Cryptocurrency exchange Kraken has announced its recommitment to Indian markets following a Supreme Court ruling made last week.
According to a blog post published Mar. 9, Kraken is planning to expand its presence in Indian markets following the Supreme Court’s decision last week to overturn the Reserve Bank of India’s (RBI) controversial ban on cryptocurrency. In 2018, the RBI issued a ruling prohibiting banks from opening accounts for cryptocurrency businesses.
Kraken claims to have a history of servicing the Indian market with a full suite of exchange products but had their growth stifled following the RBI proposal. With the Supreme Court reversing the decision, Kraken has reaffirmed its commitment to India.
The post reads, “As believers in the potential of cryptocurrencies to promote financial freedom, we’ve long seen our services as essential in opening access to Bitcoin and other cryptocurrencies.”
Kraken’s Head of Global Business Development Sunny Ray, who founded the first regulated crypto exchange in India, explained the significance of the ruling, “This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”