Kuala Lumpur-based Belfrics Group has announced to resume its operation in India by investing $15 million.
Before 2018, the company was operating in India but later, the Reserve Bank of India (RBI) released a circular, asking the banks to part their ways with the crypto exchanges.
However, in March 2020, the Supreme Court of India revoked the ban imposed by RBI.
Belfrics Group further informed that apart from its crypto exchange platform, it will resume the operation of Belrium, a blockchain platform. Out of $15 million, the company has decided to use $10 million for operating crypto exchange in India and the rest $5 million for Belrium.
Belrium is a blockchain solution that allows real-time know your customer (KYC) and identity verification across nodes around the world. The company signed an MoU with the state government of Andhra Pradesh and helping it to operate its day-to-day affairs smoothly and systematically.
Belfrics has also introduced a blockchain platform called BelYo to help India in tracking the number of active COVID-19 cases, vaccination details etc.
In 2014, Praveen Kumar and Maya founded Belfrics Group to offer its services, and in recent times, its business has been expanded to overseas markets like Malaysia, Singapore, Bahrain, Kenya, Nigeria, Tanzania and India.
A month ago, the parent company of Cognitive, Life Clips, acquired Belfrics Group. However, as per the deal between the two companies, Kumar will continue as CEO of Belfrics and Robert Grinberg will be the CEO of Life Clips.
According to the reports, the Indian government is working on its crypto bill to regulate cryptocurrency in the country. Despite this, the Indian crypto industry has experienced a significant surge in the number of crypto transactions.
A report published by Chainalysis notified that since April 2020, the Indian crypto market has grown from $923 million to $6.6 billion in May 2021.
A week ago, the US-based crypto exchange CrossTower introduced its crypto trading platform in India.
Apart from this, a month CoinDCX became the first Indian crypto unicorn. The company organized the Series C funding round, in which it raised $90 million. The funding round of CoinDCX was led by B Capital Group, and other participants of it were Coinbase Ventures, Polychain Capital, Block.one and Jump Capital.
It has been reported that India might experience a rise in crypto unicorns, like recently, CoinSwitch has a chance to join the unicorn club, after its funding round.