The Supreme Court of India revoked the blanket ban on the crypto industry in March 2020 after declaring the ban as unconstitutional in their landmark verdict. Amid the corona crisis and lockdown, Indian crypto space started to revive again with new investments, partnerships and announcements. Many companies announced the launch of their new products and services while other majorly startups got a boost after the decision of the Supreme Court. Several platforms started for Indian investors for trading purposes, educational reasons and many others. In this article, I will introduce five of such new crypto platforms which were launched for increasing the community of Indian crypto users.
New Crypto Platforms For Indian Users
CoinSwitch which is known to be the global cryptocurrency exchange aggregator launched the digital trading platform specifically for mobile users of the Indian crypto marketplace, with approximately 100 crypto-fiat pairs, named as CoinSwitch Kuber. CoinSwitch is known in the crypto industry as the aggregator of liquidity of crypto exchanges in India (including Binance, Huobi, Kucoin, etc) so that it can offer users with the priority list of rates of cryptocurrencies which auto-refreshes in 30 seconds. Bengaluru based start-up, launched the platform for Indian investors to trade, deposit and withdraw in Indian Rupees for free. With the aim to simplify and diversify the crypto space in India, CoinSwitch grabbed the opportunity for attracting India users. With the user-friendly interface, the mobile platform seems to be suitable for both advanced and novice traders.
Another Bengaluru based startup Tradehorn announced the launch of crypto trade platform for Indian investors in June 2020. With the aim of easing the trading experience of Indian novice investors, Tradehorn started the platform facilitating trade, deposit and withdrawal of crypto assets with Indian rupees. Along with it, Tradehorn has the vision to educate the Indian community of crypto trading and inculcate the interest in people to become involved in digital currency after the crisis of Corona gets over. The team behind Tradehorn introduced the user-friendly platform with a 24/7 customer education and support system, thus fulfilling socio-economic visions. Being highly thankful to the verdict of the Supreme Court, the company is fully prepared to accelerate the crypto movement in India. Partnering with multiple banks in the country, Tradehorn aims to restore financial services.
CoinDCX which is known to be India’s largest cryptocurrency exchange has started the online platform known as DCX Learn for providing the resources of the educational content of cryptocurrency and Blockchain. After raising the funds from Bain Capital and one of the reputed crypto exchanges, Coinbase and also from Polychain Capital, DCX Learn will be educating the potential Indian investors. The platform will provide the learning content in the form of Beginner guides, articles, lectures, free quizzes and many more for novice to advanced traders. To accelerate financial inclusion, opening the doors for digital investment and benefiting the people to the corner of the country, CoinDCX aims to lay the groundwork by educating the people. To unlock the advantages of digital assets, DCX Learn will be supported by a number of leaders in the crypto industry.
BitBuddy, Bitcoin marketplace launched its platform in Indian for allowing the Indian sellers and shoppers to sell and buy directly on their platform is one of the new crypto platforms in India. To captivate the interest of potential investors, the platform started offering a referral bonus, zero trading fee (introductory offer) and a number of other profits initially. It is the over-the-counter platform providing for quick and interesting tools for buying and selling Bitcoins. Bitbuddy’s mobile app can be downloaded from both Play Store and App Store, for real-time market orders with a live chat feature for discussing, and negotiating with the Bitcoin traders. BitBuddy’s new platform can give the all-new experience of online shopping with digital assets being spent from your crypto wallet to buy the things online.
Leading IT services and consulting company of India, TCS announced the launch of Quartz Smart Solutions for crypto services. Quartz Smart Solutions offers help to financial institutions involved in cryptocurrency trading by allowing them to enable investments and diversifying the portfolio in terms of digital assets for their clients. Also, Quartz can aid banking institutions to provide their customers with a facility to transfer payments in terms of digital currency with lower transaction costs and quicker liquidity. Other solutions of Quartz are named as Devkit is related to smart contracts development; Gateway, consisting of solutions to integrate existing applications with Blockchain and another one named as Command centre, will be providing the solutions to administer and monitor the entire ecosystem. Promising the robust, secured and scalable solutions to trade, store and transfer digital assets, TCS wishes to offer progressive solutions to financial institutions.
Ever since the decision of the Supreme Court of India of quashing the blanket ban declared by RBI (two years back), the Indian crypto community is enthusiastically getting involved in launching the new products, services as well as various kinds of platforms and exchanges. After the lifting up blanket ban, trading volume on the platform increased and the recognitions from global corporations also rose up, thereby aiming to diversify crypto communities. Though, some the decisions are still pending like the enactment of the bill related to cryptocurrency in Indian Parliament, clear instructions and guidelines of RBI, taxation rules and regulations and many more. Many exchanges who wished to expand in India want the clarity related to the categorization of the digital asset as that would be considered as a commodity or good or currency and the related framework of taxation rules applied. Undoubtedly, the confidence of Indian crypto community has been boosted by the decision and many new crypto platforms have been launched, but still, a cryptocurrency needs to travel the long road for the mass adoption in India. Thus, some time is needed by the companies and other institutions to gain momentum and understand the implications of a new currency that is based on Blockchain technology and decentralisation model without any central authority for management of transactions.