(Cryptocurrencies and the concept of digital currency as an investment avenue is gaining increasing acceptance among India’s public. As such, it helps to break down what a crypto exchange aggregator platform like CoinSwitch brings to the table for interested investors, novice or otherwise.)
What are cryptocurrencies?
To a majority of us, the concept of cryptocurrencies may seem alien, science fiction-like even. Nevertheless, the increasing popularity and awareness of Bitcoins, one among the thousands of cryptocurrencies in existence today, is undeniable.
The variety of cryptocurrencies available today differ in availability, accessibility, popularity, and liquidity, among other things. However, they have been a part of the broader public discourse for a while now.
So what are cryptocurrencies? They are virtual currency powered by blockchain technology, where information on transactions is recorded on a digital ledger and maintained by an interconnected peer-to-peer network. To put it plainly, cryptocurrency is a digital currency outside the control of governments or any central institutions.
Unlike some parts of the world, India is yet to have guidelines for holding, using, or trading in cryptocurrencies. However, with headlines that the Indian government is seeking disclosures from companies on their cryptocurrency holdings, there has been speculation that India could be headed for regulations rather than a complete ban on these virtual currencies.
As such, with cryptocurrencies gaining popularity and recognition as an alternate investment avenue, it helps to understand why a crypto exchange aggregator platform like CoinSwitch could help with the process.
What is CoinSwitch?
Just like stocks, cryptocurrencies can be bought, sold, or traded depending on how liquid a particular cryptocurrency may be. And enable these trades.
While there are several cryptocurrencies out there, exchanges usually support the ones with the largest market cap. The idea is not dissimilar to equities.
While there are several exchanges that offer cryptocurrency trades, investors usually look for the same things—safety, authenticity, good rates, simplicity in the process. This list, of course, is in no way exhaustive.
This is where CoinSwitch comes in. CoinSwitch is not merely a cryptocurrency exchange but, in fact, an aggregator for such exchanges.
Simply put, the CoinSwitch platform enables the investor to pick the best from among various prices offered by as many exchanges based on what trade the user is interested in.
Features of CoinSwitch
1) worldwide aggregator of cryptocurrency exchanges
2) partnership with leading global exchanges simplifies trading, eliminates the need to create an account with a particular cryptocurrency exchange
3) offers over 300 coins and 45,000 currency pairs
4) provides its API to most of the leading wallets and payment service providers
5) CoinSwitch Kuber, developed exclusively for the Indian retail cryptocurrency investor, enables INR-crypto trades, i.e., supports 100s of cryptocurrencies for users to buy and sell using Indian rupees. For example, with this new platform, an Indian investor could carry out a as well as a Bitcoin-Indian rupee trade.
How does CoinSwitch help users?
Slowly but surely, there is increasing awareness about the concept of virtual currencies like cryptocurrencies and the various possibilities they open up for us as a society today. However, education and awareness are essential to ensure that more people are made familiar with the concept.
More importantly, scams around cryptocurrencies also harm people’s ability to trust in cryptocurrencies.
CoinSwitch’s partnerships with highly trusted exchanges such as Binance, HitBTC, and much more help build trust in the CoinSwitch platform. This trust goes a long way in helping investors embrace the concept of cryptocurrencies more readily.
The company has also witnessed an infusion of funds that will help it improve the product, its security, compliance, and technological capabilities, making it a quality product for the end customer.
India may not be as far ahead in terms of accepting cryptocurrencies as the rest of the world. However, that does not mean Indian retail investors don’t deserve a platform built specifically with their needs in mind.
CoinSwitch Kuber, explicitly built for the Indian retail investor and allowing Indian rupee –cryptocurrency trades is what the Indian retail investor deserves.
Cryptocurrencies have been fast gaining global attention as an alternate asset class, and CoinSwitch may be just the right product to ensure India does not lose out on this opportunity.
Disclaimer: Anything expressed here directly or indirectly is not investment advice. We ask you to do your own research before investing.