Indian bitcoin exchange Coinsecure has launched a mobile app that facilitates real-time bitcoin trading on-to-go in a country that is seeing an increasing number of adopters of the cryptocurrency.
Indian bitcoin users on Android will now be able to trade and exchange bitcoin on-the-go via a mobile application. The application also displays live order books, facilitating users to place their bids and asks, check pending orders and withdraw or deposit funds among other features.
The app will remain easy to navigate for bitcoin beginners, despite seeing traders as its target, the exchange adds. The launch of the bitcoin trading app in a growing tech-savvy economy like India is a no-brainer, with Coinsecure founder and CEO Mohit Kalra adding:
With over 190 million smartphone users in India, putting a technology so disruptive like Bitcoin in their hands is a win-win situation.
In a significant and recent move, Coinsecure formed a partnership with global remittance platform OKLink – a spinoff of major Chinese bitcoin exchange OkCoin. The move is seen to take a slice of the massive Indian remittance market. With 72 billion in remittances received in 2015, India is the largest receiver of remittance in the world. The partnership is expected to bring faster cross-border remittance solutions over a blockchain platform. Besides being quicker and more efficient, the partnership is expected to bring down remittance costs from the industry average of 3%-5% to 0.5%.
There is also a notable increase in competition among bitcoin exchanges and wallet services in the country. Late September saw bitcoin exchange Unocoin raise a record $1.5 million in funding through a number of regional and international investors. Within a fortnight, Indian bitcoin wallet Zebpay hinted that it was looking to raise $5 million in funding by the end of 2016.
The heightened interest and publicity for Indian bitcoin exchanges comes during the weeks leading up to the biggest annual shopping binge in India, in preparation for the Hindu festival of Diwali. E-commerce giants like Amazon India and Flipkart are investing billions for a slice of the burgeoning online sales market in the country. Morgan Stanley predicts the Indian online shopping industry to reach sales of $100 billion by 2020, which leaves plenty of room for bitcoin companies to play their part in pushing a country with the world’s largest youth population toward bitcoin adoption.
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