Business

Dennis Wafula

Wholesale crypto trading platform launched in India

BuyUcoin, the second oldest cryptocurrency exchange in India, has launched a new and unique platform for wholesale cryptocurrency trading. This new service will reportedly allow users to trade on a large scale with low price fluctuations.

According to reports, BuyUcoin’s new platform can be described as an Over the Counter (OTC) desk. The platform is the ideal avenue for traders who deal with cryptocurrency in bulk. The platform enables these trades to suffer less price fluctuation during a trade.

The platform will help improve the liquidity of cryptocurrency by enabling faster transactions, market stability, and reasonable pricing. Currently, users can freely trade on the platform.

While speaking about the launch, Shivam Thakral, Co-Founder and CEO of BuyUcoin, said,

“Our company is quite optimistic about the 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.”

BuyUcoin decided to launch this new feature despite the current state of cryptocurrencies in the country. The Reserve Bank of India has been a strong advocate against the use of cryptocurrency in the country. The matter is yet to be settled by the Supreme Court.

As it may seem, BuyUcoin is optimistic that things will soon change in the country. However, many crypto-based operations have had to switch to P2P to keep operating their business. Shivam Thakral believes that in addition to the changes, BuyUcoin has built strong roots in the market that allows it to continue its operations. He further explained, “Due to the company’s inveterate roots in the market and lean operation style, it is least impacted by the regulatory procedures.”

He also believes that developing more new features and products, which will help the company to “move a step ahead towards its vision of making crypto reach the masses.”

Indian authorities have made it clear that they do not want crypto operations in the country. Recently, they went so far as to exclude cryptocurrencies and initial coin offerings from the proposed regulatory sandbox.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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