CoinSwitch, a crypto exchange aggregator, has announced the upcoming launch of its digital currency trading platform for the Indian market.
Named CoinSwitch Kuber, the platform will be mobile-specific and will facilitate cryptocurrency trading with more than 100 crypto-fiat pairs.
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The Bangalore-based startup is bringing its exchange platform following the Indian Supreme Court’s ruling, squashing the central bank ban on banks to offer services to crypto companies.
“The launch of CoinSwitch Kuber on June 1st will allow us to bring a simple crypto user experience to the Indian crypto trading market,” Ashish Singhal, co-founder and CEO of the company, said.
“With the recent Supreme Court reversal of the order which previously prohibited financial institutions from dealing with cryptocurrencies, we are excited to be at the forefront of cryptocurrency adoption in this country.”
Making crypto exchanges user-friendly
The platform is focusing on eliminating the complexities of the currently available cryptocurrency exchange, creating a user-friendly interface.
CoinSwitch is also stressing on bringing the best market rates by aggregating liquidity across Indian crypto exchanges for all the offered trading pairs.
The announcement shared with Finance Magnates also detailed that the exchange will launch with 25,000 pre-launch users and is also offering many incentives to attract customers from other popular platforms.
The Indian exchanges are flourishing again with their court victory against the regulatory decision. Multiple local exchanges are now reporting record volumes as traders can easily deposit and withdraw fiats necessary for trading.
“We are eager to play a role in achieving mainstream adoption for digital assets in India,” Singhal added. “A simplified on-ramping experience through INR is the key to mainstream adoption and CoinSwitch Kuber, created specifically for Indian citizens, will provide just that. Recent developments surrounding regulation in India have created huge opportunities for Indian citizens to come into the fold of the future of finance.”
Meanwhile, the Indian crypto exchanges have also approached the central bank for clarification on the tax laws for digital currencies.