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Even though the Supreme Court is yet to decide on the fate of cryptocurrencies in the country, a new crypto exchange has gone live – Ahmedabad-based CoinRecoil.
“We have launched a beta version of our platform, where users can get virtual balance of every listed coin, to test our platform. We call it bug bounty. Starting with 14 crypto assets, we plan to increase the number of crypto assets to 50 by October. Once everything is stable – on technical as well as regulatory fronts – we will launch our full-fledged product, which is ready with us,” said Kunal Barchha, Co-founder & Director, CoinRecoil.
RBI ban
CoinRecoil, owned by Kali Digital Ecosystems, was the first such exchange that had challenged the RBI circular imposing a banking ban on cryptocurrencies in the country. This move was followed by other players and the industry body, which resulted in the matter getting shifted to the Supreme Court of India. The final hearing of the case is scheduled for September 11. However, there is no ban on crypto-to-crypto trading at present.
CoinRecoil will help Indian crypto enthusiasts address challenges in the crypto trading space by offering safe, secure and seamless trading features and support emerging blockchain and crypto projects from India.
“Security, speed, and scalability were of top priority to us. At the same time, we didn’t want to compromise on the features. As of today, CoinRecoil is the only Indian exchange charging zero withdrawal fees – we charge only fees that are required for the blockchain network. Further, we have introduced TUSD (TrueUSD), a stable virtual currency backed by the actual US dollar. With this, users can easily move their positions to TUSD in case of extreme volatility,” said the company’s co-founder Gopal Modi, adding that the plan is to expand operations overseas.
According to CoinRecoil, the global crypto market has grown from $5 billion a few years ago to around $250 billion in September 2018, and is expected to cross $1 trillion by 2020. Trading volumes in the crypto space have grown multi-fold to reach $12-14 billion worth of trades per day. Although growing steadily, crypto space has huge growth potential, considering that their trading value is not even 1 per cent of the global trade of other types of investments.
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