Another Exchange Launches in India as Its Love of All Things Crypto Keeps Growing
Another cryptocurrency exchange has been launched in India, which is not much of a surprise considering the country has become a hotbed for crypto-related efforts.
The exchange is called Coinome, and it is backed by Mumbai-based BillDesk, one of the country’s leading payment services.
Regulators may be in flux over cryptos, but the business climate is ripe for opportunities.
India has been a hotbed of positive Bitcoin-related developments as of late, so it’s no wonder that it’s been a magnet for businesses that see opportunities in the country.
Coinome explained
Coinome boasts being a Crypto Currency Trading Exchange that offers services that have no downtime or delays. This means users can literally trade 24-7, including outside business hours and on holidays.
Benefits to traders include being able to make instant deposits and instant withdrawals. After being on boarded and registered, users can immediately begin trading.
Company CEO Vivek Steve Francis says the following about the exchange:
“We would fundamentally like to provide Indian users with a secure and convenient means for buying or selling Bitcoins, and other crypto-currencies and promoting the same within Indian masses as commercially viable alternatives for building their digital assets.”
At first, only Bitcoin and Bitcoin Cash will be supported by the exchange. The goal is to increase that to at least 20.
As far as BillDesk’s role in this new exchange, it is hoped that its experience in securing online payments will be key in promoting crypto-currencies as viable avenues for investments, transactions, and building digital assets, notes MoneyControl.com.
In a statement to the site, BillDesk’s co-founder Srinivasu MN said:
“Advancements in Blockchain, as well as crypto-currency space, are happening at a rapid pace. We are making the long-term bet that digital currencies are going to be powering transactions in the future and change the way consumers and organizations interact and transact with one another.”
India’s crypto space growing strong
Coinome will join several other exchanges already operating in India. This includes Zebpay, which is considered to be the first. It now boasts having more than 1.5 million bitcoin users in India and 200,000 users are being added each month.
Its co-founder Sandeep Goenka told Forbes:
“Investing in bitcoin has emerged as a significant trend in the past few months. There was a distinct rally in November 2016 and numbers haven’t dropped since.”
He added that in India, it is still being stressed that investing in bitcoin isn’t a get-rich-quick method. Investors must spend time educating themselves about bitcoin and the technology behind it, just as they would if they are investing in real estate or the stock market.
Space taking off despite regulatory concerns
The business community is embracing the crypto space, but that’s not necessarily the case for the government.
For example, the Reserve Bank of India (RBI) has made it clear that it opposes using bitcoin for payments.
Also, we told you about how the Indian Supreme Court is in on the discussion now. It has called on the government to take action after receiving a petition which expresses alarm at the continued unregulated trading of Bitcoin in the country.
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