Despite India’s unreliable stance on crypto regulations, the Singaporean crypto exchange Coinstore has raised a $ 20 million fund to build three new offices in different locations: Bangalore, Delhi and Mumbai in India.

Coinstore has announced the launch of its web and app platform in India for spot and futures trading, opening a new crypto investment route for Indian investors. The platform requires Know to verify your customers before users can buy and sell more than 50 cryptocurrencies.

#Coinstore We are very excited to make our services available to our users in India!

Thank you for your unwavering support of Coinstore as we continue to expand our services!

️Https: //t.co/I08SlB4iBK
https://t.co/PqYgSafgF8 #BTC #ETH # DOGE #Crypto #exchange https://t.co/Ae29cTBSpi

– Coinstore (@coinstore_en) November 29, 2021

Citing Coinstore’s goal to simplify the crypto adoption and trading experience, Co-Founder Jennifer Lu said:

“We are very excited to launch our app in India as over 20% of our active users are from India. We decided to start operating locally in order to fully support our Indian users. “

In addition to its plans to open an office in India, Coinstore also announced 100 immediate local openings for customer support, marketing and operations. According to Lu:

“The $ 20 million fund allocated for the expansion in India will be used primarily for marketing, talent recruitment and the development of crypto-related products and services for the Indian market.”

Related: Cryptocurrency price in India is falling after the announcement of the crypto law

The Indian parliament has announced that it will propose 26 new bills during the winter session, including a cryptocurrency bill that aims to ban private cryptocurrencies while creating a digital currency.

Although the bill has not yet clarified what the word “private” means, the announcement has sparked a temporary period of panic selling on the WazirX cryptocurrency exchange. As a result of the massive sell-off, the Bitcoin (BTC) price fell 14.8% locally on the exchange within two hours.

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