Coinome: India’s Newest BillDesk Backed Cryptocurrency Exchange

by Ricky Makan Co-Founder at Unkrypted

The rising popularity of Bitcoin along with other cryptocurrencies in India has resulted in multiple exchanges working in India. The most recent market to be established is Coinome, which will be backed by BillDesk, among India’s top payment services firms.

BillDesk, A Household Name

In the pitch of digital payments in India, BillDesk is a household name. In 2000 it was founded by a group of ex-Arthur Andersen experts along with its own payment solutions and processing system which are used by a number of financial institutions. India’s major public sector banks – State Bank of India and Bank of Baroda have invested in BillDesk. BillDesk is a participant under the Payments and Settlements Systems Act, 2007 and is Supervised by the Reserve Bank of India. The opening of an entity with BillDesk support into the Cryptocurrency Exchange space shows the growing legitimization and mainstreaming of all Bitcoin in India.

Multiple Cryptocurrencies To Be Supported

Coinome has strategies to rapidly climb up, beginning from two cryptocurrencies (Bitcoin and Bitcoin Cash) and encouraging over 20 cryptocurrencies in 1 year. The business intends to leverage BillDesk’s capacities from the payments area to market cryptocurrencies and attract clients.

The CEO of Coinome Vivek Steve Francis, Stated:

"In Coinome, we're eager to bring cryptocurrencies to the masses. India, using a restricted number of exchanges encouraging a number of cryptocurrencies, provides immense opportunities. In next one year, our goal is to encourage up to 20 desired cryptocurrencies and encouraging exactly the same with Indian masses as commercially viable options for constructing their digital assets. The expertise of BillDesk in safe and protected online transactions will support Coinome in enhancing cryptocurrencies as practical avenues such as savings, trades, and structuring digital possessions."

Fast KYC Verification Promised

Coinome promises fast know-your-customer (KYC) authentication, for all those user who supplies their Aadhar Number. Completion of KYC affirmation is mandatory for people who wish to deal in fiat currency (Indian Rupee). Given that there are just two currency pairs traded on Coinome (BTC-INR and BCH-INR), KYC affirmation is mandatory for all its clients. By submitting Aadhar Number and confirming the OTP delivered to some linked phone number, customers may complete their KYC confirmation instantly. Though utilizing Aadhar number to finish KYC verification is suitable, it’s ironic that an intrusive government enrollment application is being used in a domain in which pseudonymity is the standard.

Weapon of Damocles Hangs Over Cryptocurrency Exchanges

Bitcoin is a popular investment alternative for young Indians and Cryptocurrency Exchanges are flourishing in India. But, neither the RBI nor the Indian government has made their stance clear about the usage of Bitcoin in India. The danger of the government prohibiting using cryptocurrencies in India hangs across the sector like the sword of Damocles. A committee that was set up by the authorities to test cryptocurrencies, has allegedly asked the authorities to prohibit the use of all cryptocurrencies. The lack of clarity within the stance of Bitcoin also caused a petition being filed in the Supreme Court, requesting the authorities to offer clear advice. Until the government takes a firm standpoint, Cryptocurrency Exchange will hesitate to enlarge their own operations in India.

Source: http://www.unkrypted.com/coinome-billdesk-backed-cryptocurrency-exchange/