India is one of the fastest growing economies in the world and with a GDP of US$ 2.45 Trillion, it is a powerhouse in the making. The country has a population of 1.3 billion people and with a government that is determined to push the idea of ‘Digital India’, it holds a great promise for providers of financial services. It is estimated that 19% of Indian population is still unbanked due to poor ‘last mile connectivity’.
A lot of these people live in vast swathes of rural India, where providing financial services is not only a logistical challenge but also requires vast amount of ingenuity, enterprise and out of the box thinking.
BitIndia is working to bring the advantages of digital currencies to the people of India, who are as of now bereft of these new technologies. It is estimated by them that only 0.5 percent of the population at this moment has access to cryptocurrencies and BitIndia’s ambitious aim is to raise this number to 20 percent.
Creating a PayTM of cryptocurrencies
One of the most popular payment applications in India is PayTM. They have built a niche for themselves during the time India carried out demonetisation in November 2016. Ever since the demonetisation, the government too has been supportive of efforts to create a ‘cash less’ India.
BitIndia now wants to replicate the same success but in the field of cryptocurrencies. 68% of Indian population resides in rural areas, and the key to success for BitIndia would be offering products and services that reaches out even to the remotest Indian. Their ambition is to provide services that are usable by Indians and which are mired in the local flavours. This involves navigating at least 22 major languages and reaching out to India’s billion plus people who are spread across 3.2 mln kilometres.
India is discovering Crypto
The same demonetisation that led to the popularity of digital payment applications in India also led to a surge of interest in cryptocurrencies in the country. According to the Scroll, volumes of trading in Bitcoin have “exploded”. They write, “over 2,500 Indians trade bitcoins daily. Not coincidentally, demonetisation of 86% of Indian currency on November 8 triggered off an explosion of interest. Some estimates indicate that rupee-denominated bitcoin trades now generate the third-largest volumes after American dollar and yen.” According to the same piece even Indian movie stars have taken a shine to Bitcoin.
The Hindu newspapers business publication Business Line recently quoted Nicolas Cary, President of Blockchain, a Bitcoin Software company as saying, “Within the next five years, it can potentially be bigger than that of the US.” BitIndia is fortuitous to be launching their digital currency wallet and exchange amidst this backdrop but it also reveals that they have a deep sense of the opportunity that awaits them.
Putting together the right team
One of the distinct advantages that BitIndia have are the people that are running the operations and the people who have lent them their support. John McAfee, the well known founder of the antivirus program that carries his name is an advisor and a partner in BitIndia. Mr. McAfee was seen enthusiastically tweeting and supporting BitIndia’s pre ICO sale, a while ago. The strong team at BitIndia comprises of Sahil Kohli, the CEO of BitIndia who has an in depth knowledge of cryptocurrencies and comes with a strong background in crypto trading. Sahil is also the co-founder of Applancer.co. Saumil Kohli, Founder of BitIndia is a co-founder of two tech companies and also has a crypto trading background. The technology lead is Kunal Nandwani, the founder and CEO of uTrade Solutions, a company operating in the financial trading domain. BitIndia have a strong support base in their advisers: Reuben Godfrey, co-founder of the Blockchain Association of Ireland, Victor Wong, CEO of Sparkle Coin as well as others.
A comprehensive solution to meet India’s needs
BitIndia will provide total digital currency solutions to India’s population. BitIndia’s platform will include a digital wallet that will allow for storage, sending and receiving of digital currencies like Bitcoin, Ethereum, Ripple and Litecoin. These currencies would be stored on their servers which they promise are secured and scam free. Users will be able to take advantage of their ‘instant exchange’ mechanism that allows for hassle free exchange between cryptocurrencies as well as local currency. BitIndia also promises users full control of their private keys. The Alpha for the wallet is already available.
There is also an exchange planned that will allow for trade in Bitcoin as well as other popular altcoins. Using BitIndia’s services traders can take advantage of the exchange to explore trading opportunities, merchants can accept payments with low transaction fee and users can store money in the currency of their choice. This makes BitIndia a comprehensive solution that meets India’s crypto needs.