Despite the bloody weekend for bitcoin, the Indian crypto-economy has not stopped and is still in a great momentum. As the Supreme Court lifted RBI’s ban on cryptocurrency, the Indian crypto market has been experiencing substantial trading volumes on local exchanges. WRX, the native token for popular Indian crypto exchange WazirX, went up more than 65% following news of the Supreme Court ruling.

Besides the inflow of new money into the Indian market, crypto-based businesses that had once closed their doors are now coming back to regain their places in the market. Before the Reserve Bank of India’s nationwide banking ban, the country’s crypto-economy was worth close to $12.9 billion. Now the nation is back on track and is expected to grow much more than what it did before.

Kraken makes a move

Following the court’s ruling, many crypto-businesses have entered India; the latest in the bunch is U.S based crypto exchange Kraken. In a blog, Kraken announced that it was “thrilled” to see the Reserve Bank of India’s ban overturned, and would “recommit resources to grow its service in the region through new features and offerings.”

Kraken has been serving the Indian market for a long time with a variety of investment products like spot, derivatives, and futures. The 2018 RBI ban had “limited” the company’s growth as the nation’s central bank prohibited banks from opening accounts for crypto businesses.

Sunny Ray, Head of Global Business Development at Kraken and founder of Unocoin, the first regulated crypto exchange in India, said:

“This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”

An upcoming hotspot?

India is now a vast open market for companies that can speedily establish themselves before the competition. Popular cryptocurrency Binance had shown faith in the Indian crypto market way before the ban was lifted. Earlier this year, its accusation of popular Indian peer-to-peer exchange WazirX, made it the first international crypto-exchange to enter the Indian market.

Another Indian crypto exchange CoinDCX partnered with the Malta-based trading platform OKEx at the same time. The partnership, backed by an undisclosed amount, is aimed at helping develop a new derivative facility dubbed DCXfutures, in return for providing OKEx with a foothold in the Indian market.

Last week, The Daily Chain had reported that global blockchain company HashCash Consultants is ready to invest $10 million into the Indian crypto industry. The parent company of the U.S-based crypto-exchange PayBito, HashCash, is known for investing in local crypto and blockchain businesses throughout the globe. Raj Chowdhury, CEO of HashCash Consultants, said:

“I would say that it’s better late than never […] The restoring of cryptocurrency activities has opened up entire geography, for new collaborations and ventures for the global players, forecasting prospects for the crypto industry and the Indian economy at large.”

Besides these, Singapore-based crypto firm ZPX is also considering the ramping up of operations in India, according to CEO Ramani Ramachandran.