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India Achieves “Crypto Spring” Amid New Wave of Exchanges Launching

As the Reserve Bank of India (RBI) was forced to repeal the crypto ban that it had enacted, a boom of new cryptocurrency exchanges had launched within India. This massive growth offers hope that the country’s lawmakers will be encouraged to maintain the permissive regulatory stance of India.

A Crypto Rush In India

Back in March of this year, the Supreme Court of India officially repealed the ban that the RBI had enacted on crypto businesses. This ban effectively barred all regulated financial institutions from providing banking services to crypto businesses. With the repeal made, the crypto industry was further legitimized, causing overall growth.

In recent times, Tradehorn, an India-based startup, became the latest domestic exchange to launch within the country. Prior to this, the New York-based Coinfund engaged in strategic funding with an Indian derivatives platform: Delta Exchange. Finally, BitPolo went live as well, a fiat-to-crypto exchange within the country.

Big Players Moving In

With the repeal of the RBI ban, a small rush of interest occurred within the global players of the crypto industry. Big names like Binance and OKEx started to launch fiat gateways for the Indian Rupee, and further partnered up with various local exchange platforms, as well.

Tradehorn’s founder and CEO, Rahul Vinakiya, recently spoke to Digpu, a local media outlet. Within this interview, he emphasized his company’s desire to try and create a simplified experience when it comes to trading crypto assets, dedicating his exchange for new players.

Tradehorn Dedicated To Newbies

Vinakiya explained that the Tradehorn exchange was developed to serve novices within the trading industry, who are entirely new to this. The aim is to then spread the awareness of the crypto industry, hailing it as an innovation. In a mildly comical note, Vinakiya explained that his company measured the success of achieving this goal by how easily his uncle would be able to use this.

Tradehorn stands to launch a mobile application shortly, as well. This application will feature a 24-hour support service and is expected to begin by July for both the iOS and the Android.

However, things aren’t all sunshine and roses. Despite the RBI ban repeal in March, many firms have reported that banks are still reluctant to do business. It seems the RBI wasn’t the only one hesitant about crypto.

Even so, the Tradehorn CEO reported that he had made partnerships with multiple banking firms, and predictably praised the Indian Supreme Court’s decision to restore financial services to the crypto industry.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.