Crypto and Blockchain firm Belfrics Group is planning to enter Indian market with an investment of $15 million.
Belfrics is planning to resume its digital asset exchange along with other blockchain solutions. In 2018, it had put its crypto operations in India on hold after the RBI had banned banks from supporting crypto platforms and transactions.
The global blockchain is now trying to capture the crypto market in India. However, it is already present in Indian market. In August 2020, it launched India’s first Covid-19 tracking blockchain platform, BelYo.
Read More: BelYo, A COVID-19 tracking blockchain platform, launched in India
Apart from the crypto exchange, Belfrics plans to launch its other popular services to Indian market. The crypto firm will launch staking rewards, derivative products, lending and borrowing, custody solutions, and crypto payments for Indian users.
PraveenKumar, Founder and CEO Belfrics Group said:
“India is among the global leaders in terms of crypto and blockchain adoption. Looking at the market potential, we have decided to invest $10 million in our crypto exchange and $5 million in our blockchain vertical. This investment would enable us to add five other products that are globally very popular, such as staking rewards, derivative products, lending and borrowing, custody solutions, and crypto payments.”
Belfrics was founded in 2014 as a digital asset-trading platform. Now it has expanded into different domains related to crypto and blockchain. The company has a growing presence in Asia, Africa, Middle East and the Asia-Pacific regions. Belfrics’ suite of comprehensive blockchain technology solutions now enables businesses and governments to bring in transparency and decentralization in their operations.
The Global Blockchain Conglomerate has now a diversified portfolio offered under different brands.
- Belrium – An Identity-integrated completely interoperable blockchain
- BelfricsBT – International Blockchain Technology based services, solution, and product development Unit of Belfrics
- Beldapp – Belrium powered decentralized applications for major consumer based utility services
- Belfrics – A simple KYC enabled smart digital asset trading platform with the best exchange rates
- Belfrics ACADEMY – The International research center and skill development division of Belfrics
- incrypts – A one-stop-shop for news and updates in the space of Blockchain, Financial Technologies and Cryptocurrencies around the world
Belfrics announcement comes at a time when there is still a certain amount of uncertainty on cryptocurrency regulation in India. However, the global developments and continuous pressure from the crypto community forced the Indian government to reconsider their earlier approach. The government of India and the central bank were earlier planning to completely ban the digital currencies. Now, the Indian government plans to compartmentalise cryptocurrencies on the basis of their use cases and direct which cryptocurrency will be allowed to trade in India.