Indian cryptocurrency exchange CoinRecoil has become the country’s first platform to provide zero-commission withdraw service.
Despite the financial interdiction by the Reserve Bank of India regarding the interaction with virtual assets, the crypto projects continue to develop contradictory services. CoinRecoil, an Indian crypto startup, is excited to announce it is the country’s first crypto trading platform to let users withdraw funds with zero commissions.
The platform was designed by Kali Digital Ecosystems Pvt. Ltd. The company is known to have filed a petition with the Supreme Court to encourage other businesses to fight for their future.
Gopal Modi, the Co-founder and Director of CoinRecoil, commented on the listed TrueUSD within the platform:
“We have introduced TUSD [TrueUSD], a stable virtual currency backed by the actual USD. With this, users can easily move their position to TUSD in case of extreme volatility. CoinRecoil is the only Indian exchange charging zero withdrawal fees. We charge only fees that are required for the blockchain network.”
Legal use or not?
The decision regarding the future use of cryptocurrencies in an Indian legal zone is still to be made public. This counts the third hearing as the SC has already delayed twice.
Rupesh Panchal, the Director of CoinRecoil, claimed:
“CoinRecoil is ready with the technical framework to launch Fiat-to-Crypto platform once necessary regulatory approvals are in place. Although we would like to expand our presence overseas, India will remain a key market for our business operations. We are aware of the challenges that cryptocurrencies market space faces, but we are hopeful of getting clarity from regulators, government and policy makers.”
Kunal Barchha, the Co-founder and Director of CoinRecoil, elaborated:
“We have launched Beta Version of our platform, whereby users can get virtual balance of every listed coin, to test our platform…starting with 14 crypto assets, we plan to increase the number of crypto assets to 50 by October 2018. Once everything is stable – on technical as well as regulatory front, we will launch our full-fledge product, which is already with us.”
Back in April, CoinRecoil had submitted a petition to the ‘Reserve Bank of India, the Union of India through the Secretary of Justice, the Ministry of Finance and the GST Council in Delhi High Court’ to bring to the notice of the violation of Article 14 and Article 19 (1) ) under the Indian Constitution.
The newly announced service is quite promising and courageous as the Indian crypto market is still destabilized.
Author: Adriana Midrigan