While crypto is in a bear market situation, Johnny Lyu, CEO of cryptocurrency exchange KuCoin is pretty confident about crypto expansion in India and considers the country as “a key market for KuCoin” .
In an interview given to a local news media channel, Lyu revealed that KuCoin onboarded about 5.6 million new customers in the first half of 2022, which is a 659% development in their business.
He stated that the majority of this number comes from India as Indian customers increased by 1251 percent in contrast with the identical interval last year in 2021.
The Indian government has always been in a state of uncertainty and is adopting an unpleasant approach for crypto investors. After implementing a 30% burdensome tax on crypto transactions, the finance ministry has imposed 1% additional TDS on crypto.
After finding crypto expansion an uphill task in India, many local crypto firms and investors are moving out of India.
However, Lyu is confident about his motive in the Indian crypto market, which is full of expertise.
He stated that “It doesn’t matter what the present situation is, as a buying and selling platform which is about to be 5 years previous, we’re trying on the future. I consider that via the longer term funding and infrastructure development of KuCoin within the Indian market the expansion of the Indian market is price trying ahead to,” he mentioned.
In the past, KuCoin has rolled out a $50 million Help Plan to boost blockchain trade in India. It has also joined hands with local crypto ventures and built a community around it.
He refuted that Indian crypto buying and selling volume is plunging due to Indian crypto investors making their way out. Also, he is constructive about the Indian taxation policy and affirmed that by imposing tax the Indian government is showing its ability to regulate.
He also neglected rumors about KuCoin falling down due to a lack of asset backing like other failed crypto firms such as Celsius and Vauld.
Amid the bloodbath in the crypto and recession fear, major crypto exchanges like Coinbase, Vauld, and Celsius are shooting down their staffs. Meanwhile, KuCoin is continuously hiring new staff as its platform is in the enlargement stage.
“By way of group traction, KuCoin onboarded 400 skills in H1, and is recruiting about 300 skills in R&D, advertising and marketing, enterprise improvement, and different instructions to proceed improvement,” he stated.
KuCoin CEO also envisaged that extreme market conditions in the crypto will “weed” out weak corporations and buyers. He believes that “crypto companies that may come out on high from the market downturn are those innovating new expertise.”
