Billdesk-Backed Cryptocurrency Exchange Coinome Launches In India

Billdesk-Backed Cryptocurrency Exchange Coinome Launches In India

SUMMARY

Based On The Maker-Taker Trading Concept, The Trading Platform Aims To Offer 20 More Cryptocurrencies By 2018

Cryptocurrencies’ acceptance is getting wider. While the largest US-based derivative exchange CME Group has announced plans to launch Bitcoin futures, one of the leading Indian payment gateways Billdesk-owned Hatio Innovations has recently launched a cryptocurrency exchange Coinome in India. Coinome currently offers the trading of Bitcoin and Bitcoin Cash.

Headquartered in Mumbai, Coinome allows users to be onboarded via an instant e-KYC process. Under the process, a user needs to register his/her Aadhaar number, post which an OTP is sent for the verification and activation of the account. With Billdesk being the promoter of the exchange, Coinome will have an easy window to build trust and deal with cybersecurity threats, which are currently the key concerns of cryptocurrency exchanges across the world.

Speaking to Inc42, Vivek Steve Francis, CEO of Coinome says, “The aim is to bolster blockchain technology in India. We have had a soft launch of Coinome (β) on October 10, this year; and, after the successful run of β-Coinome, we have now officially launched Coinome exchange. Currently, offering the trading of Bitcoin and Bitcoin Cash, the plan is to launch five-six more leading cryptocurrencies by next month.”

What’s Unique About Coinome Cryptocurrency Exchange?

Unlike many other cryptocurrency exchanges, Coinome is an open order book cryptocurrency exchange, says Vivek. Coinome provides a platform, similar to conventional stock exchanges; enables deals between buyers and sellers. “Unlike other exchanges, Coinome doesn’t buy or sell cryptocurrencies directly.”

“Coinome is also the first Cryptocurrency exchange to introduce e-KYC process using Aadhaar numbers. Unlike other major cryptocurrency exchanges, we have planned to introduce the trading of leading 20 cryptocurrencies by 2018,” adds Vivek.

Thus, Coinome does not exactly fit into the typical crypto-wallet definition. However, the platform’s mobile app will be launched within a couple of months. Offering the trading value as low as $1.546 ( INR 100), Coinome enables the trading of Bitcoins in eight decimals.

The Maker-Taker Exchange Model

cryptocurrency-coinome-billdesk-exchange-bitcoin

The maker-taker trading model recognises a party as the maker whose order exists on the order book prior to the trade, and the taker as someone who places the order that takes the maker’s order. While floating or cancelling an order doesn’t cost anything to the maker, once a deal happens, trade commissions for maker and taker are 0.1% and 0.3% respectively.

As the Indian cryptocurrency traders have grown to millions, with Coindelta, Coinswitch, Flitpay, Koinex and now Coinome, Indian cryptocurrency ecosystem has witnessed unprecedented growth, this year. However, given that leading cryptocurrency exchanges such as Unocoin accounts have been hacked in past, will Billdesk-backed Coinome be successful in providing a hack-proof solution to cryptocurrency trading?

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Billdesk-Backed Cryptocurrency Exchange Coinome Launches In India-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Billdesk-Backed Cryptocurrency Exchange Coinome Launches In India-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Billdesk-Backed Cryptocurrency Exchange Coinome Launches In India-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Billdesk-Backed Cryptocurrency Exchange Coinome Launches In India-Inc42 Media
Billdesk-Backed Cryptocurrency Exchange Coinome Launches In India-Inc42 Media
You’re in Good company