Cryptocurrency exchange aggregator CoinSwitch will launch its CoinSwitch Kuber app on June 1 exclusively for users in India. The mobile app will support over 100 coins. It will also add liquidity across all Indian exchanges to allow users to buy and sell using Indian rupee.
However, users need to be verified with Know Your Customers (KYC) and Anti-Money Laundering (AML) procedures before depositing rupees into their accounts.
Ashish Singhal, CEO of CoinSwitch said:
“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.”
Singhal says there is still room to grow for cryptocurrencies in India, as market conditions and a lack of trust in traditional investments make crypto an “attractive alternative.”
With the new product, CoinSwitch’s CEO expects to accelerate crypto adoption across India. Prior to launch, CoinSwitch Kuber aims to sign up 25,000 people to its service.