The crypto startup that challenged the RBI Circular, CoinRecoil, has launched its operations ahead of the Supreme Court’s final hearing. It offers “Zero Fees on Coin Withdrawals,” aiming to disrupt the Indian crypto trading space.
The India-based firm is an initiative of crypto and blockchain startup Kali Digital Eco-Systems Pvt Ltd. It launched the crypto-to-crypto exchange for Indian users to solve the issues in crypto trading space, providing trading features that guarantee seamless and secure trading experience for users. It also plans to support emerging crypto and blockchain projects from the nation.
“As a startup, it was a challenging phase for us as we were still sorting out various technical challenges, the RBI issued this new circular. So we had one more bigger battle to fight. Right now, we have launched 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 of crypto assets to 50 by Oct 2018. Once everything is stable—on technical as well as regulatory front, we will launch our full-fledged product, which is already ready with us,” CoinRecoil Co-founder & Director Kunal Barchha said.
In April 2018, Kali Digital Eco-systems Pvt Ltd filed the writ petition in Delhi High Court against the Central Government, RBI, and the GST Council, challenging the RBI circular banning banks and financial institutions from offering any crypto-related service. The effort was followed by other players and the industry body which has shifted the matter to the Supreme Court of India. The case’s final hearing is scheduled for September 11.
“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 charge only 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,” CoinRecoil Co-founder & Director Gopal Modi stated.
“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 cryptocurrencies market space faces, but we are hopeful of getting clarity from regulators, government and policymakers, thus paving the way for growth of Blockchain and crypto space in India,” CoinRecoil Director Rupesh Panchal said.
CoinRecoil is an initiative of blockchain enthusiasts Rupesh Panchal, Kunal Barchha, and Gopal Modi. It has been established with a vision of working for the virtual ecosystem and to bring disruption, aiming to offer the most user-friendly, efficient, and transparent crypto assets exchange.
The international crypto industry is at a nascent stage. It brings a revolutionary change in the virtual transactions ecosystem and value of assets worldwide. The cryptocurrency market has grown from $5 billion a couple of years ago to about $250 billion today. It is estimated to cross $1 trillion by 2020. The crypto space’s trading volumes have also grown multi-fold to hit $12-14 billion worth of trades daily. The industry has vast growth potential as their trading value is still less than 1% of the international trade of other investments.