain Capital, Olaf Carlson-Wee said,

“We have worked closely with CoinDCX from an early stage, and have continued to be impressed by the team and vision. Their thoughtful insights into the Indian market, as well as their long-term product roadmap, have strengthened our belief in the potential of the business,”

The company also mentioned that it has an INR10 Cr dedicated initiative focused on education, organizing meet-ups events, community engagements, and consumer campaigns.

Binance Exchange Announced Listing of Matic in Trading Pairs

Binance following an announcement on their website enabled the following assets and trading pairs,

New Isolated Margin Pairs and Borrowable Assets – ADA, EOS, ETC, LINK and MATIC

New Isolated Margin Pairs – ADA/BTC, ADA/USDT, EOS/BTC, EOS/USDT, ETC/BTC, ETC/USDT, LINK/BTC, LINK/USDT, MATIC/BTC and MATIC/USDT.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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