CoinRecoil, a crypto startup who bolded the headlines of newspapers in a quite surprising and daring way by challenging RBI circular on banking ban on cryptocurrency, is again in the news. The matter is in Supreme Court right now, and ahead of the final hearing, the organization has decided to launch their operations. CoinRecoil has been launched by the Kali Digital Ecosystem Pvt LTD as a part of an initiative in the blockchain along with crypto start-up as well. A crypto-to-crypto exchange was initiated primarily for Indian crypto enthusiasts by the company. The launch was focusing on defeating the challenges that the Indian users face in crypto trading space.
CoinRecoil Co-founder and Director, Kunal Barchha have talked about various things including RBI circular, their beta platform as well. He said that they got a handful of challenges ahead as a crypto startup in the industry. Talking about the bulletin issued by RBI, he claimed it as one of the biggest challenges his company has to face in order to win it.
CoinRecoil has also launched a beta version of their startup which gives liability to its customers to purchase virtual currency for every cryptocurrency listed on their platform. Right Now, the company registered a total number of 14 cryptos which the company is planning to increase to 50 by the end of October 2018. He further added that the company would launch a full-fledged product as soon as the stability establish in the system and the regulations as well.
It has to be noted down that Kali Digital Ecosystem Pvt LTD is the first company that has challenged the RTI circular of excluding banks and other financial institutions to provide their services in the virtual currency domain. This step by CoinRecoil has inspired many other crypto startups in India which lead this matter into the Supreme Court. The final hearing was scheduled on 11th September but by late afternoon, the Supreme Court adjourned the final hearing to 12th September.
Gopal Modi, co-founder, and Director of CoinRecoil claimed that it is the security, speed, and scalability which are the top in the company’s priorities list. Although, Modi denied to compromise on the features and service quality in any way. He further claimed that their organization is the only Indian company who has succeeded to maintain “zero withdrawal fee” for their blockchain network. Adding to this, he told that their blockchain works strictly on a stable virtual currency based on actual US dollars known as TUSD. Users are given liberty that in case of extreme volatility, they can shift towards TUSD at any time.
Another Director of CoinRecoil, Rupesh Panchal said that their company is all set with the required technical framework to launch fiat to the crypto platform. However, the launch is still waiting for needed approvals in the first place. Furthermore, CoinRecoil is also looking to get their hands on the overseas crypto market, but they also accepted that it is India who will remain the priority for their company.
Mr. Panchal admitted that the crypto market is a day-to-day changing place and they are always up for different innovations which would make their organization even better. Also, he doesn’t deny in grabbing the opportunities that would come to his company path and also acknowledged the challenges in the Indian Cryptocurrency Market but hopes that he will get the required approvals from the local government and RBI. He said that such steps would help in nourishing the space for the crypto market in India.
The idea is new in the market yet holds a great deal of guarantee, if comprehended in the correct viewpoint. The move by CoinRecoil was valued and praised by the crypto network worldwide and particularly India.