Belfrics, a Malaysia based blockchain technology firm, is restarting its cryptocurrency exchange in India from October 2021 in a new avatar. The company is going to focus on phygital model and opening 200 centres across India. All these centres will be based on a franchise basis. The company is planning to invest $10 million for cryptocurrency exchange and $5 million for its blockchain (a total of around Rs100 crore) 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.
Belfrics also runs a cryptocurrency exchange on its proprietary platform.
Belfrics had started its operations in India in 2015 when the cryptocurrency segment was very new. Later when RBI issued a notification instructing banks not to favour cryptocurrency transactions, Belfrics put a pause button on its crypto business in 2018.
“Though we halted our cryptocurrency business, our blockchain is doing well in India. Our blockchain business is very active,” Kumar said.
Belfrics 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 Indian version, Belfrics is also planning to add many other products.
“On the cryptocurrency exchange along with basic services we will also add five other products which are globally very popluar. Such as staking reward, derivative products, lending and borrowing, custody solutions and crypto payments card and loyalty programmes,” Kumar said.
Focus on India’s crypto market
Since the Supreme Court has set aside the RBI’s ruling on cryptocurrency, there is an exponential rise in the segments. More blockchain startups are entering the space.
“We hope sooner or later regulators will look at this segment, with this hope we are reactivating our plans,” Kumar added.
Currently, India has crypto exchanges but most of them are in the online zone. Belfrics is planning to open 22 centres all over the country.
More than one crore people have invested in cryptocurrency in India and the response towards crypto is.