Interview: Crypto Exchange CEO on Bringing Bitcoin Adoption to India
CCN had a conversation with Prashanth Swaminathan, the founding CEO of XDAT, a new Malta-based crypto exchange with eyes toward India and other markets.
A native of India, he is an adviser to the Eleven01 project, which is an attempt at developing a regulated native blockchain in the country.
Developing a Regulated Exchange in India with Fiat Pairs
Eleven01 enjoys support from several local government entities, as CCN has previously reported.
Swaminathan said that XDAT will help facilitate the token generation event that Eleven01 is still in the development stages for.
XDAT is still in the beta phases of development. This model is similar to the approach of Huobi. The goal of XDAT is to make things as simple as possible for new users. Swaminathan believes that most crypto exchanges today are too complicated for mass adoption.
Indian Regulatory Landscape
CCN asked Swaminathan about the Indian regulatory environment. He had some insights only a person trying to do business there could provide.
Investment Banks to Enter Crypto Trading En Masse
XDAT’s CEO Swaminathan believes that investment banks will begin to trade cryptos publicly. He says the investment bank he used to work for, Morgan Stanley, has hired traders to look at how the firm can enter the crypto space. He worked there for ten years in London.
Bitcoin: a Great Inflation and Down Market Hedge
He says that Bitcoin will be a great store of value in the recession that many economists expect to come about within the next 18-24 months.
Swaminathan cautions against price paranoia. He says if you look at the long-term and remove the bubble of 2017, Bitcoin is doing very, very well. Market players need to focus on increasing user adoption, as he believes that wider adoption is crucial both for a higher price (spurred by higher demand) and long-term success.
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