As a first step CoinStore has launched its website and apps. It also plans to expand into India with branches in Bangalore, New Delhi and Mumbai in the near future. It has come to the point where a cryptocurrency bill is about to be tabled in India.
Most of the users are Indians
Regarding this the company said that out of the total users who use our processor, a quarter of the users come from India. In the meantime this expansion is about to be done. “It makes sense to us,” said Charles Dan Reuters, chairman of CoinStore.
Announcements may be positive
Cryptocurrencies are expected to be banned in India. But in the midst of the question of how it is expanding in India, Dawn said, “We hope the announcement on cryptocurrencies will be positive for the market.” We hope that the government will publish in favor of the structure of cryptocurrency.
Tax increase plan
It was recently reported that the government plans to promote cryptocurrencies through higher capital gains tax and other taxes. In this case, the bill is expected to be tabled tomorrow.
Plan to hire multiple employees
It has been reported that Coinstore plans to hire about 100 employees in India. Dan said he plans to spend $ 20 million on staffing and marketing, including app development.
Increase in the value of bitcoin
Coinstore has now entered India, with Groswarts recently opening its branch in India.
Bitcoin, the most valuable currency among cryptocurrencies, doubled earlier this year. Only then has it attracted Indian investors.
Industry estimates put the number of crypto investors at 15-20 million in India alone. A total of $ 5.33 billion has been invested in cryptocurrencies. CoinStore plans to expand in Japan, Korea, Indonesia and Vietnam.