India Best-funded crypto exchange running out of money

The Reserve Bank of India’s Ban on cryptocurrencies for its banks is taking a heavy toll on crypto exchanges in the country and many have had to either move out or close. Today, it was reported that Unocoin, the best funded crypto exchange in India, has let go of some of its staff and is down to 14 employees. The exchange only has enough money for about 3 more months of operation. Since the supreme court will not rule until July, it is somewhat unlikely that they will survive the ban if they do not move out of India. Having no exchanges in India will make it nearly impossible for systems like Worldwire and X-rapid to function correctly in the country.

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