Interview: Crypto Exchange CEO on Bringing Bitcoin Adoption to India
CCN had a review with Prashanth Swaminathan, the first CEO of XDAT, a new Malta-based crypto sell with eyes toward India and other markets.
A internal of India, he is an confidant to the Eleven01 project, which is an try at building a regulated internal blockchain in the country.
Developing a Regulated Exchange in India with Fiat Pairs
Eleven01 enjoys support from several internal supervision entities, as CCN has formerly reported.
One aspect of the Eleven01 substructure is to emanate a regulated sell in India as well. My sold impasse with Eleven01 is more focused on this side of things. And also to advise on financial aspects because of my credentials as an investment banker. […] While XDAT has practical for chartering from the Maltese regulators, we will also open a regulated sell in India, and it will be a corner bid with Eleven01.
Swaminathan conspicuous that XDAT will assistance promote the token era eventuality that Eleven01 is still in the growth stages for.
When Eleven01 does the TGE, then one of the exchanges that will list Eleven01 will be XDAT.
XDAT is still in the beta phases of development. This indication is identical to the proceed of Huobi. The idea of XDAT is to make things as elementary as probable for new users. Swaminathan believes that most crypto exchanges today are too difficult for mass adoption.
We are only inventory the most glass coins on the market. We will not go about inventory small marketplace top coins.
Indian Regulatory Landscape
CCN asked Swaminathan about the Indian regulatory environment. He had some insights only a chairman perplexing to do business there could provide.
On the blockchain side, it’s very pro. We hosted a discussion late last year where the supervision also participated. [A] integrate of state governments and the executive government, and they all are on house for a blockchain initiative.
Cryptocurrency is quite a different matter. Now, it’s not illegal, and there are exchanges handling on a crypto-to-crypto conform at this moment. However, the bank has concerns, and what they have finished is asked the banks in India not to open accounts for crypto-related activities.
At this moment, they are operative it out. And they are approaching to come out with a regulatory horizon for relocating this forward. The 3 concerns they have in my mind are one, tax. Two, income laundering. And three, safeguarding investors.
Investment Banks to Enter Crypto Trading En Masse
XDAT’s CEO Swaminathan believes that investment banks will start to trade cryptos publicly. He says the investment bank he used to work for, Morgan Stanley, has hired traders to look at how the organisation can enter the crypto space. He worked there for 10 years in London.
We know that Goldman Sachs has also been articulate about opening a crypto table and also they have invested in Circle, right? And also a integrate of other blockchain companies. And you can also see Fidelity has come out as disposition toward opening a crypto trade table as well. […] we think one of the big roadblocks they all have is the regulatory frameworks, entrance from big countries like the UK or the US, where they have most of their activity. Once that is a lot more pronounced, we think we will see these firms entering that space en masse.
Bitcoin: a Great Inflation and Down Market Hedge
He says that Bitcoin will be a good store of value in the recession that many economists design to come about within the subsequent 18-24 months.
The one item that did well in the last retrogression of 2008 was bullion because people took to it as a moody of reserve and also it was an acceleration sidestep because of the singular supply. There is no reason Bitcoin can’t perform the same duty in a new recession.
Swaminathan cautions opposite price paranoia. He says if you look at the long-term and mislay the burble of 2017, Bitcoin is doing very, very well. Market players need to concentration on augmenting user adoption, as he believes that wider adoption is essential both for a aloft cost (spurred by aloft demand) and long-term success.
Featured Image from Shutterstock