Here’s something unusual but achievable. South Korean cryptocurrency exchange Bithumb is considering to enter India. They see the market, the unwavering interest, and the love for gold declining, which presents Bithumb with a major business opportunity.
In fact, since the last three weeks, Bithumb has been strategically penetrating the Indian market. They have started their Telegram channel (link), sent out tonnes of press releases, and now the crypto exchange is making new India-related announcements.
As per Economic Times, Bithumb Global is planning to setup a regulated cryptocurrency exchange in India. This gives Indians a trading platform that can be used to buy and sell cryptocurrencies. Of course, with Indian regulations in place and the uncertainty of crypto market for almost one year now, Bithumb has to wait.
The goal, however, is clear.
Speaking about this market entry, co-founder of Bithumb Javier Sim says:
“We are open to talking to regulators, working with them to be a regulated exchange. We are a strong brand from Korea and do not involve ourselves in unregulated or illegal trade.”
It is also important to mention that Bithumb Global is the international arm of Bithumb with the mission to expand to new countries and offer infrastructure and support. As we write this, along with India, the company is entering Russia and Turkey.
There’s More To Bithumb In India
Apart from the goal to establish a regulated cryptocurrency exchange, Bithumb enters India with several future milestones. They are open to collaborate with existing P2P crypto exchange, support blockchain startups, invest in them, and also explore win-win business oppurtunities.
In short, Bithumb aims to create a thriving blockchain ecosystem.
Even though BK Global was supposed to buy a major stake in Bithumb for a whopping $333 million, which never really happened, the South Korean exchange appears to be aiming expansion with this step.
In India, it will be interesting to observe Bithumb’s next logical step given the banking restrictions imposed by the Reserve Bank of India — which eliminated popular crypto players like Zebpay and Koinex from the ecosystem.