Recent reports are showing that the India crypto sector appears to be growing, in spite of the national lockdown measure to curb the spread of COVID-19. Amid the report of this surging sector comes the announcement of cryptocurrency exchange being rolled out in the country.
Bitpolo and CoinSwitch Kuber launches in India
Bitpolo posted on the 7th of April that it has launched its cryptocurrency service in the country. The digital currency exchange is reportedly based in Bangalore and tends to provide instant deposits as well as withdrawal of the Indian Rupee (INR), which is the nation’s legal tender.
The exchange mentioned that the digital currency markets relatively offer more upside when compared to the fragilities involved with many traditional asset classes. Hence, it would ensure a simple yet advanced trading environment for investors and traders to boost the India crypto sector even further.
Suresh Choudhary, the chief business officer for the Bitpolo crypto exchange, further explained:
We were building through the bear market and thought the timing of our launch could not be more apt than when the world is slowly inching back towards normalcy post a pandemic & recessionary environment.
CoinSwitch exchange to launch on June
CoinSwitch, a global digital currency exchange aggregator, recently announced it would debut a cryptocurrency trading platform in India on the 1st of June. It has already started pre-registration for the Indian exchange, which is called CoinSwitch Kuber.
As reported, the exchange will aggregate the liquidity of different existing exchanges in the country, to ensure a better rate for the Indian users. Coinswitch Kuber will also support more than 100 cryptos purchase using the Indian currency.
The boom in India crypto sector
Despite the extended lockdown period in the country, exchanges in the India crypto sector see huge crypto trading volumes on their platform. As Cryptopolitan reported, the executives of Wazirx, Unocoin, and Zebpay admitted seeing up to 10X their trading volume.
The development means significant progress in the India crypto sector as more residents have shown interest in learning and trading cryptocurrencies, according to the executives.