Global digital currency exchanges are exploring ways to set up in India
Reports suggest the exchange companies are seeking to follow the footsteps of market leader Binance.
It comes at a time where the government in New Delhi hesitates over introducing a law that could ban cryptocurrencies.
Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young nation of 1.35 billion people.
According to reports, industry analysts say there are 15 million crypto investors in India holding over 100 billion rupees equating to $1.37 billion US dollars.
According to four sources, who declined to be identified due to legal reasons, US.-based Kraken, Hong Kong-based Bitfinex, and rival KuCoin are actively scouting the market.
The source stated that other companies were in the initial stages of deciding whether to enter India and weighing their options.
Those options effectively come down to a choice between setting up a subsidiary or buying an Indian firm, as Binance, the world’s biggest exchange, did two years ago.
Bitfinex declined to comment while Kraken and KuCoin did not respond to an email seeking comment.
All three exchanges are ranked in the world’s top ten by data platform CoinMarketCap, based on their traffic, liquidity and trustworthiness of their reported trading volumes.
Russian Police investigate a crypto mining facility
Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients
It’s understood the miners handed devices to those who were running a mining hotel.
They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.
The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.
They were offered electricity prices that were below market value.
Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.
Gucci goes big in metaverse with new Vault Art Space
Forward thinkers who love fashion, this exhibit is for you
Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse
Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare
The debut exhibit is titled “The Next 100 Years of Gucci”
Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.
The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.
All sales will be in Ethereum.
Ethereum to finally undergo shift to new energy model
The popular cryptocurrency are ready to make the switch from one energy model to another
Ethereum is about to undergo its long awaited makeover, which will see the company shift from its energy intensive model.
The crypto has been working to shift from its proof-of-work method to a proof-of-stake model, which requires far less power than mining.
Crypto currencies have been criticised for their mining processes to generate new coins. But this new method will be eco-friendly and lead to faster transactions.
The transition has been repeatedly pushed back because of major flaws.
But developers reportedly say the latest test run was very smooth.
The price of Ethereum has lost nearly half its value this year and is trading at just over $1,800 USD.
Investors will continue to keep an eye out on what will come out of this upgrade.
Meanwhile, Bitcoin investors can enjoy a sigh of relief as the cryptocurrency bounces back after months of turbulence.
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