Belfrics to resume its cryptocurrency exchange in India
From October 21, Belfrics, a Malaysia based distributed ledger technology firm, is relaunching its cryptocurrency exchange in India.
The company will focus on the phygital model and will open 200 centres across India. It is aiming to invest $5 million for its blockchain and $10 million for cryptocurrency exchange in the Indian market.
“With regards to the spending in India, as of now we have allocated $3 million for the exchange and once the regulatory scenario clears up, we will be increasing this to $10 million,” Praveen Kumar, CEO & Founder, Belfrics Group, said.
At present, India has crypto exchanges but most of them are in the online zone. Belfrics is planning to open 22 centres across India. The company runs a cryptocurrency exchange on its proprietary platform.
In 2015, Belfrics had started its operations in India. In 2018, it paused its crypto business when RBI issued a notification instructing banks not to favour cryptocurrency transactions.
“Though we halted our cryptocurrency business, our blockchain is doing well in India. Our blockchain business is very active,” Kumar said.
It was recently acquired by Life Clips, a global software solution company, which has operations in Malaysia, Singapore, India, Kenya, Tanzania and other countries. In its India version, Belfrics is planning to add many other products.
“On cryptocurrency exchange along with basic services we will also add five other products which are globally very popular. Such as staking reward, derivative products, lending and borrowing, custody solutions and crypto payments card and loyalty programmes,” Kumar said.
There is an exponential rise in cryptocurrency segments since the Supreme Court has set aside the RBI’s ruling on cryptocurrency. More blockchain startups are entering this segment.
“We hope sooner or later regulators will look at this segment, with this hope we are reactivating our plans,” Kumar added.
Till now, more than one crore people have invested in cryptocurrency in India.
The company will focus on the phygital model and will open 200 centres across India. It is aiming to invest $5 million for its blockchain and $10 million for cryptocurrency exchange in the Indian market.
“With regards to the spending in India, as of now we have allocated $3 million for the exchange and once the regulatory scenario clears up, we will be increasing this to $10 million,” Praveen Kumar, CEO & Founder, Belfrics Group, said.
At present, India has crypto exchanges but most of them are in the online zone. Belfrics is planning to open 22 centres across India. The company runs a cryptocurrency exchange on its proprietary platform.
In 2015, Belfrics had started its operations in India. In 2018, it paused its crypto business when RBI issued a notification instructing banks not to favour cryptocurrency transactions.
“Though we halted our cryptocurrency business, our blockchain is doing well in India. Our blockchain business is very active,” Kumar said.
It was recently acquired by Life Clips, a global software solution company, which has operations in Malaysia, Singapore, India, Kenya, Tanzania and other countries. In its India version, Belfrics is planning to add many other products.
“On cryptocurrency exchange along with basic services we will also add five other products which are globally very popular. Such as staking reward, derivative products, lending and borrowing, custody solutions and crypto payments card and loyalty programmes,” Kumar said.
There is an exponential rise in cryptocurrency segments since the Supreme Court has set aside the RBI’s ruling on cryptocurrency. More blockchain startups are entering this segment.
“We hope sooner or later regulators will look at this segment, with this hope we are reactivating our plans,” Kumar added.
Till now, more than one crore people have invested in cryptocurrency in India.
