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Billdesk launches crypto-currency exchange Coinome in India

Billdesk launches crypto-currency exchange Coinome in India

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One of the leading Indian payment gateways Billdesk has recently launched a cryptocurrency exchange Coinome in India.

In brief:

An online payments solutions company BillDesk, has launched Coinome, a cryptocurrency exchange platform in India.

Cryptocurrencies' are gaining massive traction. As the popularity of different cryptocurrencies, especially Bitcoin is rising; one of the leading Indian payment gateways Billdesk has recently launched a cryptocurrency exchange Coinome in India.

Headquartered in Mumbai, Coinome is from Hatio Innovations Pvt. Ltd., a wholly owned subsidiary of BillDesk. Its launch is a confirmation of the fact that cryptocurrencies are quickly moving towards mainstream adoption. Founded in 2000 by a team of ex-Arthur Andersen professionals, BillDesk is a household name in India in the field of digital payments. BillDesk is a participant under the Payments and Settlements Systems Act, 2007 and is supervised by the Reserve Bank of India. Its payment services and processing network are used by many financial institutions, including two of India's leading public sector banks - State Bank of India and Bank of Baroda which have invested in BillDesk.

Coinome runs a crypto-currency exchange and is the first crypto platform in India to allow users to be on-boarded simply and quickly via instant e-KYC. It means that users can start transacting in crypto-currencies almost right away after registering. For those users who provide their aadhar number, Coinome assures fast know-your-customer (KYC) verification. KYC verification is compulsory for all its customers. There are only two currency pairs traded on Coinome thus far (BTC-INR and BCH-INR). Completion of KYC verification is compulsory for those who want to deal in fiat (Indian Rupee). Under the process, a user needs to register his/her Aadhaar number, after that, an OTP is sent for the verification and activation of the account on a linked mobile number. With Billdesk being the promoter of the exchange, Coinome will have an easy window to build trust and deal with cybersecurity threats, which are at present the main concerns of cryptocurrency exchanges across the world.

Coinome currently offers the trading of Bitcoin and Bitcoin Cash, but the exchange plans to support 20 mainstream cryptocurrencies by 2018.

Vivek Steve Francis, the CEO of Coinome said, "At Coinome, we are excited to bring cryptocurrencies to the masses. India, with a limited number of exchanges supporting multiple cryptocurrencies, offers immense opportunities. In the next one year, our target is to support up to 20 popular cryptocurrencies and promoting the same within Indian masses as commercially viable alternatives for building their digital assets. BillDesk's expertise in secure online payments will support Coinome in promoting cryptocurrencies as viable avenues for investments, transactions, and building digital assets."

With increasing interest of Indians in the crypto world, cryptocurrency exchanges are booming in India. However, neither the central bank (RBI) nor the Indian government has made their stance clear on the use of Bitcoin in India. Thus, the possibility of the government banning the use of cryptocurrencies in India continues to threaten the industry.

 

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