A drop in trading volumes among cryptocurrency exchanges is not a cause for concern during the current market downturn, digital asset platforms in India are saying.
Business Insider India reported on Friday that exchanges are looking to build up their infrastructure for when the next big boom in crypto rolls around.
A âbear market brings in an opportunity for us to further strengthen security and work on building educational initiatives to bring more awareness around crypto as an asset class,â the report cited Ashish Singhal, CEO of CoinSwitch Kuber, as saying.
Other Indian exchanges echoed CoinSwitchâs sentiment, including CoinDCX and WazirX.
The comments come as Indiaâs embattled domestic crypto industry has tussled with the countryâs regulators flip-flopping on their stance with the nascent asset class.
To top it off, global flows into the crypto markets in recent months have tapered following a stream of unfavorable news, including Chinaâs crackdown on the industry and renewed skepticism surrounding its energy use.
âOf course, with a strong and clear regulatory framework in place, the entire crypto industry would benefit from the measures and help propel the next growth phase of crypto adoption in our country,â said Sumit Gupta, CEO of CoinDCX.