Cryptocurrency exchange aggregator CoinSwitch will launch its CoinSwitch Kuber app on June 1 — exclusive to users in India.
The mobile app will support over 100 coins, while also adding liquidity across all Indian exchanges to allow users to buy and sell using the Indian rupee.
Users need to be verified with Know Your Customers and Anti-Money Laundering procedures before depositing rupees into their accounts.
India had a fairly rocky relationship with crypto trading until March, when the Supreme Court overturned a ban imposed by the Reserve Bank of India.
Potential in the Indian crypto market
Speaking to CryptoNewspeople, Ashish Singhal, CEO of CoinSwitch said:
“CoinSwitch started in India intending to innovate for the Indian market. But, due to the RBI ban, we decided to focus on the global market by aggregating top exchanges to provide crypto to crypto conversions at the best rates. We believe that there is a huge untapped potential in the Indian crypto ecosystem.”
Singhal said there is room to grow for cryptocurrencies in India, as market conditions and a lack of trust in traditional investments make crypto an “attractive alternative.”
With the new product, CoinSwitch’s CEO expects to accelerate crypto adoption across India. Prior to launch, CoinSwitch Kuber aims to sign up 25,000 people to its service.
A long road ahead
While cryptocurrency businesses are now technically allowed to seek financial services in India, the regulatory environment is still complicated.
Some banks are reportedly denying having received any notification from the RBI that they were allowed to offer financial services for cryptocurrency-related business.
Recently, a group of cryptocurrency exchanges sought clarification on tax policies from the central bank.