BitGo in Talks to Launch in India

BitGo is in discussions with India’s Financial Intelligence Unit (FIU) to enter the growing digital asset market in the country.

At the India Blockchain Week, BitGo’s chief operating officer, Chen Fang, confirmed that the company is actively communicating with the FIU about establishing a presence in India’s multibillion-dollar crypto industry.

Despite recent regulatory hurdles, such as a ban on offshore exchanges, India remains a major player in the global crypto market and currently ranks first in Chainalysis’ 2024 crypto adoption index. By 2024, the Indian crypto market is projected to generate $6.6 billion in revenue, according to Statista.

Although BitGo is not currently operating in India, Fang confirmed their interest in the market by stating, “There are active discussions between us and the FIU regarding entering this space.”

This development comes shortly after BitGo announced its plans to expand its offerings to include retail investors after focusing on institutional clients for more than a decade.