Big Fintech giant to launch operation in India amid crypto ban

The South Korean Fintech organisation Bithumb international is set to launch a crypto exchange platform in India and this done by partnering with local crypto exchanges in the country and also funding block chain start-ups with new initiatives as reported by the economic times on October 3rd.

Global Bithumb’s cofounder and managing director Javier Sim stated the company being a big brand from South Korea is ready to work with Indian regulatory bodies to set up a new regulated crypto exchange so as to foster transparent transactions and trade.

Looking at the recent debut of Bithumb in 2014 which was the earliest crypto exchange in south Korea its beta launch didn’t take place until 2019 of October Bithumb services 59% of the entire Bitcoin volumes being traded in south Korea grossing over one million users and extending the total volume to over $381million.

India being one of the countries still awaiting a formal review of the proposed ban on crypto currency. At mid-September it was reported that India was seeing first signs of brain drain following the government criminalising crypto currency investments in the country. This in itself will result to a whooping loss of billions of dollars’ worth of market if the Indian government eventually places ban on crypto currency.