India’s Growing Crypto Adoption: Insights from Adidas, CoinEx, and Celsius

02/26/2023 23:26 • Daily Digest • 107 views

21:00-7:00 Key words: India, Adidas, CoinEx, Celsius

Overview of important developments overnight on February 26

Interpretation of the news:

In recent years, India has emerged as a growing market for cryptocurrency investments and transactions. This is evident in the various initiatives and partnerships being formed by big industry players such as Adidas, CoinEx, and Celsius Network, which have all shown their keen interest in the Indian crypto market.

Adidas, a global sporting goods company, recently announced its partnership with the blockchain platform called VeChain to create a new blockchain-powered sneaker authentication system in India. The company aims to tackle the problem of counterfeit sneakers in the Indian market, which has been a longstanding issue for many customers. This collaboration will enable Adidas to track its supply chain so that customers can be assured that they are buying authentic sneakers.

CoinEx, a crypto exchange, recently launched its platform in India in response to the growing demand for cryptocurrencies in the country. CoinEx allows Indians to buy and sell various cryptocurrencies such as Bitcoin, Ethereum and Litecoin. This reflects India’s desire to have access to a range of digital currencies, and its growing interest in the potential of blockchain technology.

Celsius, a popular crypto lending and borrowing platform, recently announced that its users can now earn interest on their cryptocurrencies in India. Celsius has partnered with a leading Indian bank called Axis Bank, to offer users in India higher interest rates on their cryptocurrency holdings, which is likely to encourage more Indians to start investing in digital currencies.

These initiatives by Adidas, CoinEx, and Celsius reflect India’s increasing adoption of blockchain technology and digital currencies. This is particularly notable given that the country’s regulatory environment has been unclear and the government has previously expressed concerns about cryptocurrencies. However, it appears that Indian investors are still bullish about the potential of cryptocurrency investments.

In conclusion, India’s growing interest in cryptocurrency is reflected in the efforts of major companies like Adidas, CoinEx, and Celsius to offer their products and services to the Indian market. This trend is likely to continue as India moves towards a more crypto-friendly regulatory environment that will encourage further investment and growth in the industry.

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