India Just Got A Brand New Cryptocurrency Exchange
The price of one bitcoin is sitting just shy of $10,000 and with this incredible rise has come a dramatic increase in both participation and adoption in the sector. As enthusiasm for the cryptocurrency expands, so does demand for its availability and liquidity and this has led to a very large infrastructure being built to underpin and satiate this demand.
One of the countries in which Bitcoin has become increasingly popular is India and, alongside this increase, we have seen a growth in infrastructure in line with the above statement.
This week, we got some fresh news out of the Asian nation, with reports hitting press that detail the opening of a brand-new exchange by one of the countries already well-established financial institutions.
Specifically, Billdesk, which is a very well established and widely used payments processor in India, and which was set up nearly two decades ago, in 2000, by Karthik Ganapathy, M.N. Srinivasu, and Ajay Kaushal, has set up its own cryptocurrency exchange data exchange that it will be calling Coinome.
Here is what the founders have to say about the exchange on announcement:
“We would fundamentally like to provide Indian users with a secure and convenient means for buying and selling Bitcoins, alongside other cryptocurrencies… 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.”
As is the standard in this space right now, the exchange will generate revenue through charging a small fee on transactions (variable between 0.1% and 0.3% depending on which side of the trade you are on) and will offer direct and instant access to bitcoin by way of a Rupee exchange rate to anybody that registers and is able to give Coinome their Aadhaar, which is a 12 digit unique-identity number issued to all Indian residents based on their biometric and demographic data.