Friday, February 3, 2023

Paytm May Consider Bitcoin Offering In India After Its Legalisation: Report

If the regulatory uncertainties around the adoption of cryptocurrencies are removed in India, then the country’s leading digital payment platform, Paytm, might consider offering Bitcoin, stated Madhur Deora, the Chief Financial Officer of the company.

He further claimed that currently, the rules around these crypto-assets are in the ‘grey area.’ 

During his interview with Bloomberg’s Haslinda Amin and Rishaad Salamat, the CFO of Paytm said, “At the moment Paytm does not do bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we could launch.”

Deora’s comment comes as Paytm prepares for public subscriptions to its $2.5 billion initial public offerings (IPO), after selling almost half to anchor investors.

The company expects to list the offering in mid-November.

Paytm’s shares worth $1.11 billion, have been allocated to more than 100 institutional investors, including the government of Singapore. 

As per the report published on November 03, Paytm’s offer accumulated interest from 122 institutional investors, who bought over 38.3 million shares for ~2,150 apiece.

Paytm was launched in 2010, as a mobile recharging platform, but soon after the ride-hailing firm Uber listed the platform as a quick payment option, the digital payment company started growing.

In 2016, as Rs.500 and Rs.2000 banknotes become invalid in India, the company started getting more recognition in the country. Since then, the digital payment platform has expanded its services in different sectors. 

Paytm is planning to initiate offering on Monday (November 08). During that time, the top investor of the company Ant Financial would sell its shares worth ~4,704 crores.

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