Crypto startup CoinRecoil, the company which challenged the Reserve Bank of India (RBI) circular against the banking ban on cryptocurrencies has launched its operations ahead of the final hearing in the Supreme Court. Headquartered in Ahmedabad, Gujarat, CoinRecoil is the initiative of blockchain and crypto startup, Kali Digital Eco-Systems Pvt. Ltd.
The company has launched crypto-to-crypto exchange for Indian users with the aim of addressing challenges in the crypto trading space, claiming to offer trading features ensuring safe, secure, and seamless trading experiences for users. It plans to support the emerging blockchain and crypto projects in India.
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Kunal Barchha, co-founder and Director of CoinRecoil said, “As a startup, it was a challenging phase for us as we were still sorting out various technical challenges, and the RBI issued this new circular. So we had one more battle to fight. Right now, we have launched the beta version of our platform, whereby users can get virtual balance of every listed coin, to test our platform. We call it Bug Bounty. Starting with 14 crypto assets, we plan to increase the number to 50 by October of 2018. Once everything is stable, on the technical as well as the regulatory front, we will launch the full-fledged product, which is already ready with us.”
Kali Digital was the first company to file the writ petition in Delhi High Court in April 2018 against RBI, the Central Government, and the GST Council, challenging the RBI circular prohibiting banks and financial institutions from providing any services related to virtual currencies. Other crypto platforms, such as Theblockchainstory, also made similar moves, which resulted in the matter getting shifted to the Supreme Court of India. The final hearing of the case is scheduled for September 11.
CoinRecoil is a startup initiative of three blockchain enthusiasts, Kunal Barchha, Gopal Modi, and Rupesh Panchal from Ahmedabad, Gujarat. The startup has been set up with a vision of working for the digital eco-system and to bring disruption with an aim to provide the most efficient, user friendly, and transparent digital assets exchange.
Gopal Modi, the other co-founder and Director of CoinRecoil. “Security, speed, and scalability were of top priority to us. At the same time, we didn’t want to compromise with the features. As of today, CoinRecoil is the only Indian exchange charging zero withdrawal fees. We only charge fees that are required for the blockchain network. Further, we have introduced TUSD (TrueUSD), a stable virtual currency backed by the actual USD. With this, users can easily move their position to TUSD in case of extreme volatility.”
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The global cryptocurrency market, though at a nascent stage, is bringing a revolutionary change in the digital transactions space and value of assets across the globe. From USD 5 billion a few years ago, the crypto market has grown to around USD 250 billion in September 2018. It is expected to cross the USD 1 trillion mark by 2020. Trading volumes in the crypto space has grown multi-fold to reach USD 12-14 billion worth of trades per day. Although growing steadily, the crypto space has huge growth potential considering that their trading value is not even 1% of the global trade of other types of investments.
Rupesh Panchal, Director of CoinRecoil said, “CoinRecoil is ready with the technical framework to launch Fiat-to-crypto platform once necessary regulatory approvals are in place. Although we would like to expand our presence overseas, India will remain a key market for our business operations. Blockchain and crypto are a very dynamic space, and we will constantly innovate and better our offerings, while we are also open to opportunities that come our way. We are aware of the challenges that the cryptocurrencies market space faces, but we are hopeful of getting clarity from regulators, government, and policy makers, thus paving the way for growth of blockchain and crypto space in India.”
