A new fiat-crypto exchange dubbed BitPolo has launched in India. The Bangalore-headquartered exchange goes live on May 6. It was originally founded in March; the same month the Supreme Court ruled against RBI’s longstanding ban on crypto-related banking support.
BitPolo supports Rupee (INR) deposits and withdrawals, and crypto-fiat pairs with major currencies such as Bitcoin (BTC).
In a statement accompanying the launch, Bitpolo chief business officer, Suresh Choudhary, stated that the team had been building throughout the bear market and considers the platform’s launch in mid-lockdown, comes at an appropriate time:
“The world is slowly inching back towards normalcy post a pandemic and recessionary environment. As we foresee fragilities of traditional asset classes, crypto markets seem to offer the bigger upside.”
Meanwhile, Head of strategy, Chandan Choudhury, argues that “COVID-19 is an eye-opener,” which has exposed the “huge bubble across traditional asset classes fuelled by loose monetary policy.”
BitPolo, founded in March 2020, is an idea that strives to introduce crypto assets to each and every citizen of India. A group of crypto enthusiasts, traders, and fin-tech promoters had weathered down the previous two-year period of uncertainty, waiting for the right opportunity to disrupt the market. BitPolo is the culmination of efforts to develop a trading platform both simple and futuristic in its delineation. The BitPolo team states that it firmly believes in and works by the motto that ‘Crypto assets are the inevitable future.’