Cryptocurrency has become increasingly popular in India these days and now one of the country’s leading payment service providers, Billdesk, has created an exchange to meet the needs of India’s rising bitcoin demand.
A New Indian Cryptocurrency Trading Exchange Called Coinome Backed by the Billdesk Initiative
Billdesk is a well-known payment services brand in India founded in 2000 by Karthik Ganapathy, M.N. Srinivasu, and Ajay Kaushal. The online payments firm is based in Mumbai, and is a financially independent firm monitored and regulated by the Reserve Bank of India. The company’s new venture Coinome claims to be created by “cryptocurrency enthusiasts and research experts who have been developing secure payment and banking solutions for nearly a decade.”
“We are an Indian cryptocurrency trading exchange, built to offer a feature-rich user experience with no compromise on security,” explains the trading platform’s welcome page. “As a 24×7 exchange, we strive to offer our services without any downtime or delays — We allow our users to trade round the clock without any limits on Business Hours or Holidays.”
Promoting Cryptocurrencies to the Indian Masses as Commercially Viable Alternatives
The Coinome exchange also details that traders in India can begin trading immediately due to the firm’s “instant e-KYC” service managed by Hatio Innovations Pvt. Ltd. The exchange operators detail they aim to support roughly 20 cryptocurrencies soon but for now the exchange deals in bitcoin (BTC), rupee (INR), and bitcoin cash (BCH).
“We would fundamentally like to provide Indian users with a secure and convenient means for buying and selling Bitcoins, alongside other cryptocurrencies,” says Coinome’s CEO, Vivek Steve Francis.
In one year, our target is to support up to 20 popular cryptocurrencies and promoting them to the Indian masses as commercially viable alternatives for building their digital assets.
e-KYC and Coinome’s Trading Fees
Instant access to BTC-INR and BCH-INR trading is given to Indian citizens who provide their aadhar number alongside a registered phone number. Coinome sends the user one-time registration credentials and once verified the person can utilize the site’s services. Trading fees are charged on a per trade basis and a trade commission of 0.1% (maker) and 0.3% (taker) is taken. Minimum trade commissions are 0.1 INR, 0.000001 BTC, 0.000001 for BCH and deposits and withdrawals are free. However, Coinome has a limit on withdrawals for BTC and BCH limiting users to a 50 token withdrawal period per currency a day.
What do you think about the new Indian exchange Coinome? Let us know your thoughts in the comments below.
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Images via Shutterstock, Coinome, and Billdesk.
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Author: Jamie Redman