CoinSwitch, which is a crypto exchange aggregator, recently announced that it would launch a crypto exchange platform in India. The platform will be called CoinSwitch Kuber and it will be mobile-based. Upon launch, the exchange will allow users to trade in over 100 crypto-fiat pairs.
The company, which is based in Bangalore, decided to launch the exchange after the Supreme Court in India reversed the central bank’s ban on banks dealing with transactions from crypto firms. According to the announcement, the exchange will launch on June 1, 2020. It will offer crypto traders in India a simplified way to participate in the crypto market according to the CEO, Ashish Singhal. According to him, the company was excited to be at the forefront of crypto adoption in India after the Supreme Court ruling that reversed the central bank’s directive.
A User-Focused Crypto Exchange
The platform will focus on eliminating the complexity of using crypto exchanges. Besides that, the platform will focus on offering traders the best market rates. To achieve this, it will aggregate liquidity across crypto exchanges in India for all the trading pairs it will offer. According to the announcement, the platform will launch with 25,000 users who have already signed up. It will have several incentives to encourage more Indians to sing up to the exchange.
Since the Supreme Court ruling, crypto exchanges in India have been flourishing. Various local exchanges have been reporting huge spikes in volumes as traders are now able to deposit and withdraw their funds in fiat.
The company’s CEO said that the company wants to play a role in the mainstream adoption of crypto in India. According to him, a simplified on-ramping experiencing via INR is crucial for this to happen. He added that CoinSwitch Kuber has been created specifically for Indians to offer that.
The recent ruling by the Supreme Court has no doubt created numerous opportunities for Indians who want to invest in the crypto sector. However, there are still some kinks that need to be worked out and crypto exchanges are working hard to ensure they are resolved. For instance, the exchanges recently approached the central to get clarification on how tax laws will be applied to crypto trading in the country.