B21, a recently launched mobile app aimed at first-time cryptocurrency investors, has expanded its service to the India market.
- The Gibraltar-based company said the move was prompted by rising consumer interest and trading volumes in the nation after India’s Supreme Court recently overturned the central bank’s order banning banking services for cryptocurrency firms such as exchanges.
- B21 users can fund their investments using Indian rupees through payment methods such as the Unified Payments Interface, debit cards and bank transfers.
- The app allows investments in cryptocurrencies like bitcoin, ether and EOS starting with a $25 (2,000 INR) minimum, and is available in 65 nations including the U.S.
- B21 crypto assets are secured by Prime Trust, the app provider says.
- The app launched earlier this year, targeting newcomers to crypto investing.
- The Reserve Bank of India’s (RBI) de facto crypto ban was lifted in March, with the central bank later confirming there is no restriction on banking for digital asset firms.
- Since then, the local cryptocurrency industry has seen something of a renaissance, however, the regulatory situation is still uncertain.
- Rumors that India’s government might be considering a new ban on crypto were reported in mid June.
- One of the top crypto exchanges by trading volume, Binance, recently joined the Indian tech industry association that fought the RBI ban in court.