Even though the Supreme Court is yet to decide on the fate of cryptocurrencies in the country, a new crypto exchange Coin Recoil has launched its operations ahead of the final hearing in the Supreme Court. On Tuesday, SC adjourned the hearing to September 17.
We have launched a beta version of our platform, where users can get a 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 October. Once everything is stable – on technical as well as regulatory fronts – we will launch our full-fledged product, which is ready with us.
Said Kunal Barchha, Co-founder & Director, Coin Recoil.
Headquartered in Ahmedabad, Coin Recoil, owned by Kali Digital Ecosystems, was the first such exchange that had challenged the RBI circular imposing a banking ban on cryptocurrencies in the country. This move was followed by other players and the industry body, which resulted in the matter getting shifted to the Supreme Court of India.
Coin Recoil has launched a crypto-to-crypto exchange for Indian users with an aim to address challenges in crypto trading space by offering safe, secure and seamless trading features and support emerging blockchain and crypto projects from India.
Coin Recoil 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.
Said Gopal Modi, Co-founder & Director, Coin Recoil.
Coin Recoil is ready with the technical framework to launch Fiat-to-Crypto platform once necessary regulatory approvals are in place. 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 the growth of Blockchain and crypto space in India.
Said Rupesh Panchal, Director, Coin Recoil.
Going Live in Sep 2018, Coin Recoil aims over 1 million registered users by March 2020 and supporting emerging Blockchain and Crypto projects from India. Starting operations from India, company have plans to expand operations in international markets.