Crypto derivatives exchange firm Delta Exchange has said it received funding from blockchain investor CoinFund. The new funding will be geared towards expanding both firms in India.
In conversation with Cointelegraph, CoinFund managing partner Alex Felix has said that there is more than enough potential in India as the market in the country is big and getting bigger.
“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.”
According to him, India has a big pool of talents that had been stuck for a while because of the regulatory stand against crypto. Now that the Supreme Court has removed the crypto ban earlier placed by the Reserve Bank of India (RBI), the county is quite ripe for crypto expansion.
Back in March, the Supreme Court of India ruled that the RBI’s crypto ban was unconstitutional and that crypto firms could resume crypto services.
Delta Exchange CEO and co-founder Pankaj Balani has however pointed out that one of the major problems with crypto in India is that there aren’t enough platforms for a proper bridge between crypto and fiat. This is mostly because major financial institutions are skeptical, and generally unwilling to handle crypto companies.
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