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Indian Exchanges Unfazed by Current Crypto Bear Market: Report

Despite the downturn, exchanges say they are looking to build up their infrastructure for when the next big boom in crypto rolls around.

Jul 9, 2021 at 4:21 a.m. UTC
Updated Sep 14, 2021 at 1:23 p.m. UTC

A drop in trading volumes among cryptocurrency exchanges is not a cause for concern during the current market downturn, digital asset platforms in India are saying.

Business Insider India reported on Friday that exchanges are looking to build up their infrastructure for when the next big boom in crypto rolls around.

A “bear market brings in an opportunity for us to further strengthen security and work on building educational initiatives to bring more awareness around crypto as an asset class,” the report cited Ashish Singhal, CEO of CoinSwitch Kuber, as saying.

Other Indian exchanges echoed CoinSwitch's sentiment, including CoinDCX and WazirX.

The comments come as India's embattled domestic crypto industry has tussled with the country's regulators flip-flopping on their stance with the nascent asset class.

To top it off, global flows into the crypto markets in recent months have tapered following a stream of unfavorable news, including China's crackdown on the industry and renewed skepticism surrounding crypto's energy usage.

“Of course, with a strong and clear regulatory framework in place, the entire crypto industry would benefit from the measures and help propel the next growth phase of crypto adoption in our country," said Sumit Gupta, CEO of CoinDCX.

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