Author: Jagdish Kumar, India
Even before the Supreme Court could pronounce its verdict on the validity on cryptocurrencies in India, Gujarat based crypto exchange, CoilRecoil exchange has gone live.
It may be noted that the company was the first to take Reserve Bank of Indian (RBI) to court on its circular dated 6 April 2018 on banning crypto trading in India.
However, now the company has decided to start operational with three crypto pairs in which users can trade with over 14 coins.
Currently, the exchange has Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, Doge Coin, Kali Coin and TUSD (True USD) for trading.
Speaking on this, CoilRecoil co-founder and director Kunal Barchha said that it was a stormy days for crypto exchanges in India. After the RBI ban and global cryptocurrency market meltdown put everyone in jeopardy.
Adding further, Barchha said that for startup like us, we have faced many challenges that came towards us, namely, legal challenges, regulatory challenges, technical challenges, and many more. But we had our vision sorted, to be the most versatile cryptocurrency exchange of India and this is just the day one of the journeys.
The exchanges which is currently trading only 14 pairs, is looking to add 35 cryptocurrencies by next month.
CoinRecoil is launching with zero fees on coin withdrawals, but mandatory network fees will be charged to customer, he clarified.
The exchange has launched its private sale of its pre-initial coin offering (ICO) Kali Coin way back in February 2018, which received a good response.
Kali Coin ICO is developing country-specific Fiat-to-crypto exchange business model which aims to transform the trading in cryptocurrencies with its international cryptocurrency exchange, the company said in March 2018.
CoinRecoil aims to eliminate limitations that Indian and international users faces today while trading in CryptoCurrencies through superior in-house IT infrastructure, dedicated customer service call center, and offer hassle-free trading and investment in cryptocurrencies.
Image credit: Kalicoin.io