Crypto derivatives exchange Delta Exchange has announced a new injection of funding from blockchain investor CoinFund, aiming to provide strategic resources for both parties in their focus to expand in India.
According to the announcement, New York-based firm CoinFund looks forward to implementing its first venture investment in India following the recent lifting of the Reserve Bank of India’s ban on banks serving crypto-related firms.
Big opportunities in the Indian crypto derivatives market
Alex Felix, managing partner of CoinFund, said:
“The crypto market opportunity in India is big! The combination of the Supreme Court’s decision to invalidate RBI’s ban on crypto, increasing local interest, and Bitcoin’s momentum have primed the market for imminent explosive growth.”
“India is a hotbed for innovation and there hasn’t been a domestic sandbox for crypto innovation until the supreme court invalidated the RBI ban earlier this year,” Felix said. “It has always been a country with a rich history of talent contribution to blockchain despite there not being as much activity domestically. Now it is time for India itself to take off.”
Pankaj Balani, co-founder and CEO of Delta Exchange, stated that India is a “huge untapped” market, not only for crypto spot markets but also for the crypto derivatives segment.
On the biggest hurdles in the Indian market, according to Balani, is that the national crypto markets face “a lack of players offering a reliable fiat to crypto bridge” on the spot side:
“This is partly because many banks are still reluctant to offer banking services to crypto companies. Things are changing rapidly though given the growing demand from customers and with the positive news flow such as JPM opening banking services to Coinbase and Gemini.”
Crypto entrepreneurs seek clarity
Indeed, some in the Indian cryptocurrency space have taken proactive measures regarding the lack of certainty vis-a-vis banking services for crypto-related business.
Earlier today, Reserve Bank of India reiterated that there was no ban on providing banking services for such firms, after an exec at local crypto exchange filed a freedom of information request.