BillDesk-backed Coinome launches first cryptocurrency exchange platform in India

Mumbai-headquartered Coinome, a cryptocurrency exchange platform owned by online payments solutions company BillDesk, has been launched in India.

Operated by Hatio Innovations Pvt. Ltd, Coinome operates a crypto-currency exchange and is the first crypto platform in India to allow users to be on-boarded simply and quickly via instant e-KYC. It means that users can start transacting in crypto-currencies almost immediately on registering.

The exchange platform supports instant deposits using payment gateway and instant withdrawals, thereby allowing transactions even on weekends or business holidays, reported Business Standard.

Vivek Steve Francis, CEO of Coinome said, “We would fundamentally like to provide Indian users with a secure and convenient means for buying or selling Bitcoins, and other crypto-currencies. In the next one year, our target is to support up to 20 popular crypto-currencies and promoting the same within Indian masses as commercially viable alternatives for building their digital assets.”

Also Read: SBI announces integration of blockchain technology, KYC by next month

BillDesk provides online bill payment services to banks and billing companies in India. Founded in early 2000 by M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy - BillDesk is  a part of IndiaIdeas.

Its clients include leading banks such as State Bank of India, Citibank India, HDFC Bank Ltd, ICICI Bank Ltd, and telecom firms such as MTNL, Reliance Communications Ltd, Vodafone India, Bharti Airtel Ltd and Tata Teleservices Ltd.

BillDesk expertise in secure online payments, along with its market leadership position will support Coinome in promoting crypto-currencies as viable avenues for investments, transactions, and building digital assets.

In March 2016, Global private equity investor General Atlantic has picked up 20% stake in online payment gateway solutions provider Billdesk for $120 million from the company's existing private equity investors TA Associates and others.

Earlier in 2012, US-based TA Associates picked up a minority stake in the company for an undisclosed amount. The company was initially backed by SIDBI Venture Capital Ltd and Bank of Baroda in 2001.

Of late, NITI Aayog officials said that the government is in the process of firming up regulations for the use of blockchain technology in the country. In order to boost ease of doing business and agriculture economy of the country, NITI Aayog is building IndiaChain, a blockchain network, which will be linked to IndiaStack, a set of code developed around India’s unique identity project Aadhar.