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The cryptocurrency revolution in India started with 3 Indian engineering students who founded Buyucoin… #cryptocurrency #bitcoin #crypto #blockchain

“Our mission is to bring crypto to millions of Indian wallets,” says Shivam Thakral, founder of BuyUcoin.

The founders of BuyUcoin have an important task: to establish India’s foremost cryptocurrency exchange.

While still in college, engineering batchmates Shivam Thakral, Devesh Agarwal and Atulya B began developing a cryptocurrency exchange and founded BuyUCoin in 2016. Since then, the exchange has seen over a million customers and $800 million in transactions.

BuyUcoin Co-Founders (L to R) Shivam Thakral, Atulya B and Devesh Agarwal

Back in 2015, when the co-founder of cryptocurrency exchange BuyUcoin Shivam Thakrali was still a student Harcourt Butler Technical University In Kanpur, he often took on website development tasks independently from foreign clients. In the same year, a customer inquired about accepting bitcoin payments.

Unaware of what this meant at the time, Shivam noticed this and realized that he could accept bitcoin from the customer and liquidate it to receive INR in his Indian bank account. he agreed agreed accept his payment In Bitcoin, and Shivam achieved it in less than six hours – far faster than the five- to seven-day time period typically required for foreign payment transactions in fiat currency.

The engineer also observed that not many Indian companies were actively involved in the crypto sector.

This inspired them to launch and create buy ucoinhandjob India’s first multi-cryptocurrency exchange Located in Delhi-NCR, where merchants and consumers can easily transact – buy, sell, and trade – or store bitcoin, as well as ethereum, ripple and others many altcoins.

Shivam created a “simple website” where customers can buy and trade bitcoin in just nine days. Shivam addressed several batchmates of his engineering college with this website as his minimum viable product. Two of them, Devesh Agarwal and Atulya Bee, were of particular interest, and they co-founded BuyUcoin in 2016 while still in college.

Shivam elaborates on how his journey has been and what are the possibilities ahead in the market. your story Founder and CEO Shraddha Sharmahandjob

“We have seen extraordinary ups and downs in our journey over the past five years, from the highs of the 2017 crypto bull-run to the lifting of the ban by the Supreme Court decision of the period following the RBI ban on crypto trading. . This industry is here to stay, will continue to grow, and become the next big brand in finance.”

BuyUcoin Team

the fundamental difference is simplicity

BuyUCoin, which was founded five years ago, is now one of the largest Indian cryptocurrency exchanges, with over one million traders and holders investing in over 130 cryptocurrency pairs such as BTC-INR, ETH-INR, and DOGE-INR We do.

However, all three faced hurdles in the initial years of developing the product as the Indian market was still in its infancy, with no meaningful playbook to mention.

“Now, Creating a Crypto Exchange Looks Easier,” Says Co-Founder and CTO Devesh, who created the platform from Shivam’s website. However, when we first started, we found it difficult to collaborate with service providers and had to build the platform ourselves, without any team or support. Till 2018 we had no mode of payment and had to rely on direct bank transfer.

Nevertheless, BuyUCoin’s co-founders worked hard to develop product differentiators long ago. Their main objective was to provide simplicity so that customers can quickly buy, trade, manage or store their bitcoins on an intuitive and secure site.

“Some Indian exchanges imitated global exchanges by displaying real-time order books to investors. However, we wanted to keep our interface basic and intuitive by not displaying order books to users. Instead, we displayed a single rate at which But an investor can buy a specific cryptocurrency, and the customer can complete the transaction with the click of a button,” says Shivam.

According to the owners, the function helped BuyUCoin gain two million members by March 2018 and after seeing this traction, other exchanges started implementing such a feature as well.

Scalability and Revenue Model

BuyUCoin’s business model includes two channels: percentage-based commission on transactions and margin on quick and fast deals.

“The first is shared by all exchanges. We receive a commission on all transactions between buyers and sellers. The second involves a small margin on cryptocurrency trades on our OTC platform, and the trader is shown the final transaction amount including our margin. “This second channel accounts for 80 per cent of our traction,” continues Shivam.

BuyUcoin mobile interface

BuyUCoin OTC Platform Enables investors and dealers to buy and sell cryptocurrencies in significant trades beyond the bounds of the open order book. Its OTC desk facilitates high volume trading with simple, quick and secure settlement, and the startup’s OTC agents offer highly customized services to their clients.

In preparation for the increase in trading volume, which previously thwarted crypto exchanges, BuyUcoin is expanding its infrastructure as well as its customer support services.

“In order to establish a scalable cryptocurrency exchange that never crashes, our support system must also be scalable. As a result, we have established systems that allow our support and operations teams to operate efficiently with the exchange. We are also developing a self-help mechanism wherein customers can use their transaction ID to verify their deposit and withdrawal status without having to register a ticket,” says Devesh.

Growth in the face of regulatory uncertainty

BuyUCoin is participating in an Indian crypto business that has recently been revived by an RBI clarification that its 2018 circular barring banks from transacting in “virtual currencies” has now been reversed in 2020 by the Supreme Court. Will not be quoted after departure.

The cryptocurrency industry appreciated the RBI’s comments, interpreting it as supporting the use of bank accounts for such transactions.

“Earlier, banks used to show us the 2018 circulars even though it was kept away. Because of this it was difficult to cooperate with them. With the latest clarification, we are now more confident while talking to banks. However, for user deposits and withdrawals, we do not approach banks directly. Instead, we work with payment gateways, aggregators and processors that interact directly with banks. One such example is MobiKwik.” – says shivami

Last year, BuyUCoin formed a partnership with Mobikwik to connect the fintech startup’s payment gateway service to the crypto exchange platform, allowing Mobikwik to be used as a payment method. This means that MobiKwik users can now buy cryptocurrency directly on BuyUCoin using money from their MobiKwik wallet.

Despite the RBI’s new clarification, it is still unclear whether the RBI has approved the handling of bitcoin (the legislative bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” is still pending in Parliament). .

Nonetheless, blockchain innovation and crypto trading are slowly becoming mainstream in India, and exchanges such as buy ucoin, and others are ready to benefit from the influx of new investors and traders.

Source: YourStory

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