6th December 2021: The start-up has allocated $20 million for its India expansion, and intends to spend the funds on marketing, hiring and development of its crypto-related products.
Cryptocurrency futures and spot trading exchange Coinstore has announced its foray into the Indian market by launching its web and app platform for Indian users. Indian users can make use of Coinstore’s easy-to-understand user interface to trade, buy and sell cryptocurrencies, with easy KYC verification and 24/7 customer support. Coinstore enables users to trade more than 50 popular cryptocurrencies anytime, anywhere from the convenience of their mobile phones, the start-up said in a statement. The announcement comes at a time when the Indian government is mulling to ban the private cryptocurrencies in the market with few exceptions.
The Singapore-based company has allocated $20 million for India expansion and intends to spend the funds mainly on marketing, hiring talent, and development of crypto-related products & services for the Indian market. The start-up also has 100 immediate openings for hiring local talent in India for its customer support, marketing and operations division.
“We are truly excited to have launched our app in India, with over 20 per cent of our active users from India, we decided to start local operations to fully support our Indian users,” said Jennifer Lu, Head Product and Co-Founder of Coinstore. “Coinstore aims to simplify the cryptocurrency adoption process and support a joyful trading experience be it spot or futures trading”, she added.
Coinstore said that it plans to expand in India with the setup of a local support office currently underway. The crypto platform will set up offices in Bangalore, Delhi, and Mumbai which will act as its base in India for future expansion.
The crypto exchange said it will offer unique copy trading feature to its Indian users, where users can follow trades of other successful traders to make strategic investment moves from trading the future prices of cryptocurrencies. In June this year, Coinstore successfully launched its iOS and Android apps worldwide alongside their web trading platform to a great fanfare. With a strong focus on security, Coinstore will soon undergo a rigorous audit by Hacken, a global cybersecurity firm with a focus on blockchain security.
The Coinstore app is now available for download in India on Google Play and Apple Store.