BuyUcoin, which is the second oldest Cryptocurrency Exchange in India, has announced the launch of a new and unique platform for wholesale cryptocurrency trading which allows its users to trade on a large scale with low price fluctuations. The platform currently works on free trading model i.e. charges zero fee on any trade.
This new feature introduced by BuyUcoin will help to improve the liquidity of cryptocurrency in Indian market and lead to quicker transaction, better prices and market stability.
The platform is aptly described and known as OTC (Over-the-counter) desk. It is preferred by traders who deal with cryptocurrency in bulk and want to resist much price fluctuations during the trade.
After a great response to the BuyUcoin Trade engine V2.0, the company gets a boost to introduce more new features that could revolutionise the cryptocurrency trading in the country.
Shivam Thakral, Co-Founder and CEO, BuyUcoin, said, “Our company is quite optimistic about future of cryptocurrency industry and we are working towards our long term vision of availing crypto to masses. This wholesale platform is one of the major milestones in the Indian crypto market and features like this keep us ahead in the competition.”
On this launch, one of the oldest customer of BuyUcoin, Sachin Singh, Co-Founder and CEO of Syncrasy Technologies, a leading service global professional company, said, “I have been trading on BuyUcoin since its inception and the user-friendly environment of BuyUcoin motivates me to continue trading with them. The company keeps on coming up with new features, which never miss to amaze me.”
While the courtroom battle between Indian cryptocurrency exchanges and the central bank is still on, RBI has long looked down on cryptocurrency projects, banning Indian banks from conducting any business with crypto companies last year. In response to this, many companies including BuyUcoin have adopted to P2P system, which does not require any involvement of banks from the exchange end and makes the trading convenient for both exchanges and traders. This response makes one thing very clear that crypto industry in the country is strong enough to overcome such hurdles and is here to stay.
Currently, India’s central bank is setting up a fintech sandbox but barred all cryptocurrency startups to test regulatory sandbox.
Though there are some exchanges which due to court procedure are either shutting down or moving abroad but exchanges like BuyUcoin has been stable in the market for the whole time.
On this, Shivam Thakral comments, “Due to the company’s inveterate roots in the market and lean operation style, it is least impacted by the regulatory procedures. Currently, we are developing more new features and products which will help us to move a step ahead towards our vision of making crypto reach the masses.”
Globally, the cryptocurrency regulations have begun at a faster pace than ever before. Many countries like Japan, France have already regulated the cryptocurrency whereas other countries like New Zealand and Australia have recently started supporting it. The industry has a bright future in the global economic world and speeding up of the regulation definitely signify the crypto revolution is around the corner.
Japan is a regulated market for cryptocurrency and is currently working on a manual of international framework for crypto regulations which it will hand out to G-20 leaders and international financial chiefs during the G-20 Summit which is on 28-29 June for which Japan being the host has the right to set much of the agenda for the talks.