Specifically, the mobile app will come with facilitating features for more than 100 coins, along with liquidity service throughout India-based exchange platforms, to allow for Indian rupee-enabled buying and selling activities.
Know Your Customers and Anti-Money Laundering protocols will reportedly be required verification tools for users, prior to conducting depositing work of rupees into their accounts.
“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.” Ashish Singhal, head of CoinSwitch, reportedly remarked.
Singhal reportedly believed that cryptocurrencies still have much potential to develop in India, since market conditions and trust insufficiency in traditional investments have turned crypto an “attractive alternative.”
With the new tool rolled out, CoinSwitch’s CEO expects to boost the crypto adoption rate across India, with a particular goal of getting 25,000 people to use the app.