Users need to be verified with Know Your Customers and Anti-Money Laundering procedures before depositing rupees into their accounts.
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.
Cryptocurrency exchange aggregator CoinSwitch will launch its CoinSwitch Kuber app on June 1 – exclusive to users in India.
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 Cointelegraph, 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.
Paxful Launches Bitcoin Fundraising Campaign to Combat COVID-19 in Africa
Peer-to-peer (P2P) cryptocurrency marketplace Paxful announced on May 4 the expansion of its #BuiltWithBitcoin charitable initiative in Africa with the launch of the “Africa Fund.”
The fund will use Bitcoin donations to purchase essential resources for the fight against the coronavirus pandemic.
According to the announcement, COVID-19 cases are increasing in Africa “at exponential rates.” Fundraising aims to acquire Personal Protective Equipment (PPE), food packs, and provide high-risk individuals with groceries and handwashing stations.
Paxful will start the fund with $15,000 and match any additional donations submitted up to $15,000 in BTC.
Speaking to Cointelegraph, Paxful CEO Ray Youseff said:
“We know that the past month has been challenging for everyone. And in Africa, where many Paxful users are from, was also hit by this pandemic. Health systems are underfunded and understaffed and many people are living in unfavorable conditions. In response to that, we are starting a #BuiltWithBitcoin COVID-19 Fund for Africa that aims to directly help communities and showcase crypto as a positive force in times of crisis.”
Crypto’s role in coronavirus-related fundraising campaigns
Cryptocurrencies can hurdle major roadblocks in fundraising and charity during the coronavirus crisis. According to Youseff:
“The peer-to-peer nature of cryptos passes boundaries of traditional finance, in some cases, it is faster and more convenient when transferring funds. In a pandemic, where time is not on our side and we are restricted to move, we need more reliable alternatives and resources to keep our finances flowing – may it be for money transfers or new revenue streams.”
Humanitarian organizations will LAO support the campaign, such as Zam Zam Water, which provides access to clean water supplies and develops schools in villages around the world.
Looking ahead, Youseff told Cointelegraph that they remain open to expanding to other regions as long as they find “the right partners as we did in Africa.”
The COVID-19 crisis has mobilized the crypto community around the world to join in charitable initiatives.
Cointelegraph reported on April 8 that a cryptocurrency fundraising initiative for the Italian Red Cross had tripled its initial campaign goal of roughly $ 10,000 in less than four weeks, allowing them to build COVID-19 medical posts in the country.