India's cryptocurrency exchange Zebpay, which shut its shops late last month, is going global as it sets up two companies -- one in Singapore and another in Malta -- to operate Zebpay exchange services in 20 countries, reported, citing a tweet by Indiabits, a community of blockchain enthusiasts.

With these newly incorporated entities, Zebpay will provide cryptocurrency exchange and OTC services to 20 countries in Europe.

Although Zebpay hasn't made any announcement yet however the website of Zebpay stating & mentioning the two newly formed companies does clarify that the company is still in the race and hasn't given up yet.

Moreover, on Zebpay website's 'Terms of Use' page, Zebpay described a Malta-registered entity called Awlencan Innovations Malta Ltd, which was established on 17 September.

Zebpay wrote - Awlencan Innovations Malta Limited (C-88318), a Maltese registered company with office address situated at: 48, Triq Stella Maris, Sliema, SLM 1765, Malta, which owns and operates the ‘Zebpay’ VFA [virtual financial assets] exchange platform in Malta.

According the website page, Zebpay will offers its services to these 20 countries -- Malta, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, and Sweden.

On its Global Legal page, under Terms of Use, Zebpay wrote, “Zebpay shall mean and include... Awlencan Innovations Pte. Ltd. incorporated in Singapore.”

Awlencan Innovations Pte. Ltd. is a Singapore-based blockchain technology company established in May, soon after the RBI issued its circular in April which banned financial institutions under its control from providing services to crypto businesses.

Notably, Awlencan Innovations India Ltd. was registered on Sept. 28, the day Zebpay suspended its exchange activities. According to reports, there are 3 directors listed for this company. One is Kailash Atmaram Singhal who is also listed as a director of Zeb It Service Ltd., which operated the Zebpay exchange in India.

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