India’s growing interest in cryptocurrency and Adidas’ partnership with Celsius

02/26/2023 23:26 • Tech Ticker • 147 views

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

Overview of important developments overnight on February 26

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India’s relationship with cryptocurrency has been a complicated one. The Reserve Bank of India, the country’s central bank, prohibited all financial institutions from dealing with individuals or businesses involved in cryptocurrency in 2018. However, after a Supreme Court ruling in 2020 deemed the ban unconstitutional, the Indian crypto market is expected to surge. The recent partnership between international sports brand Adidas and cryptocurrency lending and borrowing platform Celsius could indicate this shift in the market.

CoinEx, a Hong Kong-based cryptocurrency exchange, reported that over 15% of their new registrations in the last month were from India. This number is significant since the country was known for having a smaller number of cryptocurrency users compared to other countries like the United States or South Korea. The easing of regulations and the current economic crisis could explain this sudden surge in the Indian crypto market. With industry giant PayPal now entering the crypto space, it won’t be long before other companies follow suit.

Adidas announced its partnership with Celsius earlier this year. Celsius, a cryptocurrency lending platform, has become a popular alternative to traditional banking services. They offer customers annual interest rates of up to 11% on crypto deposits—an attractive proposition for customers looking for higher returns. Adidas will be offering limited-edition NFTs (non-fungible tokens) to encourage new Celsius customers to join the platform. NFTs are unique digital assets that are authenticated on a blockchain. They have been gaining popularity in the world of art, gaming, and sports for their ownership rights and potential future value.

Adidas’ entry into the crypto world could have a significant impact on both the sportswear industry and the crypto market. It could lead to more companies adopting cryptocurrencies and blockchain technology for their businesses, as it becomes increasingly mainstream. The partnership with Celsius could also encourage more people to join the crypto space, as they realize the ease of use, security, and potential returns these platforms offer.

In conclusion, India’s growing interest in cryptocurrency and Adidas’ partnership with Celsius suggests that big changes are on the horizon for the crypto market. The easing of regulations and a growing economic crisis could lead more individuals and businesses to adopt cryptocurrencies. While the partnership between Adidas and Celsius could lead to more companies utilizing blockchain technology and more people joining the crypto space. The future of cryptocurrency in India and globally looks promising, as institutions and companies begin to embrace this new technology.

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